Today (March 18), the National Bureau of Statistics released the retail data for social consumer goods in January and February 2024. The total retail sales of social consumer goods during this period amounted to 8.1307 trillion yuan ($1.13 trillion), a year-on-year increase of 5.5%.
In terms of cosmetic-related data, the retail sales of cosmetic products reached 67.8 billion yuan ($9.42 billion) from January to February, representing a 4.0% year-on-year increase. Compared to the data from the same period in previous years, the retail sales of cosmetic products in January and February of this year reached a new high since 2018.
Overall, there has been a fluctuating growth trend in the retail sales of cosmetic products from the entire year of 2023 to January and February of 2024. The highest year-on-year growth was observed in April and May of last year, with increases of 24.3% and 11.7% respectively. The retail sales figures for those months were 27.6 billion yuan ($3.83 billion) and 33 billion yuan ($4.58 billion) respectively. The growth rate in January and February of this year showed a downward trend compared to December of last year.
In addition, the total online retail sales in the country reached 2.1535 trillion yuan ($299.2 billion) from January to February, a year-on-year increase of 15.3%. Among them, the online retail sales of physical goods amounted to 1.8206 trillion yuan ($252.9 billion), with a growth rate of 14.4%, accounting for 22.4% of the total retail sales of social consumer goods.
Regarding customs data, the cumulative import volume of cosmetic and personal care products from January to February 2024 was 43,810.1 tons, a year-on-year decrease of 14.7%. The import value amounted to 16.79 billion yuan, a 14.7% decrease compared to the same period last year.
The National Bureau of Statistics stated that the national economy showed steady growth in January and February. With the effectiveness of various macroeconomic policies, the national economy has continued to recover and improve. However, uncertainties in the external environment remain high, and the problem of insufficient domestic effective demand persists. The foundation for sustained economic recovery and improvement needs to be consolidated. In the next stage, it is necessary to pursue progress while maintaining stability, accelerate the construction of a new development pattern, continuously consolidate and enhance the positive momentum of economic recovery, and promote both qualitative and quantitative growth in the economy.
