Guangdong’s consumers prove resilient, so far 

Retail sales held up in Guangdong in March, judging by Q1 statistics released today. At RMB1.01 trillion, up 6.9% over Q1 last year, growth was 0.5 percentage points higher than the cumulative total for January-February.

Tourism is seen as contributing to the growth, according to local media. Chinese new year brought record numbers to the province, and the momentum has been maintained since then, as seen over the recent Labor Day holidays in early May. Retail sales in the key cities, including the GBA’s nine, accounted for the lion’s share, at RMB881.662 billion, up 6.7%. However, rural areas grew 8.2% to hit RMB136.234 billion.

Local media said growth was likely to speed up more in the rural areas, as major fast-moving consumer goods companies were focused there. So are commercial property developers: In Q1, of all shopping centers opened in the country, 20% were in third-tier cities and 22% in fourth-tier cities.  Moreover, it is consumers from these cities that are seen as driving growth in the bigger cities on shopping trips.

Read more (in Chinese).