近五年最大增幅，前三季度化妆品零售总额同比增长

Core Insights - The overall retail sales of consumer goods in September 2025 reached 41,971 billion yuan, with a year-on-year growth of 3.0%, indicating a slowdown since May of this year [1] - The retail sales of consumer goods excluding automobiles amounted to 37,260 billion yuan, growing by 3.2% [1] - For the first nine months of 2025, the total retail sales of consumer goods reached 365,877 billion yuan, with a growth rate of 4.5% [1] Consumer Goods Performance - The retail sales of cosmetics in September were 36.8 billion yuan, showing a year-on-year increase of 8.6%, and a month-on-month increase of 5.44% compared to August [3][6] - The total retail sales of cosmetics for the first nine months were 328.8 billion yuan, reflecting a year-on-year growth of 3.9%, which is an improvement compared to a decline of 1% in the same period last year [3][8] - The growth in cosmetics retail sales in September 2025 is the highest in the past five years, indicating a recovery in the cosmetics market [6] Retail Sector Breakdown - In the first nine months, retail sales from urban areas were 357,830 billion yuan, growing by 4.4%, while rural areas saw sales of 61,880 billion yuan, with a growth of 4.6% [4] - The online retail sales for the first nine months reached 112,830 billion yuan, with a year-on-year growth of 9.8%, and the physical goods online retail sales accounted for 25% of total retail sales [14] - The retail sales of food, clothing, and daily necessities showed varied growth rates, with food items growing by 10.4% and clothing by 3.1% [4] Market Dynamics - Despite the overall recovery in consumer data, international beauty giants like Estée Lauder and Shiseido faced challenges in the Asia-Pacific market [9] - The upcoming Double Eleven shopping festival is expected to inject new momentum into the market, with platforms like Douyin and JD.com already initiating pre-sale activities [9] - The first hour of Tmall's Double Eleven pre-sale saw a significant increase in users paying deposits through live streaming, indicating strong consumer interest [9]