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Anhui Creates a Booming Consumer Market in Q1

source:www.cnanhui.org release date:2017/05/05 hits:4

In the first quarter of 2017(Q1), Anhui Province’s consumer market was stable basically, playing an increasingly fundamental role in the economic growth. The total retail sales of consumer goods reached 271.47 billion yuan, an increase of 11.9% year-on-year and 1.9% higher than that of the whole nation.

In rural areas, the consumer market grew faster than that of urban areas. In Q1, the urban retail sales of consumer goods hit 218.8 billion yuan, up 11.7% year-on-year. The rural retail sales reached 52.66 billion yuan, an increase of 12.4%, 0.7% higher than that in urban areas.

There were two reasons that accounted for the phenomenon, according to Li Hongmei, deputy director of forecasting office of Anhui Provincial Economy Research and Information Center. Firstly, income of rural residents was increased so that the market became more dynamic. Secondly, rural electronic commerce facilitated the development of industrial consumer goods.

The catering industry grew rapidly. Restaurants gave priority to changing the development mode in order to meet the need of market requirements. In Q1, the catering industry got a profit of 29.69 billion yuan, an increase of 12.4% year-on-year. The retail sales reached 241.78 billion yuan, an increase of 11.8% year-on-year.

In Q1, with the changes of consumption patterns, people attached great importance to product quality, original brands and diversified consumption. In terms of retail sales, life necessities grew rapidly, with an increase of 13.5%, 0.4 percent points higher than the same period last year. Vehicles and electric appliances grew slowly, with an increase of 6.4%, 2.2 percent points lower than last year.

The network consumer environment has become an important engine for consumption development. In Q1, the enterprises above designated sized got retail sales of 6.99 billion yuan, with an increase of 40.4%. However, net work consumer decreased by 17.3% compared with Q1 last year. It’s growth range decreased 5.1% compared with last two month. The network consumption will continue to grow at a rate higher, but the momentum will slow down. “We need to seek improvement in stability,” Li said.

“The growth rate is related to supply-side reform and structural adjustment,” Ge Xiaobin said, a professor in Anhui Finance & Trade Vocational College. “Online shopping is still the most dynamic economic sector, but people is guided for a rational consumption and offline shopping, so that the growth slow down.”

In the future, slower growth speed and better quality will be the most prominent character of consumption. New consumption patterns, industries as well as technologies will speed up the upgrade of consumption.(By Jiang Xueting)