China: Retail sales picks up in September
September 9, 2011
In, nominal retail sales grew 17.0% over the same month last year, which undershot the 17.2% increase tallied in July but matched market analysts' expectations. The increase in retail sales partly reflected strong growth in sales of petroleum and petroleum related products, which jumped 38.4% (July: +40.6% year-on-year). On the other hand, automobile sales added 12.4% over the same month last year (July: +11.9% yoy). Seasonally adjusted data does not corroborate the slowdown suggested by the annual figures, with retail sales expanding 1.36% over the previous month, which came in above the previous month's 1.26%. The moderation in retail sales also contrasted with the increase seen in consumer confidence in August, which was driven by rising spending of non-essentials products during the summer holidays. The Bankcard consumer confidence index (BCII) tracks expenses of credit card users, including 200,000 individuals in affluent cities, and is conducted by Xinhua News Agency and China UnionPay*.