Core Insights - The consumer market in China has shown stable growth this year, driven by effective consumption-boosting policies and the expansion of new consumption formats, models, and scenarios [1] Group 1: Retail Performance - The total retail sales of consumer goods in the first three quarters increased by 4.5% year-on-year, which is an acceleration of 1.2 percentage points compared to the same period last year and 1.0 percentage point compared to the entire last year [3] - Service consumption has accelerated, with retail sales in the service sector growing by 5.2% year-on-year in the first three quarters, outpacing the growth of goods retail sales by 0.6 percentage points [3] - Specific service categories such as cultural, sports, and leisure services, communication and information services, and transportation services have all achieved double-digit growth [3] Group 2: Specific Product Categories - The "trade-in" policy has significantly boosted retail sales in related categories, with furniture retail sales increasing by 21.3% year-on-year in the first three quarters [5] - Retail sales of household appliances and audio-visual equipment, as well as cultural and office supplies, grew by 25.3% and 19.9% year-on-year, respectively, showing a marked acceleration compared to the previous year [5] Group 3: Online Consumption - Online retail sales increased by 9.8% year-on-year in the first three quarters, with growth accelerating since May, indicating a strengthening role of online consumption in driving total retail sales [5] Group 4: Economic Contribution - Final consumption expenditure contributed 53.5% to economic growth in the first three quarters, an increase of 9.0 percentage points compared to the entire last year, reinforcing its role as the main engine of economic growth [6]
消费潜力持续释放 消费市场实现稳定增长
Yang Shi Wang·2025-10-21 12:13