Spending rebound lifts China jewellery sales
China’s jewellery sales retained an upward trajectory in the first half of 2023 as the consumption market continued to recover, according to the National Bureau of Statistics of China.
Gold, silver and jewellery sales grew 17.5 per cent to RMB168.9 billion (about US$23.44 billion) in the first six months of the year. In June alone, sales rose 7.8 per cent year on year.
Meanwhile, total retail sales reached RMB 22.75 trillion (about US$3.15 trillion), up 8.2 per cent year on year. According to the Chinese government, the consumer market recovered rapidly during this period, with demand for high-value goods on the upswing.
“In the first half of the year, the economy and society fully resumed normal operations, aided by effective policies to raise domestic demand and promote consumption. The market trend is that of growth,” the Chinese government stated.
The data also revealed that China’s gross domestic product (GDP) was up 5.5 per cent to RMB59.3 trillion (around US$8.21 trillion) in the first half of 2023. The economy however grew at a slower pace in the second quarter, with GDP inching up 0.8 per cent quarter on quarter.
“Residents’ spending power and confidence still need to be strengthened and the foundation for restoring and expanding consumption needs to be further consolidated,” the government added.
Moving forward, China will focus on implementing more targeted policies to promote consumption, create more spending opportunities, and strive to enhance the market’s purchasing power to support steady economic recovery.