China retail sales slump in July

Mainland China retail sales fell in July according to a survey of 50 major retail chains.

According to the China National Commercial Information Centre (CNCIC), a government-backed consultancy authorised by the National Statistics Bureau, sales fell 3.9 per cent year on year, with home appliance retailers the worst hit, with a decline of 9.9 per cent.

Sales of ‘daily necessities’ dropped 5.7 per cent and of clothing by 3.8 per cent. The only category showing strong growth was cosmetics, up 6.5 per cent.

“In general, the performance of China’s retail sector was rather sluggish in July,” said CNCIC.