Despite retail sales in China beating expectations in Oct. ’21, apparels remained sluggish!

National Bureau of Statistics (NBS) of China has released the retail sales data of the consumer goods of October 2021.

October retail sales grew by 4.90 per cent from a year ago, and the accelerated growth has been witnessed even as China imposed fresh restrictions to fight a new wave of COVID-19 cases in the northern region.

Despite overall growth noted in retail sales, key driving industry – apparels – remained sluggish from a year earlier!

According to the official figures, Chinese apparel and accessory retailers have clocked RMB 122.70 billion (US $ 19.21 billion) revenues from the retail sales during October ’21.

However, there was a drop of 3.30 per cent in the retail sales of apparels in China during October on Y-o-Y basis.

As far as comparison with September is concerned, China witnessed an increase of 15.50 per cent on monthly note.

Cumulatively in Jan.-Oct. ’21 period, Chinese garment and accessory retail industry upped its revenues by 17.40 per cent to RMB 1,086.10 billion (US $ 170.10 billion).