China Retail May 2022


China: Decline in retail sales softens in May

June 15, 2022

Retail sales dropped 6.7% year on year in May (April: -11.1% yoy). Looking at subsectors, vehicle, catering, clothing and jewelry sales continued to suffer sharp falls. In contrast, food and drink sales rose.

On a seasonally-adjusted monthly basis, retail sales were broadly flat in May (April: -0.7% mom). The slight improvement in retail sales dynamics in May relative to April was linked to the loosening of Covid-19 restrictions in some areas during the month.

Our panelists see retail sales rising 6.5% in 2022, down 0.1 percentage points from last month’s forecast, and 9.0% in 2023.


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China Retail Chart

China Retail May 2022

Note: Month-on-month changes of seasonally adjusted nominal retail sales index and year-on-year variation in %. Owing to seasonal factors related to the Lunar New Year, annual figures for January and February are reported together.
Source: National Bureau of Statistics of China (NBS) and FocusEconomics calculations.

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