China’s Ministry of Commerce reports a notable growth in online retail sales for the first 10 months of 2023, fueled by the rising popularity of livestreaming e-commerce.
From January to October, the online retail sales of physical goods across the country increased by 11.2 percent year on year, reaching 12.3 trillion yuan (approximately $1.72 trillion).
Figure: China’s Ministry of Commerce reports a notable growth in online retail sales for the first 10 months of 2023.
This accounted for 32.1 percent of China’s overall retail sales growth, according to the ministry.
Additionally, livestreaming e-commerce played a significant role in this growth, with sales surpassing 2.2 trillion yuan, marking a substantial 58.9 percent year-on-year surge.
Livestreaming e-commerce contributed to a 7.5 percentage point increase in the growth of online retail sales during this period.
Also, the ministry reported, during the Mid-Autumn Festival and National Day holiday the previous month, daily average online sales in the accommodation, tourism, entertainment, and catering sectors witnessed substantial year-on-year increases of 133.7 percent, 123.1 percent, 82.1 percent, and 19.7 percent.
