Shandong province has reported a significant surge in retail sales during the first seven months of this year. The total retail sales of consumer goods reached 2.07 trillion yuan ($290 billion), marking a year-on-year increase of 5.4 percent. In July alone, retail sales amounted to 292 billion yuan, growing by 4.8 percent compared to the same period last year.

A group of initiatives aimed at stimulating consumption, such as trade-in programs for consumer goods, have been successfully implemented across the province. Over 300 promotional events focused on trade-ins have been held, boosting demand for products like appliances and smartphones. As a result, retail sales of smart home appliances in large-scale retail enterprises reached 13.87 billion yuan from January to July, representing a year-on-year growth of 23.3 percent.

The maturing of internet and big data technologies, coupled with the continuous improvement of logistics and delivery systems, has propelled the growth of online shopping. This consumption model has become increasingly mainstream and popular among consumers. From January to July, online retail sales of physical goods in large-scale retail enterprises witnessed a year-on-year growth of 21.4 percent.

Moreover, the resurgence of cultural and tourism consumption has significantly boosted the catering industry. The surge in dining out, wedding banquets, and business meetings has further fueled the robust growth of the catering sector. During the first seven months of the year, the operating revenue of the catering industry in large-scale retail enterprises increased by 18.3 percent year-on-year.