China Retail Sales YoY

China’s retail sales rose 1.3% year-on-year in November 2025, easing from October figures and market estimates of 2.9%. It marked the slowest yearly rise since December 2022 despite ongoing consumer subsidy programs from Beijing. Sales eased for grains, oil, and food (6.1% vs 9.1% in October), sports and entertainment goods (0.4% vs 10.1%), clothing, shoes, hats, and textiles (3.5% vs 6.3%), cosmetics (6.1% vs 9.6%), gold, silver, and jewelry (8.5% vs 37.6%), office supplies (11.7% vs 13.5%), and communication equipment (20.6% vs 23.2%). At the same time, turnover fell further for household appliances and audio-visual equipment (-19.4% vs -14.6%), cars (-8.3% vs -6.6%), building materials (-17.0% vs -8.3%), and petroleum products (-8.0% vs -5.9%). Also, turnover of personal care fell 0.8% after increasing 7.4% previously. For the first eleven months of 2025, retail trade increased 4.0% from the same period a year earlier.