China retail sales rose by 4.8% year-on-year in October 2024, marking an acceleration from September's 3.2% growth and surpassing market expectations of 3.8%.
China retail sales beat forecasts in October
This was the fastest growth in retail turnover since February, driven by a week-long holiday, a recent shopping festival, and a series of demand-boosting measures from Beijing in late September. Sales growth surged in several categories, including 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 automobiles (3.7% vs. 0.4%).
Strong rebound in clothes
Additionally, there was a strong rebound in clothing, shoes, and hats (8.0% vs. -0.4%), textile products, and cosmetics (40.1% vs. -4.5%). Sales of grain, oil, and food rose by 10.1%, slightly slowing from the previous month's 11.1% increase. However, sales of jewelry (-2.7% vs. -7.8%) and building materials (-5.8% vs. -6.6%) declined at a slower pace. For the first ten months of 2024, retail sales grew by 3.5%.
