Chinese retail sales dropped -0.16% MoM but were up 4.8% YoY (vs 5.6% YoY expected) in June 2025, with sales of goods up 5.3% YoY. In H1 2025, total retail sales were up 5.0% YoY.

• Urban retail sales rose 4.8% YoY in June, while rural sales increased 4.5% YoY.
• Online physical goods retail rose 6.0% YoY YTD and accounted for 24.9% of total retail sales.
• Strong June category growth: household appliances (+32.4% YoY), cultural office supplies (+24.4% YoY), and furniture (+28.7% YoY).
• Petroleum product sales fell -7.3% YoY; auto sales rose 4.6% YoY.
• Sales of sports and recreational goods rose 9.5% YoY, while cosmetics (-2.3% YoY) and beverages (-4.4% YoY) declined.