10月社会消费品零售总额4.63万亿元，同比增长2.9%

Core Insights - The consumption market in China is experiencing steady growth, with a retail sales total of 4.63 trillion yuan in October, reflecting a year-on-year increase of 2.9% [1] - From January to October, the total retail sales of consumer goods reached 41.2 trillion yuan, marking a 4.3% growth, 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 communication equipment, cultural and office supplies, and furniture, which rose 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] - Demand for upgraded goods remains strong, with retail sales of gold and silver jewelry, sports and entertainment products, and cosmetics growing 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%, outpacing goods retail sales by 0.9 percentage points [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%, with a growth acceleration of 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, representing 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% [2] - Sales of first-level energy-efficient home appliances rose by over 10%, and organic food sales increased by over 8% [2] - According to the China Automobile Dealers Association, retail sales of new energy passenger vehicles grew by 7.3% in October, achieving a penetration rate of 57.2% [2] - From January to October, 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 higher than urban growth [2]