April consumption year-over-year growth unexpectedly drops to 0.2%. Why did services increase while goods decreased? (Includes video)

**　　[Caixin]** In April 2026, the intensity of the "old for new" consumer goods replacement policy has decreased, and the previous overdraft effects continue to manifest, combined with the impact of falling international gold prices affecting related consumption, leading to a slowdown in merchandise consumption growth.

Data released by the National Bureau of Statistics on May 18 shows that in April, the total retail sales of consumer goods increased by 0.2% year-on-year, a growth rate 1.5 percentage points lower than the previous month, the lowest since 2023. Among them, the year-on-year growth rate of retail sales of consumer goods excluding automobiles slowed by 1.4 percentage points to 1.8%.

From a seasonally adjusted month-on-month perspective, which better reflects the trend, the total retail sales of consumer goods in April decreased by 0.48%, an expansion of 0.42 percentage points compared to the previous month, with consecutive negative month-on-month growth for two months, indicating weak consumer growth after the Spring Festival holiday.