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Traditional retailers' momentum lags amid online growth, report says
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CHINA'S consumer and retail sector is entering a stage of stable development with large, traditional retail companies lacking growth momentum due to a shifting consumption model, a new industry report shows.
"Consumer-oriented total retail model has become the major direction of the transformation of China's retail industry," Kevin Wang, leader of PwC China retail and consumer industry, said in the firm's Total Retail Report.
In the first eight months of this year, retail sales of consumer goods increased 12.1 percent year over year to 16.61 trillion yuan (US$2.7 trillion), slightly slower than the 12.8 percent growth pace from a year ago, according to the National Bureau of Statistics.
Large-scale retail enterprises, those with annual sales above 5 million yuan, achieved 9.7 percent growth over the same period.
China's retail industry growth has slowed down from its highs in 2012 and the trend is expected to continue. Nevertheless, a rise in consumer confidence coupled with upcoming holidays like the National Day week, the November 11th shopping festival and Christmas will test the total retail channel capacity to meet the need of consumers and lift overall retail sales in the fourth quarter, the report said.
The PwC survey also shows that Chinese consumers lead the way in online shopping, with one in every seven people shopping online every day and more than 60 percent shopping online weekly. Globally, those figures are only 5 percent and 21 percent, respectively.
Consumers are actively choosing different shopping channels and are utilizing different devices for online shopping, the report says.
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