Jewellery sales in China rose 3.6 per cent from January to April this year, demonstrating ongoing recovery of the domestic retail market.

Data from the National Statistics Bureau of China showed that sales of gold, silver and jewellery reached RMB122 billion (around US$16.82 billion) during the first four months of the year while a slight decline of 0.1 per cent was recorded in April to RMB23.1 billion (approximately US$3.18 billion).

Jewellery sales have been exhibiting promising gains since the start of the year, maintaining a steady pace of growth. 

Sales in March were up 3.2 per cent to RMB29.1 billion (about US$4.01 billion) while January to February figures showed a 5 per cent uptick to RMB70.8 billion (around US$9.76 billion).

Total sales of consumer goods rose 2.3 per cent in April and 4.1 per cent in the first four months of the year. 

According to a research report by the Hong Kong Trade Development Council published in early June this year, China is actively boosting consumption as a key measure to bolster economic growth. The country is particularly interested in upgrading the range of products available to consumers to meet their diverse, evolving requirements, while promoting the development of new forms of consumption.

Meanwhile, a commentary by credit ratings and analysis agency Fitch Ratings earlier said revenue growth of China’s non-food retailers is likely to moderate in 2024 on weakening consumer sentiment and intensified competition. 

“The operating environment remains challenging for Chinese retailers in 2024. Consumer sentiment has recovered following China’s reopening, but high unemployment among the younger population and low confidence over income growth weigh on consumers’ spending power,” the commentary published in late April said.