China retail sales slump in July
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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.
Questions & Answers
Q.Which body conducted the survey on China's retail sales performance?
Which body conducted the survey on China's retail sales performance?
The China National Commercial Information Centre (CNCIC), a government-backed consultancy authorised by the National Statistics Bureau, conducted the survey on 50 major retail chains.
Q.Which retail category experienced the most significant sales decline in July?
Which retail category experienced the most significant sales decline in July?
Home appliance retailers were the worst hit, with a decline of 9.9 per cent in sales. Sales of 'daily necessities' also dropped significantly by 5.7 per cent.
Q.Were any retail categories in China showing positive growth during July?
Were any retail categories in China showing positive growth during July?
Yes, cosmetics was the only category showing strong growth, with sales up 6.5 per cent. All other mentioned categories experienced a decline.
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