China: home appliances record a third consecutive month of drop, furniture at a standstill

In China, the property crisis has been impacting all sectors of the economy. According to the National Bureau of Statistics, two retail verticals have been particularly hard hit since June 2023.

Household appliances, after recording retail sales up by 4.5% in the first half of 2023, have been in decline since the summer. They were down by 5.5% in July, by 2.9% in August and by 2.3% in September in value. Furniture sales also seem to have come to a halt. Transactions grew by 3.8% in the first hal