消费市场：前三季度社零增4.5%，消费引擎作用增强

Core Insights - The consumer market has shown stable growth in the first three quarters of the year, driven by effective consumption-boosting policies and the expansion of new consumption formats, models, and scenarios [1] Group 1: Consumption Growth Metrics - The total retail sales of consumer goods increased by 4.5% year-on-year, accelerating by 1.2 percentage points compared to the same period last year and by 1.0 percentage point compared to the entire previous year [1] - Service retail sales grew by 5.2% year-on-year, with an acceleration of 0.1 percentage points compared to January-August, surpassing the growth rate of goods retail sales by 0.6 percentage points [1] - The contribution rate of final consumption expenditure to growth reached 53.5%, an increase of 9.0 percentage points compared to the previous year, continuing to serve as a key growth driver [1] Group 2: Sector-Specific Performance - The furniture retail sector saw a significant year-on-year increase of 21.3%, while home and audio-visual equipment and cultural office supplies experienced growth rates of 25.3% and 19.9%, respectively, indicating a notable acceleration [1] - Online retail sales increased by 9.8% year-on-year, with growth accelerating by 0.2 percentage points compared to January-August, and showing a continuous upward trend since May [1] - Retail sales in cultural, sports, leisure, communication, and transportation services experienced double-digit growth, reflecting a robust demand in these sectors [1]