China: Robust retail sales in November supported by strong car sales
December 11, 2010
In November, nominal retail sales added 18.7% over the same month last year. The figure was virtually unchanged compared to the 18.6% increase tallied in October and matched market expectations. The November reading was driven by robust car sales, which rose 33.6% over the same period last year (October: +32.2% year-on-year). Automobile sales account for more than 25% of retail sales. In the same vein, higher sales of foodstuffs fanned the November result, rising 31.8% year-on-year (October: +27.3% yoy). As a result of the November reading, annual average retail sales continued to rise, inching up from 18.2% in October to 18.4%, which is the highest level seen since June 2009. Consensus Forecast panellists expect retail sales to grow 18.9% this year. For 2011, the panel anticipates retail sales to slow to 17.7%, which is up 0.5 percentage points from last month's forecast.