China retail sales to decline in 2025: report

Home appliances, online retailing, PCs and smartphone sales most likely to drop.

Sales for key Chinese consumer categories are set to fall in 2025, reversing a strong start due to Beijing having offered people cash incentives, according to an S&P Global Rating report.

Retailers and producers have added to the subsidy, creating price cuts of up to 60% during the "Double 11" shopping event with sales for audiovisual and appliances rising 45% in October, year on year.

"The sales gains this year are a de facto overhang on revenues in 2025," said S&P Global Ratings credit analyst Sandy Lim.

As the subsidy expires in December, S&P said this will put an end to a mini-consumer boom.

"The trade-in program was particularly effective for home appliances and electronics, where the most demand is to replace ageing products. The sales hit for these categories will be proportionally steep next year," Lim said.

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