China has reported November was its strongest month of retail sales growth for the whole year.
While official government figures are usually greeted with a degree of scepticism by retail company executives, they are the only data available to build any sort of picture on the giant’s market’s trading fortunes.
According to the latest data, total retail sales climbed 10.8 per cent representing the fastest pace since December 2015 and exceeding expectations of a 10.1 per cent rise.
According to Reuters news agency, the figures were boosted by a higher than usual number of motor vehicle sales (During Alibaba’s 11.11 promotion, 100,000 new cars were sold) along with home appliances and cosmetics.
Luxury retailers like Kering Burberry and TIffany are among those reporting improved fortunes in the mainland this year after a three-year long decline.
“Part of that is due to the falling value of the yuan, which diminishes the appeal of spending abroad and encourages more domestic spending,” Wang Jianhui, an economist with Capital Securities in Beijing, told Reuters.
