China’s Retail Trade Grows by 0.9% in Q3, First Positive Growth in 2020

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China’s Retail Trade Grows by 0.9% in Q3, First Positive Growth in 2020 Brandspurng
Just like in the US, the Chinese retail trade market showed considerable improvement in Q3 2020. There was a 0.9% increase in overall retail trade, the sector’s first positive growth in 2020.

In September, there was an increase of 3.3% in total retail sales, up from 1.5% in August, marking two consecutive months of positive growth.

However, for the first nine months of 2020, total retail sales were still down by 7.2% YoY. Compared to H1 2020 though, the overall decline narrows by 4.2 percentage points.

China’s Retail Trade Grows by 0.9% in Q3, First Positive Growth in 2020 Brandspurng

It is noteworthy too that China’s online retail sales grew by 9.7% during the same nine-month period. Moreover, online retail sales of physical goods increased by 15.3% and accounted for 24.3% of all retail sales.

Top eCommerce retailer, Alibaba, saw strong growth during Q3 2020, growing its annual active customer base by 15 million, to reach 757 million.

US Online Purchases Soar by 50% Quarter-over-Quarter to $218 Billion in Q3 2020 Brandspurng

Its cross-border import eCommerce platform, Tmall Global, had an increase of 21% in the sales of online physical goods in that quarter. Taobao Live, Alibaba’s live streaming platform, generated Gross Merchandise Value (GMV) surpassing 350 billion RMB ($52.83B) for the 12-month period which ended on September 30, 2020.

Overall, Alibaba’s revenue during the quarter rose by 30% YoY to $22.84 billion.

Online retail sales in the US are gradually returning to pre-pandemic levels. Based on a report published by Digital Commerce 360, online shoppers in the US spent $218.1 billion on retail online purchases during Q3 2020. In Q2 2020, US eCommerce sales totalled $211.5 billion.