MOC: In May, NEV Domestic Retail Penetration Rate Hit 62.9%, Setting a New Record High

Published: Jun 23, 2026 10:11

Save

An official from the Department of Consumption Promotion of the Ministry of Commerce commented on China's consumer market in May 2026. As China's consumer market undergoes structural optimization and upgrading, household consumption is shifting from being dominated by goods to a balance of goods and services. From January to May, total retail sales of social consumer goods and services increased by 2.8% YoY (the same hereinafter); total retail sales of consumer goods reached RMB 20.6 trillion, up 1.4%, of which retail sales of consumer goods excluding automobiles grew 2.7%; and service retail sales rose 5.4%. In May, the domestic retail penetration rate of NEVs reached 62.9%, setting a new record high. Big data from the Ministry of Commerce shows that from January to May, sales of smart glasses on key platforms grew 2.8 times, sales of handheld photography equipment increased 24.2%, sales of smart blood glucose meters rose 14.7%, and sales of organic food were up 3.6%.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.minsAgo

[Lithium Battery: CATL And Octopus Energy To Establish Joint Venture]

On June 22, CATL and Octopus Energy, the largest energy company in the UK, announced plans to establish a joint venture. The two parties will jointly build a heavy-duty truck battery swap network in Europe. CATL will introduce its Qiji battery swap technology to Europe, promoting the electrification transformation of road freight by enhancing the charging efficiency of heavy-duty trucks. According to the plan, in 2027, the two parties will complete the construction of the first batch of demonstration battery swap stations in the UK, prioritizing coverage of major highway trunk lines and key logistics ports. It is expected that by 2035, the battery swap station network will expand to more than 30 stations, with business reach extending to Scotland and Wales, forming a battery swap network covering the UK's core trunk routes.

Common.Time.minsAgo

1 hour ago

CATL and Octopus Form Joint Venture to Develop Battery Swapping Network for Electric Trucks in Europe

CATL and UK-based energy technology company Octopus Energy have established a joint venture named Swaptopus to develop a battery-swapping network for electric trucks across Europe. The first battery-swapping hubs in the UK are expected to begin operations in 2027, with plans to build more than 30 hubs across Europe by 2035. The partnership combines CATL's battery-swapping technology with Octopus Energy's energy management and trading capabilities to support the electrification of road freight.

1 hour ago

Common.Time.hoursAgo

[SMM Analysis] LFP Exports Hit a New Monthly High in May

China's exports of lithium iron phosphate (LFP) in May 2026 reached 7,625.4 tonnes, up 29.3% month-on-month from April and surging 710.0% year-on-year from May 2025, setting a new high for a single month this year.

Common.Time.hoursAgo