Chinese book market down 5% in 2020: Beijing OpenBook
Beijing OpenBook has reported a 5% downturn on book sales in the Chinese market in 2020—the first drop in value since OpenBook began its tracking in 2001, reports Publishing Perspectives.
The 5% drop in 2020 comes after the market rose 14.4% in 2019. OpenBook’s Rainy Liu said the Chinese retail market had grown at more than 10% annually from 2015 to 2019, making 2020’s result feel ‘especially sharp’.
Sales through online retail channels were up 7.27%, while physical bookstore sales plunged 33.8%. According to OpenBook, ‘super-size’ bookstores in China’s sprawling Tier 1 and Tier 2 cities experienced the most severe downturns during the pandemic. However, these major retail venues ‘were more resilient than other types of bookstores’ and could recover more strongly in the latter part of the year.
Category: International news