方正证券：促消费政策要抓住“牛鼻子”

Core Viewpoint - Recent macro policies have increased focus on consumption, with youth consumption identified as a key driver for overall economic activity [1] Group 1: Youth Consumption Trends - Before 2020, youth household consumption growth was 1.4 times that of overall consumption, contributing nearly 60% to consumption growth, positioning youth as the "leader" in Chinese consumption [1] - Post-2020, the growth rate of youth consumption has slowed significantly, with the consumption expectation index for households under 30 declining by 6.6%, compared to a 4.7% decline for households aged 41-50, indicating a more pronounced slowdown in youth consumption [1] Group 2: Factors Influencing Youth Consumption - The slowdown in youth consumption is attributed to employment pressures, with economic and employment structural adjustments lagging behind educational attainment [1] - As structural transformations are completed, industries related to new productive forces are expected to create more knowledge-intensive job opportunities, which may lead to improvements in youth employment and consumption in the future [1]