Retail sales in China are booming and is quickly becoming the highest consumer market in the world. November saw a 14.9 percent year-on-year rise to CNY1.85 trillion, according to the National Bureau of Statistics (NBS), reported WGSN.
The growth rate was faster than the 14.5 percent year-on-year increase registered in October, data showed. That meant retail sales in China have grown 14.2 percent on-year to CNY18.68 trillion, the equivalent to 2.97 trillion dollars in the first 11 months of the year, the NBS said.
Urban consumption expanded 15 percent on-year last month to CNY1.6 trillion in November, while rural spending lifted 14.6 percent to CNY244.6 billion.
The retail goods trade was valued at CNY1.64trn, up 15 percent.
The NBS also said the consumer price index rose 2 percent in November, up from 1.7 percent in October, which was the slowest rate of inflation since January 2010. Analysts had expected a 2.1 percent rise last month.
Mainland retail sales are expected to top CNY20 trillion this year and would grow fast on government efforts to boost domestic demand, a commerce chamber official said. The figure could exceed CNY30 trillion in 2015 given an annual growth rate of 15 percent, said Zhang Zhigang, head of the China General Chamber of Commerce.