By South China Morning Post | Created at 2024-10-18 07:38:20 | Updated at 2024-10-18 10:28:23
3 hours ago
Retail sales in the world’s largest consumer market hit a four-month high in September, largely on the back of a government trade-in programme that incentivises purchases of cars and appliances, according to analysts.
China’s retail sales last month grew 3.2 per cent after a 2.1 per cent lift in August, both year-on-year comparisons, the National Bureau of Statistics (NBS) said on Friday. Month to month, retailing was also up 0.4 per cent in September over August sales.
The Chinese economy has been battered by a property crisis since 2020 and post-pandemic employment setbacks. Consumer confidence weakened slightly in August versus July.
Last month, retail sales of automobiles shifted from negative to positive with a gain of 0.4 per cent, the NBS said. Sales of household appliances and audiovisual equipment rose by 20.5 per cent in September, it added. That figure marked the strongest year-on-year growth of any category last month, ING said in a research note.
“The sales of automobiles and household appliances witnessed good momentum,” the NBS said in a statement on Friday.
The old-for-new trade-in programme, in place since March, “provided an initial boost” to auto sales in September, Coface Greater China Services regional economist Junyu Tan said in a research note.
