Retail Sales in China

China Retail Sales | Economic News & Forecasts

China - Retail Sales

Retail sales growth gains steam in September

Retail sales expanded 4.4% year-on-year in September (August: +2.5% yoy). Improved growth in September was likely linked to the taming of the domestic Covid-19 flare-ups which had dampened retail sales in August.

On a monthly basis, retail sales rose 0.3% in seasonally-adjusted terms in September, which was above August’s 0.2% uptick. Meanwhile, annual average growth of retail sales was unchanged at August's 14.4% in September. Looking ahead, soft domestic tourism data during the Golden Week holiday in early October bodes poorly for retail sales in the month, and the risk of further stop-start public health restrictions is an important downside risk.

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%.

China - Retail Sales Data

2015   2016   2017   2018   2019  
Retail Sales (annual variation in %)10.7  10.4  10.3  9.0  8.1  

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China Retail Sales Chart

China Retail
Note: Annual variation of retail sales in %.
Source: National Bureau of Statistics of China and FocusEconomics calculations.

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