Chinese retail sales are the only post-virus leading indicator we have for global households so they are worth paying attention to. Via the NBS:
3 months, total retail sales of social consumer goods 26450 billion, fell 15.8% (after deducting price factors, the actual decline of 18.1% , the following are the nominal growth unless otherwise specified), a decline of more than 1 – 2 narrowed in February 4.7 percentage points. Among them, the retail sales of consumer goods other than automobiles was 2,384.1 billion yuan, down 15.6% .
1 – 3 months, total retail sales of social consumer goods 78.58 thousand yuan, nominal fell 19.0% . Among them, the retail sales of consumer goods other than automobiles were 7.2254 trillion yuan, a decrease of 17.7% .
The full text of this article is available to MacroBusiness subscribers
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
