China’s retail economy saw a slump in July as a result of the spread of the Delta variant of Covid-19 and extreme whether.
The country’s retail sales increased by 8.5 percent last month, year-on-year, lower than the 11.5 percent increase expected by analysts, and significantly down from June’s 12.1 percent year-on-year rise, according to data released by the country’s National Bureau of Statistics (NBS).
The cosmetics sector was one of the slowest-growing categories, with sales rising by just 2.8% in July compared to a year ago, versus growth of 13.5% in June.
The NBS report revealed that in the first seven months of this year, the online retail sales reached was up by 21.9 percent year-on-year.
Although China’s economy has rebounded to pre-pandemic levels of growth, it is now slowing down and preforming below expectation levels dampened by inflation and higher costs of doing business, supply chain challenges as well as the pandemic and the natural disasters the country has witnessed recently.
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
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