China’s jewellery sales up 99% in Jan-Feb
China reported a 99 per cent increase in jewellery sales during the first two months of 2021, reflecting sustained recovery as the country navigates a post-pandemic business environment.
Total retail sales were up 33.8 per cent in January to February from year-ago figures, with the jewellery segment posting the most robust growth, data from the National Statistics Bureau of China revealed.
According to the Chinese government, 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.
China’s jewellery sales declined by 4.7 per cent in 2020 amid lockdowns, macroeconomic uncertainties and other business restrictions brought about by the coronavirus pandemic. In December 2020, sales of gold, silver and jewellery rose 11.6 per cent.
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.
Industry stakeholders are counting on China’s economic comeback to fuel growth in the jewellery sector. Economists are likewise upbeat about China’s continued recovery. In a recent study, the World Bank said China’s economy is expected to expand by 7.9 per cent this year following 2 per cent growth last year.