China Retail Sales Growth at Near 3-Year Low

China's retail sales rose 0.9% year-on-year in December 2025, slowing from a 1.3% increase and missing market expectations of a 1.2% gain. It marked the weakest growth since December 2022, as a soft jobs market and falling home prices continue to weigh on consumer spending. Sales growth moderated for grains, oil, and food products (3.9% vs 6.1% in November), clothing, footwear, and textiles (0.6% vs 3.5%), Chinese and Western medicines (1.2% vs 4.9%), and cultural and office supplies (9.2% vs 11.7%). In addition, petroleum and related products fell 11%, compared with an 8% decrease in the previous month. On the other hand, communication equipment sales picked up slightly (20.9% vs 20.6%), while declines in automobiles (-5% vs -8.3%), home appliances and audio-visual equipment (-18.7% vs -19.4%), and tobacco and alcohol (-2.9% vs -3.4%) eased. On a monthly basis, retail sales fell 0.12%, easing from a 0.41% drop in the previous month.

China’s retail sales rose 1.3% year-on-year in November 2025, easing from October figures and market estimates of 2.9%. It marked the slowest yearly rise since December 2022 despite ongoing consumer subsidy programs from Beijing. Sales eased for grains, oil, and food (6.1% vs 9.1% in October), sports and entertainment goods (0.4% vs 10.1%), clothing, shoes, hats, and textiles (3.5% vs 6.3%), cosmetics (6.1% vs 9.6%), gold, silver, and jewelry (8.5% vs 37.6%), office supplies (11.7% vs 13.5%), and communication equipment (20.6% vs 23.2%). At the same time, turnover fell further for household appliances and audio-visual equipment (-19.4% vs -14.6%), cars (-8.3% vs -6.6%), building materials (-17.0% vs -8.3%), and petroleum products (-8.0% vs -5.9%). Also, turnover of personal care fell 0.8% after increasing 7.4% previously. For the first eleven months of 2025, retail trade increased 4.0% from the same period a year earlier.

China’s retail sales rose 2.9% year-on-year in October 2025, easing slightly from September’s 3.0% increase and marking the weakest growth since August 2024. Still, the latest result beat market expectations of 2.7%, amid ongoing consumer subsidy programs and increased holiday spending. Sales moderated for sports and entertainment goods (10.1% vs 11.9% in September) alongside sharp declines in household appliances and audio-visual equipment (-14.6% vs 3.3%), cars (-6.6% vs 1.6%), building materials (-8.3% vs -0.1%), and petroleum products (-5.9% vs -7.1%). In contrast, turnover strengthened for grain, oil, and food (9.1% vs 6.3%), gold, silver, and jewelry (37.6% vs 9.7%), clothing, shoes, hats, and textiles (6.3% vs 4.7%), cosmetics (9.6% vs 8.6%), office supplies (13.5% vs 6.2%), and communication equipment (23.2% vs 16.2%). For the first ten months of 2025, retail trade increased 4.3% from a year earlier.