China Retail October 2019


China: Retail sales slow to six-month low in October

November 14, 2019

In October, nominal retail sales grew 7.2% on an annual basis, undershooting the 7.8% growth in September and the 7.8% increase that market analysts had expected. The print represented the weakest growth in six months. October’s slowdown reflected contractions in sales of cars, clothing and footwear and oil and oil-related products. Moreover, sales of food and household appliances moderated sharply in the same month.

On a seasonally-adjusted basis, retail sales expanded 0.46% in October, below the 0.68% increase in September. Meanwhile, annual average growth in retail sales inched down from 8.2% in September to 8.1% in October.

FocusEconomics Consensus Forecast participants expect retail sales to increase 8.1% in 2020, which is unchanged from last month’s estimate. In 2021, the panel foresees retail sales expanding 7.8%.

Author:, Economist

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China Retail Chart

China Retail October 2019 0

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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