BEIJING - Retail sales of home appliances in China's businesses whose operating income reaches a certain scale surged by 39.3 percent year-on-year in December, backed by the country's trade-in program, according to the Ministry of Commerce (MOC) on Thursday.
The growth rate went up by 17.1 percentage points from that in November 2024, the MOC said, citing data from the National Bureau of Statistics (NBS).
READ MORE: China's home appliance sales surge in 2024 under trade-in program
Businesses whose operating income reaches a certain scale refers to wholesalers with an annual main business turnover of at least 20 million yuan (about $2.79 million), retailers with that reaching 5 million yuan, and accommodation and catering businesses with that of at least 2 million yuan.
In December, the retail sales of consumer goods rose 3.7 percent year-on-year, while that of the whole year climbed 3.5 percent from 2023, contributing 44.5 percent of the country's economic growth, the data showed.
READ MORE: China's trade-in program boosts home appliance sales by over 200b yuan
Retail sales of services marked rapid growth to climb 6.2 percent year-on-year, 3 percentage points faster than retail sales of consumer goods, the data also showed.