Solid growth in China jewellery sales
China’s jewellery sales retained their upward trajectory from January to April 2023, thanks to sustained recovery in consumption, according to the National Bureau of Statistics of China.
Gold, silver, and jewellery sales grew 18.5 per cent to RMB118.1 billion (around US$16.8 billion) in the first four months of the year.
In April alone, sales were up 44.7 per cent year on year, representing the highest growth rate recorded in the month among consumer goods categories.
Meanwhile, total retail sales increased 8.5 per cent to RMB14,983.3 billion (around US$2131.2 billion) during the period in review.
The government noted that amid steady market recovery in April, local consumers’ spending power and confidence could further improve.
“With the implementation of relevant policies to promote consumption, residents’ willingness to consume will gradually be strengthened, the consumption environment will continue to improve and customer touch points will be expanded.
The consumer market is expected to continue to recover,” the Chinese government stated.