East China’s Jiangsu province registered more than 2 trillion yuan in the retail sales of consumer goods in the first seven months of this year, with the decline narrowing by 10.5 percentage points from the first quarter and 1.8 percentage points from the first six months.
From January to July, Jiangsu reported 96.3 billion yuan in retail sales of consumer goods, a year-on-year increase of 33.9%. It also reported a year-on-year increase of 37.2% in the revenue growth of the catering industry.
The province reported 62.6% year-on-year growth in retail sales of smart home appliances and audio equipment, 24.1% year-on-year growth in the sales of smart phones and 17.6% year-on-year growth in the retail sales of automobiles.
All kinds of consumption promotion activities and subsidies for promotion have promoted consumption upgrading. New consumption habits and consumption upgrade trends have become powerful engines to stimulate economic recovery.
