Iris Pang, the economist for Greater China at ING, notes that China's headline retail sales grew at 7.2%YoY, lower than the market expectation of 7.8%YoY, and the lowest this year. 

• "The growth was supported by spending on necessities (12%).
• Uncertainty about job security is a key reason why consumers are cautious about spending on big-ticket items. Data shows that spending on vehicles fell 3.3%YoY and jewellery was down 4.5%YoY even though there was a long holiday in October.
• People did spend on smartphones (22.9%) as some Chinese brands began selling 5G phones in October. This confirms that 5G is the new growth engine of the economy."