China retail sales rise 3% despite luxury slowdown
The National Bureau of Statistics reported that in November, China’s total retail sales of consumer goods reached 4.38 trillion RMB ($610 billion), up 3% YoY. Excluding automobiles, retail sales grew by 2.5%. From January to November, retail sales totaled 44.27 trillion RMB ($6.1 trillion), increasing by 3.5%. November’s sales of goods rose by 2.8%, but categories like clothing, cosmetics, and jewelry saw declines. The earlier start of the “Double 11” shopping event shifted some sales to October, causing November’s growth to fall below expectations.