China Retail Sales

In September 2024, China’s retail sales experienced a strong growth of 3.2% year-on-year, surpassing both the 2.1% rise from August and market forecasts of a 2.5% increase. This marks the highest growth since May, highlighting a resurgence in consumer spending and overall retail activity.

Sectors Driving the Increase

Several sectors were key contributors to this growth. Grain, oil, and food sales led the charge, climbing 11.1% compared to August’s 10.1%. Household appliances saw an impressive surge, with sales skyrocketing by 20.5%. Personal care products also saw significant growth, with sales rising from 1.3% in August to 3% in September.

Slowdowns and Rebounds in Other Categories

Despite some sectors, such as clothing, shoes, and cosmetics, still showing declines, the rate of decrease has slowed. On the positive side, sales of cultural and office supplies bounced back, growing by 10% after a previous decline. Automobile sales also showed improvement, increasing by 0.4% following a sharp drop of 7.3% in August.