China: Total Retail Sales of Consumer Goods (YoY) - Excluding Vehicles

Macro

2026-09-15

Description

China Total Retail Sales of Consumer Goods (except automobiles) is released by the National Bureau of Statistics (NBS). This indicator mainly measures the total sales of social consumer goods excluding automobiles during a period. By excluding automobile projects with high volatility, we can observe more core commodity consumption trends. Higher sales indicate stronger consumer confidence and economic health, while lower numbers may indicate a weaker economy.

Note: Retail sales of consumer refers to the amount of non-production, non-business physical goods sold directly by enterprises to individuals and social groups through transactions, as well as the amount of income obtained from providing catering services.

Published by
National Bureau of Statistics of China (Choice)
Frequency
Monthly
Next Update
Hashtags
China Retail Consumption

AI Data Insight

At the beginning of the third quarter of 2026 (July), China's total retail sales of consumer goods excluding autos increased by 2.5% YoY, flat compared to the previous month, showing certain resilience in core consumption. However, dragged down by a plunge in auto sales and the continued slump in the real estate chain, the overall retail growth rate significantly missed market expectations. This reflects a shift in household consumption towards defensive balance sheet contraction, and the subsequent recovery momentum of domestic demand still faces severe challenges.

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AI Data Insight

At the beginning of the third quarter of 2026 (July), China's total retail sales of consumer goods excluding autos increased by 2.5% YoY, flat compared to the previous month, showing certain resilience in core consumption. However, dragged down by a plunge in auto sales and the continued slump in the real estate chain, the overall retail growth rate significantly missed market expectations. This reflects a shift in household consumption towards defensive balance sheet contraction, and the subsequent recovery momentum of domestic demand still faces severe challenges.

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Macro
Description

China Total Retail Sales of Consumer Goods (except automobiles) is released by the National Bureau of Statistics (NBS). This indicator mainly measures the total sales of social consumer goods excluding automobiles during a period. By excluding automobile projects with high volatility, we can observe more core commodity consumption trends. Higher sales indicate stronger consumer confidence and economic health, while lower numbers may indicate a weaker economy.

Note: Retail sales of consumer refers to the amount of non-production, non-business physical goods sold directly by enterprises to individuals and social groups through transactions, as well as the amount of income obtained from providing catering services.

Published by
National Bureau of Statistics of China (Choice)
Frequency
Monthly
Next Update
Hashtags
China Retail Consumption