China Retail Sales YoY

China's retail sales increased by 4.8% yoy in October 2024, accelerating from a 3.2% rise in the previous month and exceeding market consensus of 3.8%. It was the fastest growth in retail turnover since February, boosted by a week-long holiday, a recent shopping festival, and a series of support measures from Beijing in late September to bolster demand. Sales quickened for personal care (8.5% vs 3.0% in September), sports and entertainment (26.7% vs 6.2% ), household appliances (39.2% vs 20.5%), office supplies (18.0% vs 10.0%), and automobile (3.7% vs 0.4%). In addition, trade rebounded strongly for clothing, shoes and hats, textile products (8.0% vs -0.4%), and cosmetics (40.1% vs -4.5%) amid a further rise in sales of grain, oil, and food (10.1% vs 11.1%). At the same time, sales decreased at slower paces for jewelry (-2.7% vs -7.8%) and building materials (-5.8% vs -6.6%). During the first ten months of the year, retail sales grew by 3.5%.