China Retail October 2021


China: Retail sales growth gains steam in October

November 15, 2021

Retail sales expanded 4.9% year-on-year in October (September: +4.4% yoy), above market expectations. However, momentum was still held back by domestic Covid-19 flare-ups.

On a monthly basis, retail sales rose 0.4% in seasonally-adjusted terms in October, which was above September’s 0.3% expansion. Meanwhile, the trend improved slightly, with the annual average growth of retail sales coming in at plus 14.5% in October, up from September's 14.4%.

FocusEconomics Consensus Forecast participants expect retail sales to increase 8.2% in 2022, which is down 0.3 percentage points from last month’s estimate. In 2023, the panel foresees retail sales expanding 8.2%.


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China Retail Chart

China Retail October 2021

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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