China: Growth in retail sales picks up steam in March
Nominal retail sales grew 10.1% on an annual basis in March, accelerating from the 9.7% rise recorded in the January-February period. March’s print beat the 9.9% increase that market analysts had expected. The acceleration was broad-based across categories and was driven by stronger sales of household and electrical appliances, which grew at the fastest rate in three years, and higher sales of clothing, footwear and accessories, which grew at the strongest pace in more than five years. On the other hand, car sales slowed considerably from February.
On a seasonally-adjusted monthly basis, retail sales expanded 0.73% in March, up from a revised 0.71% increase in February (previously reported: +0.76% month-on-month). Annual average growth in retail sales came in at 10.3% in March, ticking down from 10.2% in February.