Consumption in H1 indicates robust economic vitality of Suzhou

In the first half of 2024, Suzhou's total retail sales of consumer goods reached 500.29 billion yuan ($70.55 billion), a 7.4 percent increase from the previous year, surpassing both provincial and national averages by 2.5 and 3.7 percentage points, respectively, showcasing the city's robust economic vitality.

New energy vehicles (NEVs) were key in driving consumption growth, with sales increasing by 93 percent in the first half. Tesla alone delivered over 30,000 vehicles, marking a remarkable 170 percent year-on-year growth. Suzhou led the nation with a policy allocating over 200 million yuan to encourage consumers to trade their old cars for new NEVs, attracting many buyers from neighboring regions.

Changshu, a county-level city of Suzhou, experienced significant growth in live-streaming e-commerce, leveraging its strengths in the garment industry. In the first half, the city achieved a gross merchandise volume of 53.5 billion yuan. Specifically, live-streaming e-commerce turnover reached 33.39 billion yuan, up 38.2 percent, with 3.66 billion items sold. The number of active live-streaming merchants in Changshu rose to 25,550, a 28.5 percent increase year-on-year.