Today (November 15th), the National Bureau of Statistics released the retail sales data for social consumer goods in October 2023. In October, the total retail sales of social consumer goods reached 4.3333 trillion yuan ($598.3 billion), a year-on-year increase of 7.6%. From January to October, the total retail sales of social consumer goods amounted to 38.544 trillion yuan ($5.32 trillion), a year-on-year increase of 6.9%.
In terms of cosmetic-related data, the total retail sales of cosmetics in October were 31.7 billion yuan ($4.38 billion), a year-on-year increase of 1.1%. Compared to the previous month, both the total retail sales and growth rate declined again, making it the month with the lowest growth rate among all the months of growth. From January to October, the total retail sales of cosmetics reached 329.1 billion yuan ($45.44 billion), a year-on-year increase of 6.2%.
Looking at the vertical comparison, the total retail sales of cosmetics reached a new high in October this year, reaching 31.7 billion yuan ($4.38 billion). Although the year-on-year growth rate of cosmetics in October has not returned to the high growth level before the pandemic, the negative growth trend has been halted. This is also good news for the industry.
In terms of customs data, in October, China imported 31,920.1 tons of beauty and cosmetics products and toiletries, with an import value of 11.61 billion yuan, a year-on-year increase of 1.42%. From January to October, the cumulative imports amounted to 305,375.4 tons, a decrease of 13.8% compared to the same period last year; the import value was 107.93 billion yuan, a decrease of 13.9% year-on-year.
The National Bureau of Statistics stated that in October, the national economy continued to recover and showed improvement in key indicators, with overall stable economic operation. However, it is important to note that there are still many external uncertainties, and domestic demand remains insufficient. The foundation for economic recovery and improvement still needs to be consolidated.