China’s jewellery sales slid in July despite an overall improvement in retail sales, according to the National Bureau of Statistics of China.

Gold, silver and jewellery sales recorded a slight decrease of 1.0 per cent to RMB192.9 billion (about US$27 billion) from January to July 2024. In July alone, sales dropped by 10.4 per cent year on year, reflecting muted domestic demand amid continued economic woes.

Meanwhile, total retail sales of consumer goods reached RMB3.78 trillion (about US$529.3 billion) in July, up 2.7 per cent year on year. According to the Chinese government, the overall consumer market recovered at a faster pace during this period compared to June.

In the first seven months of the year, online retail sales climbed to RMB8.38 trillion, representing a year-on-year growth of 9.5 per cent. Of these, online retail sales of physical goods rose 8.7 per cent, accounting for 25.6 per cent of total consumer goods sales.  

Data also revealed that China’s economy grew at a slower pace in the second quarter, with gross domestic product (GDP) inching up 4.7 per cent to RMB32.1 trillion (around US$4.50 trillion) year on year but falling below the official full-year target of 5 per cent.

The government attributed the slow but steady economic recovery to various challenges such as impact of the external economic environment and sluggish consumption of some commodities.