New Energy Vehicle Retail Penetration Hits Record High of 62.9% in May

According to an official from the Department of Consumer Promotion at the Ministry of Commerce, China's total retail sales of consumer goods reached RMB 20.6 trillion in January–May 2024, up 1.4% year-on-year. Excluding automobiles, retail sales of consumer goods rose by 2.7%. During the same period, total retail sales of goods and services increased by 2.8% year-on-year, with retail sales of services growing by 5.4%. In May alone, the domestic retail penetration rate of new energy vehicles reached a record high of 62.9%. Additionally, data from major platforms for January–May show that sales of smart glasses surged by 2.8 times year-on-year, handheld photography equipment sales grew by 24.2%, smart glucose meters by 14.7%, and organic food by 3.6%.