Spring Festival Effect Drives January-February Social Retail Sales Growth to Rebound to 2.8% YoY, Better Than Market Expectations

WealthCoffee · 2026-03-16T03:34:06+00:00

During the Spring Festival holiday period and under the impetus of the "trade-in" policy, the total retail sales of consumer goods in January-February grew 2.8% year-over-year, with a notably accelerated growth rate. Retail sales excluding automobiles rebounded to 3.7% growth, with consumer momentum continuing to improve.

WealthCoffee

2026-03-16 03:34:06

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Caixin: Driven by the long Spring Festival holiday and the continuation of policies such as “trade-in for new” on consumer goods, consumer activity in January and February has been released.

According to data released by the National Bureau of Statistics on March 16, the total retail sales of consumer goods increased by 2.8% year-on-year in January and February, with the growth rate 1.9 percentage points higher than December 2025. Among them, the retail sales of consumer goods excluding automobiles rebounded by 2.0 percentage points to 3.7% year-on-year. Looking at the seasonally adjusted month-on-month figures that better reflect the trend, the total retail sales in January and February grew by 0.71% and 0.81% respectively, significantly rebounding from December’s 0.15%, indicating that consumer momentum continues to improve.

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