Apparel Retail Sales Surge 22.3 Percent in April
Source: globecotnews Date: 2007-05-18
China has the largest population in the world; and that population, amid a booming economy and expanding disposable income, is shopping. The country's April retail sales totaled 667.3 billion yuan or 86.8 billion U.S. dollars, which represented 15.5 percent year-on-year growth and was up from 15.3 percent the previous year. Disposable incomes soared 19.5 percent in first quarter 2007 for urban residents. The retail spending growth is now evident in the rural areas, with April sales reaching 14.6 percent growth versus 16 percent in urban areas.
Chinese consumers are spending money on better dietary foods, new clothing and furniture for their homes. Furniture retail sales soared 53.3 percent in April, while apparel retail sales surged 22.3 percent. China's domestic offtake of apparel is now set to double in approximately three years
