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Ensuring Stable Domestic Consumption in China during the COVID-19 Pandemic

As the impact of COVID-19 at both a domestic and international level continues to disrupt economic activities in China, domestic industries are scrambling to implement strategies to help offset this impact or buffer themselves against an inevitable downturn. The COVID-19 epidemic is accelerating China's transition towards highly digitalized supply chains. It has also galvanized trends towards the purchasing of domestically produced goods.

The COVID-19 pandemic has had a major negative impact on consumption in China. According to the National Bureau of Statistics, retail sales of consumer goods totaled 5.213 trillion yuan in the first two months of this year, down 20.5% from a year earlier. The massive reduction in the number of people going out travelling and shopping has seriously affected industries like hotels, catering, tourism, department stores, real estate, car sales, and movies, etc.

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Tags : ChinaRetail
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