China Retail June 2022

China

China: Retail sales rebound in June

July 15, 2022

Retail sales grew 3.1% year on year in June (May: -6.7% yoy). Growth was recorded in sectors such as food, clothing, IT, fuel and vehicles. However, subsectors such as furniture and construction and decoration materials saw contractions, likely a reflection of the ongoing downturn in the housing market.

On a monthly basis, retail sales increased 0.5% in seasonally-adjusted terms in June, which was better than May’s flat reading and marked the best result since December 2021. Meanwhile, the trend improved, with the annual average growth of retail sales coming in at 7.3% in June, up from May's 4.5%.

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 June 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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