人民财评：消费市场扩容、提质、焕新亮点持续显现

Core Insights - The total retail sales of consumer goods in China reached 36,587.7 billion yuan in the first three quarters of this year, showing a year-on-year growth of 4.5% [1] - The contribution rate of final consumption expenditure to economic growth reached 53.5%, an increase of 9.0 percentage points compared to the previous year [1] - The online retail sales amounted to 11,283 billion yuan, reflecting a year-on-year increase of 9.8% [2] Group 1: Consumption Growth and Government Support - The Chinese government has allocated 300 billion yuan in special long-term bonds to support the consumption of goods through trade-in programs, significantly boosting consumer spending [1] - The number of applications for vehicle trade-ins has exceeded 8.3 million, indicating strong consumer interest in upgrading vehicles [1] Group 2: Structural Changes in Consumption - Service retail sales grew by 5.2% year-on-year, with significant growth in cultural, sports, leisure, and travel services [2] - Rural retail sales increased by 4.6%, outpacing urban growth, with the county and township market share rising to 38.8% [2] Group 3: Emerging Consumption Trends - The retail sales of high-efficiency appliances and new energy vehicles saw substantial growth, with the latter reaching over 8.5 million units sold, a 24.4% increase year-on-year [2] - New consumption models such as digital and AI-driven services are rapidly expanding, indicating a shift towards quality and personalized consumer experiences [2][3]