China consumer: Sept retail sales sentiment recovered marginally

China's total social retail sales witnessed some recovery in September 2026, improving from the August level and ahead of the Wind consensus, mainly driven by the Mid-Autumn Festival falling earlier (September vs October in 2025) combined with multiple marketing campaigns launched by shopping malls. Catering services and merchandise retail both accelerated versus August, with grain/oil/food, tobacco/liquor, garments/footwear, cosmetics, daily necessities and office equipment posting faster growth, while home appliances and beverages stayed broadly stable and gold/jewelry, building/decoration materials and furniture remained in decline albeit narrowing. Auto sales stayed the main drag, and retail sales of merchandise by enterprises above designated size continued to fall, pointing to compressed spending willingness and capacity of the broader consumer base;