China Retail Sales YoY

China's retail trade rose by 2.5 percent year-on-year in August 2021, easing sharply from an 8.5 percent gain in the previous month and missing market expectations of 11.5 percent. This was the weakest rise in retail sales since August 2020, as consumption weakened during COVID-19 outbreaks in some regions. Sales rose at a slower pace for both jewellery (7.4 percent vs 14.3 percent in July), furniture (6.7 percent vs 11 percent). Meanwhile, sales of cosmetics were flat after gaining 2.8 percent in July. At the same time, there were declines in sales of garments (-6 percent vs 7.5 percent), personal care (-0.2 percent vs 13.1 percent), telecoms (-14.9 percent vs 0.1 percent), home appliances (-5.0 percent vs 8.2 percent), and automobiles (-7.4 percent vs -1.8 percent). By contrast, sales of building materials grew faster (13.5 percent vs 11.6 percent). In the January to August period, retail sales jumped 18.1 percent compared to the same period of 2020.