باركليز: حوافز استبدال القديم بالجديد تدفع انتعاش المبيعات بالتجزئة في الصين

Investing.com - According to Barclays, China’s retail sales year over year rose 2.8% in January and February, accelerating by 1.9 percentage points versus December, marking the first rebound after seven straight months of slowing. Online physical goods sales increased 10.3% year over year, accelerating significantly by 9.5 percentage points versus December.

The retail recovery was mainly driven by the extension of subsidies for trade-in programs through 2026 and the Spring Festival holiday period. Sales of household appliances, home electronics, video and audio equipment returned to growth, up 3% year over year, rising 22 percentage points versus December. Discretionary consumer categories performed strongly: apparel rose 10.4% year over year, communications equipment rose 17.8%, gold and silver jewelry products rose 13%, and furniture rose 8.8%.

January and February saw a rebound in existing home transactions, with transaction area up year over year. Growth in first-tier cities was especially strong, up 41% year over year, including Beijing and Shenzhen rising 90% and 113% respectively. The year-over-year decline in transaction area for new homes narrowed to -3.4%.

Electricity consumption in January and February grew 6.1% year over year, up 3.1 percentage points versus December. The secondary industry, driven by high-tech and advanced equipment manufacturing, accelerated to 10.6% year over year, up 4.9 percentage points versus December. The tertiary industry grew 8.3% year over year, with internet and data services surging 46%.

Domestic sales of new energy vehicles fell 7% year over year, down 14 percentage points versus December. Total vehicle sales decelerated by 3 percentage points to -9%. In 2026 and 2027, China will change the policy for new energy vehicle purchase tax from full exemption to half exemption, adding pressure on new energy vehicle sales.

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