Statistics show that Qingdao is expected to generate a total retail sales of more than RMB 600 bln in 2023, occupying comfortably the second spot among cities in northern China.

Catering is the largest contributor to consumption growth. In the first three seasons of 2023, Qingdao’s catering sector saw a year-on-year growth of 24.8% in revenue, outperforming the growth of retail sales of consumer goods by approximately 18 percentage points. The retail industry has continued to ascend throughout 2023. In the first three quarters of 2023, Qingdao’s retail industry expanded by 12.4%. Green and intelligent consumer goods have boomed. For example, the retail sales of new energy vehicles has amounted to RMB 10.7 bln since the beginning of 2023, up 40.2% year on year.

Reportedly, Qingdao’s total retail sales of consumer goods will top RMB 700 bln, and the rate of contribution by consumption to economic growth will hit more than 50%, according to the Three-Year Action Plan on Boosting Domestic Demand (2023-2025) printed and issued by Qingdao.  (Ding Qianqian)

The sought-after Qingdao Taidong Pedestrian Street.  By Jiang Qingwei