Chinese fervor for online shopping waned in August, a sign that the world’s second-largest economy still faces many challenges as it tries to boost consumption at home, reported CNBC.
For January to August, retail sales were down 8.6% from a year ago to RMB 23.8 trillion ($3.5 trillion), according to official data.
Online sales of consumer goods and services grew 13.3% in August, slower than the 18.8% growth in July and down from 19% in June, CNBC analysis of official data showed.
“Job loss, income reduction and higher leverage may create new weak spots in domestic demand,” Bruce Pang, head of macro and strategy research at China Renaissance, said in a statement. He pointed to comments in the last few weeks from the State Council, the top executive body, that emphasize the importance of spurring consumption for China’s economic recovery.