Economic Overview - In July, the total retail sales of consumer goods increased by 3.7% year-on-year, a decrease of 1.1 percentage points from the previous month [1] - The overall service retail sales remained stable, with a growth of 5.2% from January to July, consistent with the previous six months [1] - The combined retail sales of goods and services for the first seven months showed a preliminary growth of around 5% [1] Consumer Spending Insights - In the first half of the year, final consumption expenditure contributed 52% to economic growth, an increase of 7.5 percentage points compared to the previous year [2] - The consumption expansion trend remains unchanged, supported by special actions to boost consumption [2] Retail Performance - In July, the retail sales of goods reached 34,276 billion yuan, growing by 4.0%, while catering revenue was 4,504 billion yuan, increasing by 1.1% [5] - The "trade-in" policy has positively impacted sales, with significant growth in categories such as home appliances (28.7%), cultural and office supplies (13.8%), furniture (20.6%), and communication equipment (14.9%) [5] - Online retail sales for the first seven months totaled 86,835 billion yuan, with a year-on-year growth of 9.2% [5] Service Consumption Trends - July saw a strong increase in service consumption, particularly in cultural tourism, information services, and digital entertainment [8] - The summer tourism season has led to a 5.5% increase in the production index of transportation, storage, and postal services [9] - The popularity of sports events has significantly boosted local economies, with ticket sales driving related sectors such as dining, transportation, and accommodation [9] Emerging Consumption Patterns - New consumption trends are emerging, with a notable increase in demand for cultural, sports, and entertainment products, reflected in the growth of retail sales in these categories [6] - The search volume for leisure activities has surged, indicating a growing interest in experiences such as beauty services and indoor entertainment [10] - The rise of new consumption modes, including personalized and diversified spending, is becoming more prominent [12] Future Outlook - The service consumption sector is expected to continue growing, with the proportion of service consumption in total consumption increasing [12] - As GDP per capita approaches 1.5 million USD, a shift from goods to service consumption is anticipated, indicating significant growth potential in the service sector [11]
7月商品销售稳步增长
2 1 Shi Ji Jing Ji Bao Dao·2025-08-15 23:19