Core Insights - The consumption market in China is showing steady growth, with retail sales reaching 4.63 trillion yuan in October, a year-on-year increase of 2.9% [1] - From January to October, the total retail sales of consumer goods amounted to 41.2 trillion yuan, growing by 4.3%, which is 0.8 percentage points higher than the same period last year [1] Group 1: Goods Consumption - In October, the retail sales of goods increased by 2.8%, with significant growth in the sales of old-for-new related products, particularly in communication equipment, cultural and office supplies, and furniture, which grew by 23.2%, 13.5%, and 9.6% respectively [1] - Basic living goods saw rapid growth, with retail sales of grain and oil foods increasing by 9.1% and clothing and footwear by 6.3% [1] - There is strong demand for upgraded consumer goods, with retail sales of gold and silver jewelry, sports and entertainment products, and cosmetics increasing by 37.6%, 10.1%, and 9.6% respectively [1] Group 2: Service Consumption - From January to October, service retail sales grew by 5.3%, which is 0.1 percentage points faster than the previous three quarters and 0.9 percentage points faster than goods retail sales [2] - Driven by holiday travel demand, retail sales in tourism consulting, transportation services, and cultural and recreational services all maintained growth rates above 10% [2] - In October, restaurant income increased by 3.8%, accelerating by 2.9 percentage points compared to September [2] - The inbound tourism sector remains strong, with 751,000 foreign visitors during the National Day and Mid-Autumn Festival holidays, marking a 19.8% increase [2] Group 3: New Consumption Trends - In October, sales of smart health devices increased by over 20%, while smart wearable devices grew by approximately 4%, and sales of certain first-level energy-efficient appliances rose by over 10% [2] - Organic food sales also saw an increase of over 8% [2] - According to the China Automobile Dealers Association, the retail sales of new energy passenger vehicles grew by 7.3% in October, with a penetration rate of 57.2% [2] - From January to October, the online retail sales of physical goods increased by 6.3% [2] Group 4: Rural vs Urban Consumption - Rural consumption is outpacing urban consumption, with retail sales in rural areas growing by 4.1% in October, 1.4 percentage points faster than urban areas [2] - From January to October, rural retail sales increased by 4.6%, which is 0.4 percentage points faster than urban retail sales [2]
商务部：服务消费增势良好 入境游持续火热
Zheng Quan Ri Bao Wang·2025-11-19 12:41