(Yicai) Dec. 15 -- Retail sales of consumer goods in China slowed for the sixth straight month in November, while services consumption has been growing faster, according to the latest data from the National Bureau of Statistics.

Retail sales of consumer goods rose 1.3 percent to CNY4.4 trillion (USD624.3 billion) last month from a year earlier, down from 2.9 percent growth in October, the NBS announced today. For the January to November period, the figure was CNY45.6 trillion (USD6.5 trillion), up 4 percent from a year earlier and 0.5 percentage point higher than the same period of 2024.

Sales climbed 6.4 percent year on year in May, the highest this year, and then slowed to 4.8 percent in June, 3.7 percent in July, 3.4 percent in August, and 3 percent in September.

The deceleration is mainly due to last year’s high base of comparison, NBS spokesperson Fu Linghui said at a press conference today, adding that cumulative growth remains stronger than last year, with services and new consumption segments showing faster gains.

Retail sales of services rose for the third consecutive month in November, gaining 5.4 percent in the first 11 months from a year ago, 0.1 point higher than that in the first 10 months, the NBS data also revealed.

Services are accounting for a larger share of total consumption, Fu said. New areas of consumption are also opening up in culture and sport, he added, supporting the growth of related services.

China should continue to implement measures to boost consumption, with a focus on stabilizing employment and raising incomes, expanding the supply of high-quality consumer goods, optimizing the consumption environment, and releasing consumption potential, Fu said.

By 2027, China will have three consumer areas worth over CNY1 trillion each, namely elderly care, autos, and electronics, according to a plan released last month by six government agencies including the Ministry of Industry and Information Technology. 

The plan also outlined 10 consumption areas that will be worth more than CNY100 billion (USD14.18 billion), including drones, smart wearable devices, cosmetics, and pet supplies.

Editors: Dou Shicong, Tom Litting