China Retail September 2018


China: Growth in retail sales accelerates to five-month high in September

October 19, 2018

In September, nominal retail sales grew 9.2% on an annual basis, an acceleration from the 9.0% expansion registered in August and the highest reading in five months. The print was above market expectations of a 9.0% increase. September’s print was driven by stronger sales of household appliances and clothing and footwear. Despite decelerating slightly, sales of petroleum and petroleum-related products remained robust in September. Meanwhile, car sales contracted at a fastest pace in September.

On a seasonally-adjusted basis, retail sales expanded 0.80% in September, edging down from the 0.82% increase in August. Annual average growth in retail sales inched down from 9.5% in August to 9.4% in September.

China Retail Sales Forecast

FocusEconomics Consensus Forecast participants expect retail sales to increase 9.5% in 2019, which is down 0.2 percentage points from last month’s estimate. In 2020, the panel sees retail sales expanding 9.2%.


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China Retail Chart

China Retail September 2018

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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