China Retail Sales Post Surprise Rebound

China’s retail sales rose 1.1% year-on-year in September 2026, picking up from a 0.4% increase in August and above the expected 0.5% gain. This marked the strongest rise since March. Growth was supported by a 31.1% surge in communication equipment sales, alongside increases in tobacco and alcohol (+13.8%), food products (+6.7%), and cosmetics (+5.4%). However, automobile sales plunged 21.2%, while gold and silver jewelry (-9.6%) and building materials (-9.2%) also declined. Excluding automobiles, retail sales grew 3.9%. Catering revenue increased 2.1%, while goods sales rose 1.0%. Online retail sales of goods advanced 3.8% year-on-year in the first nine months of the year, while total online retail sales of goods and services grew 4.4%. On a monthly basis, retail trade increased 0.4%, following a 0.2% decline in August. From January to September, retail sales increased 1.1% year-on-year, while sales excluding automobiles rose 2.8%.

China’s retail sales rose 0.4% year-on-year in August 2026, slowing from a 0.6% gain in July and falling short of market expectations of a 0.8% increase. Big-ticket automobile sales continued to decline, falling 18.5%, while furniture (-7.9%), building materials (-11.8%), and gold and silver jewelry sales (-17.5%) also dropped. Excluding automobiles, retail sales grew 2.5%. Meanwhile, communication equipment sales surged 27.3%, alongside strong gains in tobacco and alcohol (+12.5%), cultural and office supplies (+5.8%), and cosmetics (+4.9%). By segment, catering revenue increased 1.1%, while goods sales rose 0.3%. Online retail sales of goods advanced 4.3% in the first eight months of the year. On a monthly basis, retail sales fell 0.13% in August after edging up 0.01% in the previous period. From January to August, retail sales increased 1.1% year-on-year, while sales excluding automobiles rose 2.7%.

China’s retail sales rose 0.6% year-on-year in July 2026, slowing from 1% growth in June and falling well short of expectations for a 1.5% increase. Weak big-ticket spending continued to weigh on consumption, with automobile sales plunging 17.0%. Excluding automobiles, retail sales rose 2.5%. Sales also declined for petroleum products (-7.6%), furniture (-8.8%), and building materials (-14.2%). In contrast, communication equipment sales jumped 20.4%, while tobacco and alcohol rose 6.0%, cosmetics increased 6.8%, and food products gained 5.3%. By segment, catering revenue increased 1.4%, while retail sales of goods rose 0.5%. Online retail sales of goods increased 4.6% in the first seven months. On a monthly basis, retail sales rose 0.06%, following a 0.35% gain in the previous period. From January to July, total retail sales rose 1.2%, while sales excluding automobiles increased 2.7%.