China's retail sales slow to 3% growth in November

China's retail sales increased by 3% year-on-year in November 2024, a slowdown from the 4.8% growth in October and below market expectations of a 4.6% rise.

China's retail sales slow to 3% growth in November

This marked the weakest retail growth since August, with significant declines in several categories. Sales for sports and entertainment products dropped sharply (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 decline 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%).

China retail sales decline in key categories, fell 0.16% in November

Other categories also saw declines, including clothing, shoes, and hats (-4.5% vs. 8%), cosmetics (-26.4% vs. 40.1%), and Chinese and Western medicine (-2.7% vs. 1.4%). Over the first eleven months of the year, retail sales grew by 3.5%. Every month retail sales fell by 0.16% in November 2024.