Shang Hai Zheng Quan Bao·2025-10-22 23:25Core Insights - The Chinese consumption market is expected to maintain steady growth in the fourth quarter, with the overall market projected to exceed 50 trillion yuan this year [1][5][6] Group 1: New Consumption Trends - The demand for gold and diamond jewelry has surged, with sales of gold pendants and bracelets doubling year-on-year, and diamond necklace sales increasing over five times [2] - Online retail sales have shown a robust growth of 9.8% year-on-year in the first three quarters, with the growth rate accelerating since May [2] - New retail formats such as warehouse membership stores and unmanned stores have seen double-digit growth, reflecting the evolving consumer preferences for quality and personalized experiences [2] Group 2: Policy Impact on Consumption - The "old-for-new" policy has positively influenced sales in home appliances and electric vehicles, with home appliance sales growing over 25% year-on-year and new energy vehicle sales surpassing 8.5 million units, up 24.4% [3] - The government is encouraged to implement targeted policies to stimulate consumption, particularly for low-income groups and rural residents, to enhance overall consumer capacity [6] Group 3: Service Consumption Growth - Service consumption is becoming a significant driver of overall consumption growth, with policies aimed at expanding service consumption and optimizing service supply [4] - The "Buy in China" initiative and the effectiveness of the tax refund policy for outbound tourists are contributing to increased inbound consumption [4] Group 4: Future Outlook - The consumption market is anticipated to continue its upward trajectory, with experts suggesting that domestic demand will play a more prominent role in economic growth [5][6] - The focus of policies should shift towards enhancing living standards and promoting sustainable consumption growth mechanisms [6]