The Chinese mainland experienced a retail sales surge in May that surprised analysts. Data from the National Bureau of Statistics showed a 6.4% year‑on‑year increase, beating the 5% estimate from a Reuters poll! 📈
This boost was driven by strong Labor Day holiday spending, consumer‑goods trade‑in subsidies, and an increase in foreign tourist spending following the expansion of the visa‑free entry list by the Chinese mainland.
Additionally, the early start of the "618" shopping festival played a key role in lifting consumer confidence and driving sales. This dynamic mix of factors points to a vibrant retail scene that could set the stage for more exciting trends ahead. 😊
Reference(s):
cgtn.com
