Henan’s consumption growth outpaces national average in Jan-Oct
Henan Daily
Zhengzhou: Strong momentum in the dining and retail sectors, a vibrant cultural and tourism market, and a higher quality of life driven by trade-in programs.
With a series of policies aimed at boosting domestic demand and consumption taking effect, Henan’s consumption potential is accelerating. In October, the province’s total retail sales of consumer goods reached 257.358 billion yuan, a year-on-year increase of 7.1%. In the first 10 months of the year, the total retail sales of consumer goods in Henan reached 2.2393 trillion yuan, a year-on-year increase of 5.9%. Both figures are higher than the national average.
Taking advantage of policies such as trade-in programs and consumer subsidies in mid-October, online platforms and offline merchants launched Double 11 promotions ahead of schedule and extended the promotional period, helping to sustain the strong momentum in the retail and dining sectors. In October, the total dining revenue in Henan reached 4.646 billion yuan, up 7.4% year-on-year, while retail sales of goods amounted to 58.143 billion yuan, an 11.1% increase from the previous year.
The trade-in program, while driving consumption upgrades, has effectively boosted sales of bulk commodities such as automobiles and household appliances, further unlocking market potential. Fueled by various car promotions and the province-wide trade-in policy, Henan’s total retail sales of automobiles in October reached 20.571 billion yuan, a 6.2% year-on-year increase.
Green consumption trends have emerged in the home appliance sector. In October, the retail sales of household appliances and audio-visual equipment with energy efficiency ratings of Level 1 and Level 2 in enterprises above the designated scale in Henan increased by 61.6%.
“The consumption structure in Henan has become increasingly diverse, with industries such as commerce, catering, entertainment, and tourism merging across boundaries, creating numerous new consumption scenarios and models. This has effectively promoted the expansion and upgrading of Henan’s consumption market,” said a representative from the Department of Commerce of Henan Province. Looking ahead, Henan will continue to focus on bulk commodities such as automobiles and household appliances, while also emphasizing key sectors like catering. By leveraging innovative consumption scenarios to promote new forms of consumption, Henan aims to further boost its consumption market.
