China Retail Sales YoY

China's retail sales increased by 6.4% yoy in May 2025, accelerating from 5.1% in the previous month and beating market expectations of 5%. It marked the strongest pace since December 2023, boosted by increased holiday spending during Labor Day and the Dragon Boat Festival, alongside Beijing’s efforts to cushion the impact of US tariff pressures and government subsidies on electronic items. Sales rose for most categories, including grain, oil and food (14.6% vs 14.0% in April), tobacco and alcohol (11.2% vs 4.0%), clothing, shoes (4.0% vs 2.2%), sports and entertainments (28.3% vs 23.3%), personal care (8.0% vs 7.6%), household appliances (53.0% vs 38.8%), gold & silver jewelry (21.8% vs 25.3%), office supplies (30.5% vs 33.5%), medicine (0.3% vs 2.6%), cars (1.1% vs 0.7%), and building materials (5.8% vs 9.7%). On the other hand, sales of petroleum products fell much steeper (-7.0% vs -5.7%). Considering the first five months of the year, retail turnover expanded by 5.0%.