In 2021, China remained one of the leading retail markets in the world. That year, the country generated a retail sales revenue of over 44 trillion yuan, which translated to approximately 6.5 trillion U.S. dollars. The rampant COVID-19 pandemic brought profound changes to China’s retail landscapes. On the one hand, e-commerce has become increasingly crucial in China’s retail industry, with new trends like live commerce and quick commerce prevailing amid the pandemic. On the other hand, patriotic consumption was on the rise. Domestic brands and products with Chinese characteristics became the new favorite of many Chinese consumers.
The strict zero-COVID policy undoubtedly benefited the Chinese economy in the first two years of the pandemic. While the rest of the world was caught in the post-COVID recession, in 2021, China’s retail revenue recorded its most robust growth since 2014. Rural and urban households continued to witness steady growth in disposable incomes. However, as the world enters the third year of the COVID-19 pandemic, it has become bitter-sweet for many Chinese business owners, especially those who engaged in the retail industry. April 2022 saw a full lockdown in China’s 25 million-resident metropolis Shanghai, resulting in China’s consumer goods retail sales revenue dropping by more than 11 percent month-over-month, the most significant decline in two years. With the unemployment rate and inflation both seeing an upward trend that month, consumer confidence in China experienced a drastic plunge, hitting the lowest point since the 90s.
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In the following 7 chapters, you will quickly find the 42 most important statistics relating to "Retail industry in China".