The annual growth in sales of consumer goods is expected to slow this year, with growth mainly driven by private consumption rather than public spending, according to a new report.
The sales of consumer goods will grow 13 percent year-on Year, lower than in previous years, according to the 2013China Consumer Market Development Report released on Thursday by the department of consumer economics at the
Chinese Academy of International Trade and Economic
Cooperation of the Commerce Ministry.
Zhao Ping, deputy director of the department, said the
estimated slowdown reflects the fact that consumption will mostly be supported by private consumers rather than by
public funds.
She said that fewer government stimulus policies will back
consumption this year, and in addition, the government measures to crack down on corruption -banning lavish banquets and spending on luxury products using public funds - will curb overspending and the sales of luxury goods.
The report said, the growth in retail sales of consumer goods will mostly be backed by demand
from private consumers and a rise in incomes.
The consumption of food and beverage products will remain strong, boosted by the policies to increase incomes for lower and medium-income earners - the mainstream buyers in this sector.
Sales of clothing products will also grow rapidly, with
more transactions made at online and more exposure
expected for Chinese brands, a trend inspired by the
country's first lady, who favors domestic designs rather than international brands for her diplomatic trips, the
report said.
The report also found that high-end caterers have suffered the most from the government's policies to
crack down on waste and lavish spending.
In Beijing and Shanghai, the revenue of high-end restaurants dropped 35 percent and 20percent year-on-year, respectively, during the Spring Festival period.
The report said that about 80 percent of the waste in the catering industry stemmed from public
and business spending.
No comments:
Post a Comment