China's consumption market experiences five-year boom

During the 14th Five-Year Plan period (2021-25), China's consumer market remained firmly in second place globally. Total retail sales of consumer goods rose from 39.1 trillion yuan ($5.44 trillion) in 2020 to 48.3 trillion yuan in 2024, with an average annual growth rate of 5.5 percent. The figure for 2025 is expected to exceed 50 trillion yuan. Consumption has continued to serve as the main engine driving economic growth, contributing around 60 percent to GDP growth annually, on average.