Consumers outside Prada’s store in the IFS shopping district. Shutterstock
China’s retail sales rose 12.4 percent in May, according to data released by the country’s National Bureau of Statistics (NBS), missing expectations in spite of a bid to boost spending, particularly around the Labour Day holiday at the beginning of May.
Analysts had expected retail sales to rise 13.6 percent in May from a year ago, when China was beginning its re-opening from lockdowns and restrictions imposed during its initial battle with Covid-19. May 2021 retail sales came in 9.3 percent higher than the same month in 2019, prior to the pandemic.
Consumer spending has lagged China’s economic recovery from the coronavirus pandemic. In April, retail sales also climbed lower than analysts expected, rising 17.7 percent year-on-year.