In 2021, the total social consumption will exceed 40 trillion yuan for the first time, and in 2022, consumption will be boosted in five areas

2022-05-02 0 By

In 2021, retail sales of consumer goods totaled 4.0823 trillion yuan, an increase of 12.5 percent over the previous year, with an average growth rate of 3.9 percent over the past two years.This is the first time that China’s total social debt exceeded 40 trillion yuan.The role of domestic recycling in driving economic development has significantly increased, and the contribution of domestic demand to economic growth has reached 79.1%, showing the advantages of China’s super-large market.Overall, the overall market sales will continue to recover in 2021, and the consumption structure optimization and upgrading trend is obvious.According to the location of business units, the urban market will continue to recover in 2021, while the rural consumer market will have a strong recovery momentum.Food and beverage revenue recovered well, and retail sales grew steadily year-on-year.Online consumption has grown rapidly;Physical retail stores are doing well.In terms of specific product categories, sales of grain, oil, food and daily necessities increased rapidly in 2021, while consumer demand for upgrading continued to release.Looking ahead to 2022, the epidemic will remain a factor that cannot be ignored in the recovery of consumption. With regular and targeted prevention and control of the epidemic, its impact on the economy will most likely not exceed that of the previous two years.At the same time, the frequent implementation of policies to promote consumption will effectively promote consumption recovery in 2022.In 2022, MOFCOM will promote the development of consumption in five aspects: first, to upgrade the level of traditional consumption;Second, we will accelerate the development of new types of consumption.Third, to promote the upgrading of urban consumption;Fourth, we will shore up areas of weakness in rural consumption.Fifth, we will promote consumption.China’s retail sales of consumer goods totaled 4.0823 trillion yuan in 2021, an increase of 12.5 percent over the previous year and an average growth rate of 3.9 percent over the past two years, according to data released by the National Bureau of Statistics on Monday.Of this amount, retail sales of consumer goods excluding automobiles reached 3.97037 trillion yuan, up 12.9%.In real terms, the total retail sales of consumer goods in 2021 will grow by 10.7 percent from the previous year.This is the first time that China’s total social debt exceeded 40 trillion yuan.”The driving role of domestic recycling in economic development has been significantly enhanced.”Ning Jizhe, head of the National Bureau of Statistics, said domestic demand contributed 79.1% to economic growth, showing the advantages of China’s super-large market.In terms of quarters, due to the low base of the same period last year, the total retail sales of consumer goods in the first quarter grew by 33.9% year-on-year, with an average growth rate of 4.2% in the past two years. With the epidemic prevention and control becoming more normal, consumer demand is gradually releasing.After excluding the impact of base, the market sales grew faster in the second quarter, and the two-year average growth rate was 0.4 percentage points faster than that in the first quarter. Affected by the epidemic and extreme weather in some regions, the two-year average growth rate slowed down in the third quarter.The consumer market continued to recover in the fourth quarter. Driven by factors such as the National Day holiday and the “Double 11” e-commerce promotion, the total retail sales of consumer goods in the quarter reached 12.3 trillion yuan. The total retail sales of consumer goods increased by 4% on average in two years, 1 percentage point faster than that in the third quarter.Household income continued to recover growth, consumer demand gradually released, consumer spending to maintain a recovery rebound.In terms of personal income and consumption, the per capita disposable income of Chinese residents will reach 35,128 yuan in 2021, a nominal increase of 9.1 percent over the previous year.After adjusting for inflation, personal per capita disposable income rose by 8.1% in real terms, faster than per capita GDP growth, and basically keeping pace with economic growth.With the continuous recovery of residents’ income growth, consumer demand gradually released, consumer spending to maintain a recovery rebound trend.In 2021, per capita consumer spending will reach 24,100 yuan, a nominal increase of 13.6 percent over the previous year’s low base.In real terms, the increase was 12.6 percent.Compared with 2019, China’s per capita consumer spending grew by 5.7% in nominal terms and 4.0% in real terms over the past two years.On the whole, per capita consumption expenditure grew faster than personal income, indicating that people’s willingness to consume is improving.In 2022, as regular epidemic prevention and control becomes more precise and effective, people’s income level and employment situation continue to improve, and consumption promotion policies gradually take effect. Combined with the slow implementation of the “common prosperity” policy, savings are expected to be released, consumption upgrading is expected to continue, and the size of the consumer market will continue to expand.On the whole, the overall market sales continued to recover in 2021, and the optimization and upgrading of the consumption structure showed an obvious trend.According to the location of business units, the urban market will continue to recover in 2021, while the rural consumer market will have a strong recovery momentum.In 2021, the retail sales of urban consumer goods will increase by 12.5 percent year-on-year, with a two-year average growth of 3.9 percent.In terms of quarters, the urban market in the fourth quarter grew by 3.3% over the same period last year, with an average growth rate of 3.9% over the past two years, 1 percentage point faster than that in the third quarter.In 2021, China won a comprehensive victory in poverty alleviation, boosting the consumption power of rural residents and improving the consumption environment in rural areas. In 2021, the per capita disposable income of rural residents increased by 9.7% in real terms over the previous year, 2.6 percentage points higher than that of urban residents.Since the second quarter, the growth rate of rural sales has been higher than that of urban sales.In the fourth quarter, the retail sales of rural consumer goods grew by 4.4% year-on-year and 5% on average in the two years, both 1.1 percentage points higher than those in urban areas.As the overall consumption base impacted by the epidemic was low in the first half of 2020, the growth rate in 2021 was higher than that in the previous year.However, compared with 2019 consumption, rural consumption is still lower than 2019.In terms of the recovery of urban and rural consumption, urban consumption recovered well, growing by 8.6% in 2021 compared with 2019.Rural consumption recovered slowly, with retail sales of rural consumer goods falling by 1.77% in 2021 compared with 2019.Food and beverage revenue recovered well, and retail sales grew steadily year-on-year.Commodity retail growth is good.In 2021, retail sales grew by 11.8 percent from the previous year and 9.2 percent from 2019, with a two-year average growth of 4.5 percent.Retail sales grew by an average of 4.7% in the fourth quarter, 1.2 percentage points faster than in the third quarter.Nearly 80% of goods above the quota saw year-on-year growth of more than 10%;In terms of the two-year average growth rate, retail sales of all categories of goods maintained growth.The recovery of catering consumption has accelerated;Contact consumption, such as catering, is particularly affected by the epidemic.In 2021, food and beverage revenue increased by 18.6 percent from the previous year, down 1.1 percent from 2019 and down 0.5 percent on average over the two years, with food and beverage consumption still not returning to pre-EPIDEMIC levels.In terms of quarters, catering income in the fourth quarter decreased by 0.5% on average in two years, which was 1.1 percentage points narrower than that in the third quarter. The recovery of catering consumption was accelerated.Online consumption has grown rapidly;Physical retail stores are doing well.Affected by the epidemic, residents have reduced their travel, and the demand for online consumption at home has increased significantly.In 2021, China’s online retail sales grew by 14.1 percent over the previous year, among which the online retail sales of physical goods grew by 12 percent, with an average growth of 13.4 percent over the past two years, significantly faster than offline consumption.In terms of the development of the postal express industry, which is closely related to online shopping, driven by the rapid growth of online consumption, the volume of express business and business income will maintain double-digit growth in 2021 compared with 2020.In 2021, the retail sales of convenience stores, supermarkets, specialty stores and specialty stores will increase by 16.9 percent, 14.1 percent, 12.8 percent and 12 percent over the previous year respectively, with an average growth of 7.5 percent, 11.2 percent, 3.3 percent and 5.1 percent over the past two years.In terms of specific product categories, sales of grain, oil, food and daily necessities increased rapidly in 2021, while consumer demand for upgrading continued to release.Spending on furniture and building decoration picked up, but still hasn’t recovered to the same level in 2019.In the face of adverse factors such as the spread of the epidemic and extreme weather, all regions and departments actively implemented policies and measures to ensure basic living standards, and consumption of basic living items increased rapidly.In 2021, retail sales of grain, oil, food and daily necessities above designated levels will increase by 10.8 percent and 14.4 percent year-on-year respectively, with an average growth of 10.4 percent and 10.9 percent over the past two years.Among the online retail sales of physical goods, the retail sales of food and consumer goods grew faster, up 17.8 percent and 12.5 percent respectively.In 2021, the retail sales of cultural and office supplies, sports and entertainment supplies, cosmetics, gold, silver and jewelry and communications equipment in units above designated size will increase by 18.8 percent, 22 percent, 14 percent, 29.8 percent and 14.6 percent, respectively, up by 12.1 percent, 15 percent, 11.7 percent, 11.2 percent and 13.7 percent, respectively.The growth rate is obviously higher than the average level of commodity retail sales.The epidemic is a factor that cannot be ignored in the recovery of consumption in 2022.Looking back to 2021, consumption of goods and services is largely constrained by the pandemic.In the third quarter of 2021, the epidemic situation intensified in some regions and the degree of control was strengthened. The impact on business activities directly widened the growth gap between household consumption and consumption of social groups.Consumption recovery in 2022 depends to a large extent on the trend of the epidemic: first, the recurrence and duration of the epidemic will interfere with residents’ income and consumption tendency; second, the development of the epidemic will affect the tightening and relaxation of epidemic prevention and control measures by the prevention and control departments, thus affecting the extent to which the prevention and control measures restrict the consumption of social groups.In 2022, if there are sporadic outbreaks in some areas, the spread is small, and the intensity of the epidemic is controllable, the impact on the economy and the duration of the epidemic will not exceed the previous two years.On this basis, it is expected that overall consumption will continue to recover to the pre-epidemic level next year, and the growth rate of consumption of goods and services will also pick up.Frequent implementation of policies to boost consumption will effectively boost consumption recovery in 2022.January 17, the National Development and Reform Commission issued the notice about to do a good job of recent promote consumption, proposed under the precondition of precision epidemic prevention and control effectively, seize the Spring Festival, Lantern Festival, such as the traditional holiday shopping season opportunity, meet the need of residents’ consumption habits change and upgrade quality, mining of consumption and growth, further release of residents’ consumption potential,We got the economy off to a steady start in the first quarter.It is estimated that local consumption promotion policies will be gradually introduced within this year, and the consumption trend will steadily recover as the policies are gradually implemented.There will be big development in the five consumer sectors in 2022.In 2021, xu Xingfeng, head of the Market operation and consumption Promotion Department of the Ministry of Commerce, pointed out that final consumption expenditure contributed 65.4% to economic growth in 2021, making consumption the primary driving force for economic growth again.In the next step, moFCOM will focus on five areas to promote consumption.First, we will upgrade traditional consumption.We will deepen the reform of automobile distribution and speed up the transformation of automobile management from purchase to use.We will revise the administrative measures on the circulation of second-hand automobiles and expand the circulation of second-hand automobiles.We will promote consumption of new-energy vehicles and encourage trade-in of household appliances and furniture for new ones.We will promote recovery of consumption in catering and other services.Second, we will accelerate the development of new types of consumption.We will encourage the development of new forms of business, new models and new scenarios, and encourage new types of consumption such as smart, customized, experience and fashion.We will promote the innovative development of time-honored brands and promote brand consumption.We should advocate a simple, moderate and low-carbon lifestyle and promote green consumption.We will make better use of the import expo, consumer goods expo and other exhibition platforms to increase the import of quality consumer goods.Third, we will upgrade urban consumption.We need to speed up efforts to develop cities as international consumer centers, promote high-quality development of pedestrian streets, and develop smart business districts and smart stores on demonstration basis, so as to improve the quality of urban life.We will also speed up the construction of a quarter hour living circle for people, improve community business facilities, and make urban life more enjoyable.Fourth, we will shore up areas of weakness in rural consumption.We will accelerate the construction of the county commercial system, improve the county commercial network, improve the county and village three-level logistics distribution system, expand the coverage of rural e-commerce, so as to promote the increase of both farmers’ income and rural consumption.Fifth, we will promote consumption.Under the premise of epidemic prevention and control, China will continue to organize activities such as the National Consumption Promotion Month, two-product Online Shopping Festival and Chinese Food Festival, and guide local governments to carry out a series of activities to promote consumption, such as the integration of business, tourism and cultural activities, the integration of online and offline services, and the linkage between urban and rural areas and regions, so as to stabilize market expectations and boost consumer confidence.Source: Xinhua Finance (analyst Diao Qian CAI Xiangyu) Read: Tan Lugang