China’s jewellery sales retain sparkle in Q1
Jewellery sales in China continued their winning streak in the first quarter of 2021, recording a 93.4 per cent increase from the same period last year, according to government data.
Retail sales of gold, silver and jewellery reached RMB 80.2 billion (around US$12.36 billion) from January to March, signalling sustained strength in China’s retail sector. In March alone, sales hit RMB 26 billion (around US$4 billion), up 83.2 per cent from a year ago.
According to data released by the National Bureau of Statistics of China, jewellery was among the best-performing consumer goods segment, followed by catering services and automobile sales.
China earlier said effective containment of the Covid-19 virus coupled with other initiatives supported the country’s economic rebound although a lower base in 2020 is likewise a factor for major indicators. “Investment and consumption recovered steadily, employment and prices were generally stable, people’s basic livelihoods were safeguarded, and the national economy sustained steady recovery,” it noted.
Jewellery retailers suffered massive losses throughout the first half of 2020, but sales began to recover in July as the country’s Covid-19 situation gradually improved. Jewellery sales declined by 4.7 per cent last year.