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14.11.2019 20:19

China's retail sales hit by big-ticket items - ING

Iris Pang, the economist for Greater China at ING, notes that China's headline retail sales grew at 7.2%YoY, lower than the market expectation of 7.8%YoY, and the lowest this year. 

  • "The growth was supported by spending on necessities (12%).
  • Uncertainty about job security is a key reason why consumers are cautious about spending on big-ticket items. Data shows that spending on vehicles fell 3.3%YoY and jewellery was down 4.5%YoY even though there was a long holiday in October.
  • People did spend on smartphones (22.9%) as some Chinese brands began selling 5G phones in October. This confirms that 5G is the new growth engine of the economy."


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Forex is open 24 hours a day, 5 days a week (except national holidays), and it can be broken up to the following four regional markets: Australia and Oceania, Asia, Europe, and America. A Forex trading session opens at 23:00 GMT on Sunday in Japan and closes at 22:00 GMT on Friday in the USA.

 
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