Overall retail sales dropped 3.3% yoy in the first quarter of 2025 in Beijing, with March dropping 10% yoy.
Auto contributed nearly 2% of the drop (-20% x 10%).
Meanwhile, average spending looks okay – it’s rising 2.3% yoy. It’s a very good number for Beijing actually.
It might be due to the parallel export (?) – people bought cars and export (e.g. Russia).
