Beijing, 20 July 2024 (TDI): During the first half of 2024 China’s e-commerce industry witnessed a significant boom, contributing to the restoration of consumer spending in the world’s second-largest economy.
The numbers that were given by the Ministry of Commerce (MOC) on Friday indicate that the total amount of money that was made from online retail sales during this period reached 7.1 trillion yuan, which is equivalent to around 996 billion United States dollars. This represents a 9.8 percent rise when compared to the previous year.
The retail sales of items amounted to 5.96 trillion yuan, which represents an increase of 8.8 percent from the previous year’s total amounts.
According to the MOC, the three key causes that contributed to the development of consumption over the period were identified as digital items, the consumption of services, and trade-in programs.
According to the figures, artificial intelligence learning machines witnessed a phenomenal increase of 136.6 percent, while smart wearable gadgets saw development of 31.5 percent in the category of digital items.
The online travel and catering services both showed a considerable increase in the number of services consumed, with the former experiencing a growth of 59.9 percent and the latter reaching 21.7 percent.
It was a collaborative effort amongst Chinese e-commerce platforms to offer recycling services for more than 300 different categories of items and trade-in services for more than 400,000 products.
The trade-in services had considerable sales growth for refrigerators, washing machines, mobile phones, and televisions on major online shopping platforms, with gains of 82.1 percent, 70.4 percent, 63.9 percent, and 54.3 percent, respectively. These increases were accomplished by increasing sales by a total of 54.3 percent.
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The importance that the e-commerce business plays in driving the recovery of domestic consumers has expanded alongside the industry’s engagement in international collaboration.
The Chinese Ministry of Commerce (MOC) has reported that during the first half of this year, China has signed memorandums of cooperation with Saudi Arabia, Bahrain, and Tajikistan in the field of electronic commerce. As a result, the total number of nations that are partners in the Silk Road e-commerce network has climbed to 33.
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