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China Retail November 2021

China: Retail sales growth dips in November

Retail sales increased 3.9% year-on-year in November (October: +4.9% yoy). Looking at subsectors, catering fell into contraction, while goods sales growth moderated.

On a monthly basis, retail sales increased 0.2% in seasonally-adjusted terms in November, which was below October’s 0.4% expansion. Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at plus 14.4%, down from October’s 14.5% reading. Momentum in November was likely hampered by Covid-19 flare-ups.

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