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Ordos' consumer market flourishes over past 10 years

Updated: 2022-10-09 (chinadaily.com.cn) Print

Over the past 10 years, the consumer market in the city of Ordos in North China's Inner Mongolia autonomous region has become increasingly prosperous, making consumption a major driver of economic growth in the city.

From 2012 to 2021, Ordos' consumption structure has been transformed, consumption patterns have changed rapidly, and consumption levels have increased.

Total retail sales of consumer goods in the city increased from 37.92 billion yuan ($5.69 billion) in 2012 to 60.83 billion yuan in 2021, an average annual growth rate of 6 percent.

In 2021, the city's urban market achieved retail sales of consumer goods worth 52.96 billion yuan, a year-on-year increase of 7.5 percent, while the rural and pastoral markets achieved retail sales of consumer goods worth 7.88 billion yuan, an increase of 8.5 percent year-on-year.

Meanwhile, with the development of the market economy, market entities in Ordos have been diversified. Various economic components such as the State-owned economy, joint-stock economy, individual economy and private economy all play a role in the city's commercial operations.

The fourth economic census data shows that in 2018, Ordos had 10,565 wholesale, retail, accommodation, and catering enterprises, an increase of more than 6,000 since 2008.

Also, Ordos had over 60,000 individuals engaged in the wholesale, retail, accommodation and catering sectors, an increase of more than 10,000 over the past 10 years.

Moreover, the market vitality of private enterprises in Ordos has been continuously stimulated, and they have become the main force driving the sustainable development of the consumer market.

The economic share of private commercial and trade enterprises in Ordos accounted for more than 90 percent of the city's total.

Elsewhere, in the past ten years, Ordos' online consumption has maintained rapid growth, and new models of online consumption have emerged.

According to the monitoring of third-party institutions, the city's online retail sales reached 11 billion yuan in 2021, a year-on-year increase of 129.3 percent.

Additionally, from 2012 to 2021, the consumption among the city's residents changed from physical consumption meeting the needs of material life to service consumption that reflects the needs of a better life.

Service consumption, such as catering, cultural entertainment, leisure tourism, education and training, and health care, is continuing to grow rapidly.

 

 

 


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