Retail sales in Beijing and Shanghai saw double-digit declines in November, with YoY drops of 14.1% and 13.5%, respectively, despite a 3.0% nationwide increase. From January to November, sales in both cities also fell, contrasting with a 3.5% national growth. The decline is attributed to high real estate prices, employment structures, and large consumer bases in these cities. Additionally, early Double 11 shopping promotions contributed to the sales drop, with Beijing’s total retail sales for the first 11 months down by 2.8%.