存款大逃亡！5个月2.4万亿居民存款“搬家”，钱都去了这5个地方

Core Viewpoint - The recent data from the central bank indicates a significant outflow of bank deposits, with a total decrease of 2.46 trillion yuan in the first five months of the year, contrasting with an increase of 987.3 billion yuan in the same period last year. The month of May alone saw a direct evaporation of 1.17 trillion yuan in deposits, marking four consecutive months of net outflow, raising concerns about the declining attractiveness of bank deposits, particularly for small and medium-sized banks [1]. Group 1: Reasons for Deposit Outflow - The continuous reduction of bank deposit interest rates over the past two years has led to rates dropping to historical lows in the "1 era," prompting depositors to seek better returns elsewhere [4]. - Many depositors are increasingly investing in bank wealth management products, with a notable increase of 2.1 trillion yuan in April, bringing the total scale to 31.3 trillion yuan, as the annualized yield of these products (2.4%-2.8%) significantly exceeds that of traditional bank deposits [6]. - A substantial portion of the outflow, approximately 33.4% or 820 billion yuan, has been redirected to the A-share market, with new retail investor accounts surging by 62.3%, adding 8.73 million new investors [9]. - Public funds have seen a dramatic increase, with the total scale surpassing 29.7 trillion yuan by the end of May, reflecting a 3.6 trillion yuan increase since the beginning of the year, as many individuals prefer professional management over direct stock investments [12]. - Some individuals are withdrawing deposits to pay off mortgages early, motivated by the disparity between previous mortgage rates (5.88%) and current rates (around 3%), as well as declining property values [14]. Group 2: Impact on Consumption - The decline in deposit interest income has led some depositors to increase their consumption, contributing to a recovery in the low-end consumer market, with retail sales reaching 19.3 trillion yuan in the first five months, a year-on-year growth of 5.2% [16]. - While low-end consumption is rebounding, demand for high-end goods such as automobiles, luxury items, and real estate remains sluggish, indicating a mixed recovery in consumer spending [16].