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from 27.7 billion yuan to 4.7 trillion yuan: the domestic consumer market is booming and growing

2024-09-17

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from the supply of tickets and allocation of consumer goods at the beginning of the founding of new china, to the gradual increase in commodity supply after the reform and opening up, and then to the continuous upgrading of consumer demand since the 18th national congress of the communist party of china, my country's consumption sector has achieved a historic leap in the past 75 years.

data from the national bureau of statistics show that my country's total retail sales of consumer goods increased from 27.7 billion yuan in 1952 to 47 trillion yuan in 2023. the scale of the consumer market has expanded, the structure has been optimized, the supply has been improved, the quality and efficiency of the circulation system has continued to improve, and the contribution of consumption to economic growth has significantly increased.

scale expansion and structural optimization

at the beginning of the founding of the people's republic of china, the consumption of chinese residents was mainly to meet the basic needs of life such as food and clothing. over the past 75 years, with the continuous improvement of residents' income level and the change of consumption concept, residents' consumption has shifted from focusing on quantity to pursuing quality improvement, and from physical consumption that meets material life needs to service consumption that reflects the needs of a better life. consumption demand has become increasingly diversified, and the consumption structure has been continuously upgraded and optimized.

the national economy continued to grow rapidly, and the income of urban and rural residents increased significantly, providing strong support for the development and growth of the consumer market. according to the national bureau of statistics, my country has become the world's second largest consumer market since 2018; the total retail sales of consumer goods increased from 27.7 billion yuan in 1952 to 155.9 billion yuan in 1978, and then continued to rise. in 2023, the total retail sales of consumer goods reached 47 trillion yuan, with an average annual growth of 11% from 1953 to 2023.

as people's lives continue to improve, the proportion of consumption of basic living goods has gradually decreased, and the consumption of durable goods such as automobiles and home appliances has grown rapidly. at the end of 2023, the number of household cars per 100 households nationwide will be 49.7, 2.9 times that of 2013; the retail sales of automobile products of units above the designated size will exceed 4.8 trillion yuan, accounting for about 10% of the total retail sales of consumer goods.