China’s consumer spending showed signs of cooling in March 2026, with year-to-date retail sales growth edging down to 2.40% compared with 2.80% in February, based on year-over-year data updated on 16 April 2026.
The figures indicate that, while retail activity is still expanding compared with the same period a year earlier, the pace of growth has weakened as the first quarter progressed. The “actual” reading for March reflects the cumulative change in retail sales versus March 2025, while the previous 2.80% figure measured the year-to-date performance through February against the same period a year earlier.
The moderation in growth suggests a more cautious consumer backdrop, with spending momentum losing some steam as the quarter closed. Market participants tracking China’s domestic demand will see the March print as a signal that the retail recovery path remains uneven, and will watch upcoming monthly releases closely for any further softening or signs of stabilization in household consumption.
