Shanghai saw a plunge in retail sales in November

AsianFin -- Total retail sales of consumer goods in Shanghai in November tumbled 13.5% year over year to 144.3 billion yuan in Novemer from 166.76 billion yuan in the same period of 2023.

During the first 11 months of 2024, the retial sales of conumer goods amounted to 1.637 trillion yuan, a 3.1% decrease compared to the same period last year. This follows a 2.0% year-on-year decline in retail sales for the first 10 months, which saw a total of 1.493 trillion yuan.

In breakdown, the wholesale and retail sector saw retail sales of 1.506 trillion yuan in the first 11 months, down 3.0% year-on-year. The accommodation and catering industry reported retail sales of 130.4 billion yuan, marking a 5.3% decline.