Retail Sales Soar - Apparel Up 29.7 Percent
Source: globecotnews Date: 2008-05-16
China's retail sales increased 16.8 percent in 2007; however sales have escalated in 2008, with April sales soaring 21.5 percent to a new record of 814.2 billion yuan or approximately 116 billion U.S. dollars. Total January through April retail sales jumped 21 percent to 3.3697 trillion yuan. China's middle class is actively purchasing apparel, home appliances and furniture. During January through April, cumulative food sales increased 25.3 percent; however, apparel sales climbed 29.7 percent. At this rate, domestic consumption of apparel will double in less than 3-1/2 years. Furniture sales were up 37.2 percent during the same period.
Although sales growth in food and meat can be attributed, in part, to soaring prices, this is not the case in apparel. Domestic apparel prices remain under pressure, with the April CPI for apparel dropping 1.6 percent from the previous year. This situation makes the growth in retail sales even more impressive.
