"This was the big disappointment of the month, as retail sales failed to build upon the momentum and came in well softer than both consensus and our forecasts," wrote Lynn Song, ING's chief economist for Greater China, in a note on Monday.
According to China's statistics bureau, the country's domestic demand is described as "insufficient," reflecting the challenges faced in reviving consumer confidence amid economic uncertainty.
Despite significant rounds of stimulus measures, consumer hesitation persists, emphasizing the overarching issue of low confidence which hinders broader economic recovery.
Notably, while household appliances grew by 22% and car sales saw a nine-month high, other discretionary spending, especially cosmetics and experiential sectors, remained weak.
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