China’s total retail sales of consumer goods fell -0.42% MoM and were up just +1.3% YoY (vs 2.9% YoY expected) in November 2025, the lowest annual growth since July 2023.

• Total retail sales reached ¥4,389.8B (+1.3% YoY), while non-auto retail sales rose faster at ¥3,944.4B (+2.5% YoY), showing autos as a drag on headline growth.

• From January to November, total retail sales increased +4.0% YoY to ¥456,067B, with non-auto retail up +4.6% YoY, pointing to steadier momentum on a cumulative basis.

• Urban retail sales grew +1.0% YoY in November to ¥3,768.4B, while rural retail sales rose +2.8% YoY to ¥621.4B, indicating stronger relative growth in rural areas.

• By consumption type, goods retail sales increased +1.0% YoY, while catering revenue rose +3.2% YoY, showing services outperforming goods consumption.

• Retail sales of units above designated size declined -2.0% YoY in November, contrasting with +3.8% YoY growth over Jan–Nov, suggesting recent weakness among larger retailers.

• Online retail sales totaled ¥118,193B in Jan–Nov (+5.7% YoY for physical goods), accounting for 25.9% of total retail sales, with food (+14.9%), clothing (+3.5%), and daily-use goods (+4.4%) contributing.

• Category-level gains in November were led by communication equipment (+20.6% YoY), cultural office supplies (+11.7%), jewelry (+8.5%), and cosmetics (+6.1%), reflecting strength in selected discretionary items.

• Weakness persisted in autos (-8.3% YoY), petroleum products (-8.0%), household appliances and audiovisual equipment (-19.4%), and construction materials (-17.0%), weighing on overall retail growth.