上海：1-5月社零超重庆，5月多品类消费大增

Core Insights - Shanghai regained its position as the top consumer city in China with a retail sales total of 687.21 billion yuan from January to May, a year-on-year increase of 1.4% [1] - The significant growth in May, with a year-on-year increase of 7.5%, was driven by a combination of policy initiatives and promotional activities [1] - The "Shanghai Consumption Promotion Special Action Plan" introduced 32 measures to boost consumption, contributing to the positive growth trend [1] Retail Performance - In May, retail sales of household and audio-visual equipment increased by 39.4%, 12.4%, 13.5%, and 21.9% for four specific categories [1] - The jewelry retail sector also saw growth, with year-on-year increases of 12.7%, 9.3%, and 4.0% for gold, silver, and jewelry categories respectively [1] - The automotive market experienced a surge, particularly in new energy vehicles, which saw a year-on-year increase of 35.0% [1] Long-term Growth Factors - Shanghai's high per capita disposable income supports sustained consumer spending [1] - The city is actively expanding new consumption scenarios, including international exhibitions that drive high-end and tourism-related spending [1] - Nationally, retail sales in May reached a year-on-year increase of 6.4%, marking the highest growth rate in 2024, indicating effective consumer promotion efforts [1] Competitive Landscape - The competition among cities for the title of "Consumer City" highlights the vitality and potential of China's consumer market [1]