Jewellery sales in China dipped at a slower pace in May based on the latest government data, indicating signs of recovery in the country’s retail sector.
Data from the National Statistics Bureau of China showed that sales of gold, silver and jewellery were down 3.9 per cent year on year in May as opposed to a 12.1 per cent drop in April.
From January to May, jewellery sales saw a 26.8 per cent slump compared to 32.5 per cent during the first four months of the year.
China recorded a 37.7 per cent dip in jewellery sales in the first quarter of 2020, which was the height of the coronavirus crisis in the country. The government has since relaxed lockdown measures that restricted movements and dampened consumer demand.
While in isolation, jewellers relied on online shopping to support the jewellery business, the Gems and Jewellery Trade Association of China said in previous interview.
Government data revealed that online retail sales in China rose 4.5 percent year on year from January to May. In April, the figures increased by 1.7 per cent from the same period a year ago.