China’s consumer spending picks up

The recovery on the consumer side is accelerating in China. According to data released by the National Bureau of Statistics, retail sales of consumer goods increased for the third consecutive month by 4.3% y/y in October, up from 3.3% y/y in September. The revenue for the catering sector, achieved positive growth rate y/y for the first time after the hit of the COVID-19 pandemic.

China’s online retail sales proved to be resilient despite the impact of the pandemic. In the first ten months of 2020, online retail sales of goods grew by 16% compared to the same time last year.

Further data and analysis on China’s economy is available on the CEIC China Economy in a Snapshot – Q4 2020 report.