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Coresight Bites: Slow Recovery for China’s Retail Sector

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  • In China in 2021, total retail sales of consumer goods, excluding food services but including automobiles and gasoline, experienced a year-over-year increase of around 12%, according to data from China’s National Bureau of Statistics (NBS).
  • However, in the first half of 2022, total retail sales grew by just 0.1% year over year, with growth depressed by meaningful declines in April and May, before a return to positive growth in June 2022. Throughout the rest of 2022, we expect the retail market in China to slowly recover, hampered by continued macroeconomic uncertainty and other factors.
  • Beyond 2022, we expect the China retail market to gradually recover as the pandemic subsides. However, we predict that the high-single-digit or double-digit growth rates seen prior to the pandemic are largely over.

Click the image below to read our full Market Outlook on China’s retail market, covering major market factors, trends to watch and more.