Copyright 2023 - Ningbo Life / Ningbo Expat

Social retail sales this year reached 143.39 billion yuan

A couple of days ago, information from Ningbo Board of Trade showed that the social retails during the first three quarters have reached 143.39 billion Yuan, a year-on-year growth of 17.3%. Growths in wholesale, retail, accommodation and catering are 50.7%, 15.5%, 11.1% and 17.1% respectively.
Under the joint impact of complex domestic and international factors, the consumer market in the first half year has kept downturn momentum. And fortunately it is getting better in the latter half of the year.
In the first three quarters, the sales of 8 types of goods that compose nonproductive expenditure presented the trend of seven ups and one down. The seven ups are food, clothing, household items, medical care, traffic communication and educational and cultural services. Among them, medical care, and traffic communication increased faster, with the former growing by 63.3% and the latter 22.5%. While the housing and fitment aspect was on the down side, decreasing by 21%.
With the impact of the rising consumer prices, the income of people has decreased relatively, which led to the increase of most families’ expenses on food. This contributed to the result that per capita expenses on food from Jan. to Sept. reached 6126 yuan, increasing by 20.3% compared with the same period of last year. In addition, the Engel’s coefficient also rose from last year’s 35.5% to 37.6%.

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