Today (June 17), the National Bureau of Statistics released the retail sales data for May 2024. The total retail sales of consumer goods in May amounted to 3.9211 trillion yuan ($540.4 billion), a year-on-year increase of 3.7%. From January to May, the total retail sales of consumer goods reached 19.5237 trillion yuan ($2.7 trillion), up 4.1% year-on-year.
Regarding cosmetics-related data, the retail sales of cosmetics in May 2024 were 40.6 billion yuan ($5.6 billion), an increase of 18.7% year-on-year. From January to May, the retail sales of cosmetics totaled 176.3 billion yuan ($24.3 billion), up 5.4% year-on-year.
Looking at the data from October 2023 to May 2024, the retail sales of cosmetics showed a fluctuating growth trend. The highest year-on-year growth was in May this year, with an increase of 18.7%, and retail sales amounting to 40.6 billion yuan ($5.6 billion). The lowest year-on-year growth was in November last year, with a decline of 3.5%, and retail sales amounting to 54.8 billion yuan ($7.55 billion).
In comparison, the overall growth trend hit its lowest point in May 2022, mainly due to the impact of the pandemic. From May 2019 to May 2024, there were two declines, in 2020 when it fell to 12.90% and in 2022 when it dropped to 11%. However, since 2022, the retail sales of cosmetics have gradually increased. Notably, in May of this year, the retail sales of cosmetics exceeded 40 billion yuan for the first time in any May on record.
According to customs data, in May, China imported 29,000.9 tons of beauty, cosmetics, and personal care products, with an import value of 10.72 billion yuan. From January to May, the total import volume was 130,925.3 tons, a year-on-year decline of 13.8%, and the total import value was 50.46 billion yuan, a year-on-year decline of 10.5%.
The National Bureau of Statistics stated that the overall economic operation in May was stable, with key indicators showing improvement and new growth drivers developing rapidly. However, the external environment remains complex, and domestic (Chinese) effective demand is still insufficient. The sustained economic recovery faces many difficulties and challenges. In the next phase, it is essential to adhere to the general principle of seeking progress while maintaining stability, fully and accurately implement the new development concept, consolidate and enhance the economic recovery trend, and continue to promote effective qualitative and reasonable quantitative growth of the economy.
