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Wenzhou Ranks First in Zhejiang for Its Growth Rate of Retail Sales of Consumer Goods in the First Half of the Year
【Fonts: Large Medium Small 【Source: Wenzhou·China 【Date: 2020.07.25】

It is learned from Wenzhou Municipal Bureau of Commerce that, driven by a number of consumption promotion policies, Wenzhou ranks first in the province for its growth rate of retail sales of consumer goods in the first half of this year. Its retail sales of consumer goods reached 156.370 billion yuan in the first six months, a year-on-year decrease of 4.7%, the smallest decrease in the province, and 1.8% lower than that from January to May. The month of June witnessed retail sales of consumer goods of 32.191 billion yuan, a year-on-year increase of 2.9%, the growth rate being the second in the province.

In the context of the epidemic affecting business operations and reducing people’ willingness to consume, Wenzhou City invested 600 million yuan in consumer coupons, with a total business discount of over 1.8 billion yuan, to boost the public’s interest in consumption. As a result, the number of transactions in the retail industry increased by more than 26%, which directly entailed a transaction volume of 2.81 billion yuan. At the same time, 10 districts including Lucheng, Ouhai, Rui’an, and Yueqing issued auto consumption coupons with a cumulative value of approximately 100 million yuan, resulting in a 21.82% month-on-month increase in the number of vehicle licensing in June.

However, it is pointed out by an official from Wenzhou Municipal Bureau of Commerce that although the commerce and trade industry is developing well in Wenzhou, its foundation for recovery is not solid. In particular, the growth of retail sales of consumer goods in the second half of the year may be affected as consumer coupons fade out. Therefore, it is necessary to continue to stimulate consumption, tap into the potential in the field of consumption, and figure out measures of integration and innovation. Meanwhile, the official also says that the rapid growth of some commodities is driven by the introduced online retail companies rather than local consumption, and will bear the pressure brought by the high base last year. According to statistics, the total online retail sales of five companies including Tengli Trade, Vipshop and Lusen Digital was about 9.457 billion yuan in 2019, accounting for 9.1% of the total retail sales of consumer goods above quota.

In addition, data shows that the two major traditional consumer products, automobiles and petroleum, which account for a large proportion of the total retail sales of consumer goods above quota, experienced negative growth in the first half of the year, as the retail sales of automobiles and petroleum fell by 13.9% and 24.6% respectively. As for accommodation and catering industries, though they are warming up, it will still take time for them to recover.

In the next step, Wenzhou Municipal Bureau of Commerce will prepare for activities such as “Spending Money in Zhejiang · Golden Autumn Shopping Festival” and “Wenzhou Consumption Season” to facilitate the recovery of life service industries like featured catering, hotels and homestays in the form of coupons and subsidies. With the help of three-dimensional package activities of sales promotion, it will strive to put Wenzhou in the forefront of the province in terms of the growth rate of retail sales of consumer goods. At the same time, it will spare no efforts to speed up the construction of CBD and the development of moonlight economy, and formulate Wenzhou City’s Action Plan for the Intelligent Transformation of CBD to Promote Public Services.

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