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Retail sales help to power Changsha economy

Updated: 2017-02-13

 
Retail sales hit 411.7 billion yuan ($60 billion) in Changsha in 2016, making it the sixth highest spending city of all China's provincial capitals, according to the city's statistics bureau. 

 

Consumption in the country as a whole has dipped slightly in the past year, but Changsh'’s consumers bucked the trend. The city's total retail sales climbed 11.6 percent year-on-year, while the average growth rate in other provincial capitals was only 9.9 percent.

 

Automobile and pharmaceutical products accounted for the largest share in consumption, thanks in part to higher incomes among Changsha's urban population.

 

Due to favorable policies on purchasing low-emission vehicles, retail sales in the automobile sector accounted for 54.3 percent of the total. Pharmaceutical sales rose 19.8 percent year-on-year.

 

With the help of the internet, retailers took in 26.1 billion yuan in online sales, up 44.9 percent year-on-year. A total of 43 companies had online sales exceeding 10 million yuan in Changsha.

 

Consumers browse goods in an online-to-offline (O2O) store in Changsha. [Photo/Changsha Evening News]

 

Source: Changsha Evening News