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Retail sales of consumer goods in China declined for the sixth consecutive month in November, with growth in services consumption accelerating, according to the latest figures from the National Bureau of Statistics.
In November, retail sales increased by 1.3%, totaling 4.4 trillion yuan ($624.3 billion), a slowdown from the 2.9% growth observed in October. From January to November, the total retail sales reached 45.6 trillion yuan ($6.5 trillion), marking a 4% rise compared to the previous year—0.5 percentage points higher than the same period in 2024.
Sales peaked at a 6.4% year-on-year increase in May, the highest for the year, before decelerating to 4.8% in June, 3.7% in July, 3.4% in August, and 3% in September. Experts suggest that the slowing trend is primarily due to last year’s high comparison base. Despite this, overall growth remains stronger than last year, particularly in services and emerging consumption sectors.
Retail service sales experienced their third consecutive monthly increase in November, rising 5.4% in the first eleven months from the previous year—slightly higher than the growth recorded through October. Services now constitute a larger portion of total consumption, with new sectors like culture and sports expanding rapidly, supporting growth in related services.
Officials emphasize the need for ongoing measures to stimulate consumption by stabilizing employment, increasing incomes, enhancing the supply of high-quality consumer products, improving the shopping environment, and unlocking consumption potential.
Looking ahead to 2027, plans by multiple government agencies outline that China will have three consumer sectors each exceeding 1 trillion yuan: elder care, automobiles, and electronics. Additionally, ten other areas are projected to surpass 100 billion yuan ($14.18 billion) in value, including drones, smart wearable devices, cosmetics, and pet supplies.
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