CN: Retail Sales


Wed May 13 00:30:00 CDT 2015

Consensus Actual Previous
Y/Y % Change 10.5% 10.0% 10.2%
M/M % Change 0.74% 0.71%

Highlights
April retail sales were up 10.0 percent from a year ago, down from 10.2 percent in March. This was the slowest pace since February 2006. On the month, sales improved to 0.74 percent from 0.64 the month before. Year to date, sales eased to an increase of 10.4 percent from 10.6 percent. Urban sales also were lower, increasing 9.8 percent after 10.0 percent. Rural sales were up 11.4 percent, slipping from March's 11.5 percent increase.

Among the subcategories, auto sales edged up 1.6 percent after retreating 1.3 percent the month before. Oil & oil products prices continued to decline, this time down 7.4 percent. Grain & food oil sales picked up while clothing sales eased. Household nondurables increased 11.8 percent after 15.6 percent in March while home appliance sales advanced 9.5 percent, down from 16.2 percent in March.


Definition
Retail sales are sales of a physical commodity or the income of catering services sold or provided by enterprises to individuals and social organizations for non-production and non-operation purposes.

Description
Retail sales tend to have a muted impact because the Chinese economy is not heavily reliant on consumer spending. However, the government is trying to stimulate consumer spending to give the economy more balance. To this end, the government put into place a basket of stimulus measures, including government subsidies and tax breaks for home appliances and cars, to expand consumption to sustain the economic growth, which was slowed by a slump in exports amid the global economic downturn.