Retail sales in China experienced a significant boost in September, reaching a four-month high fueled by a government trade-in program incentivizing car and appliance purchases. The National Bureau of Statistics reported a 3.2% year-on-year growth in retail sales, with a 0.4% increase month-to-month.
The Chinese economy, troubled by a property crisis and post-pandemic setbacks, saw a slight dip in consumer confidence in August. However, the retail sector saw positive growth last month, particularly in automobile sales which shifted from negative to positive, and a surge of 20.5% in household appliance and audiovisual equipment sales.
According to ING, household appliance sales exhibited the strongest year-on-year growth. The success of the old-for-new trade-in program since March played a significant role in boosting auto sales, as noted by Coface Greater China Services regional economist, Junyu Tan.
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