China Retail August 2021


China: Retail sales growth hits a one-year low in August

September 17, 2021

Retail sales increased 2.5% compared to the same month of the previous year in August, which was a deterioration from July's 8.5% increase. The figure marked the worst reading since August 2020.

On a monthly basis, retail sales increased 0.2% in seasonally-adjusted terms in August, rebounding from July’s 0.2% fall. Meanwhile, annual average retail sales growth rose to 14.4% in August (July: +14.2%), signaling an improving trend in the retail trade sector.

FocusEconomics Consensus Forecast participants expect retail sales to increase 15.0% in 2021, which is up 0.3 percentage points from last month’s estimate. In 2022, the panel foresees retail sales expanding 7.9%.


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China Retail Chart

China Retail August 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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