BEIJING - July 15, 2024: China's retail sales growth slowed to 3.68% Year-to-Date (YTD) in June 2024, according to the latest data released today. This marks a decline from the 4.05% growth rate recorded in May 2024.
The new data, which was updated on July 15, 2024, reflects a year-over-year comparison, indicating a deceleration in consumer spending. The May figure had shown a year-over-year increase of 4.05%, but the June figure demonstrates a decrease in the rate of growth, underscoring potential concerns about the strength of domestic consumption.
Economists are closely watching these figures as they gauge the health of the Chinese economy. The decline in retail sales growth may signal broader economic challenges and could influence monetary and fiscal policy moves in the coming months. Observers will be keen to see whether this trend continues into the second half of the year.
