China Retail September 2020


China: Retail sales expand for second consecutive month in September

October 19, 2020

Retail sales rose 3.3% compared to the same month of the previous year in September, which followed August’s 0.5% increase. The result marked the strongest rise since December 2019 and exceeded the 1.6% increase expected by market analysts.

On a monthly basis, retail sales grew 2.3% in seasonally-adjusted terms in September, which was better than August’s 1.3% expansion and marked the best result since current records began in February 2011. Meanwhile, the trend pointed down, with the annual average variation of retail sales coming in at minus 3.6% in September, down from August’s minus 3.2%.

FocusEconomics Consensus Forecast participants expect retail sales to increase 12.0% in 2021, which is up 0.2 percentage points from last month’s estimate. In 2022, the panel foresees retail sales expanding 7.1%.


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China Retail Chart

China Retail September 20 20

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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