Ministry of Commerce: July's goods consumption steadily expanding, online consumption growth momentum is good.

On August 22, the person in charge of the Consumer Promotion Department of the Ministry of Commerce talked about the situation of China's consumer market in July 2024. According to the data from the National Bureau of Statistics, in July, the total retail sales of consumer goods were 3.34 trillion yuan, an increase of 2.7% year-on-year, with a growth rate 1.2 percentage points faster than the previous month. The sales of some upgraded goods accelerated, with the retail sales of sports and entertainment goods and communication equipment of units above the quota increasing by 10.7% and 12.7% respectively year-on-year, with growth rates 12.2 and 9.8 percentage points faster than the previous month. The effect of the policy of replacing old cars with new ones continued to show, with the retail sales volume of new energy passenger cars in July increasing by 36.9% year-on-year, according to data from the China Automobile Dealers Association. The text is from the official website of the Ministry of Commerce, edited by GMTEight: Liu Jiayin.