China Retail Sales YoY

China's retail sales rose by 3% year-on-year in November 2024, slowing from a 4.8% growth in the previous month and below market expectations of a 4.6% gain. This marked the weakest growth in retail activity since August, as sales eased sharply for sports and entertainment products (3.5% vs 26.7% in October), daily necessities (1.3% vs 8.5%), and household appliances and audio-visual equipment (22.2% vs 39.2%). Additionally, sales continued to fall for beverages (-4.3% vs -0.9%), tobacco and alcohol (-3.1% vs -0.1%), gold and silver jewelry (-5.9% vs -2.7%), and petroleum and its products (-7.1% vs -6.6%). Moreover, sales tumbled for clothing, shoes and hats, textile products (-4.5% vs 8%), cosmetics (-26.4% vs 40.1%), and Chinese and Western medicine (-2.7% vs 1.4%). During the first eleven months of the year, retail sales grew by 3.5%. On a monthly basis, retail sales fell 0.16% in November 2024.