锐财经｜消费潜力持续释放

Core Insights - The overall retail sales of consumer goods in China increased by 4.3% from January to October, with online retail sales growing by 9.6% year-on-year, indicating a stable growth trend in the consumer market [1][2] - The National Bureau of Statistics reported that the retail sales in October reached 4.63 trillion yuan, a year-on-year increase of 2.9%, driven by the National Day and Mid-Autumn Festival holidays [2][3] Consumer Market Stability - From January to October, the total retail sales of consumer goods amounted to 41.2 trillion yuan, reflecting a growth rate of 4.3% [2] - In October, retail sales of goods grew by 2.8%, with significant increases in categories such as communication equipment (23.2%), cultural and office supplies (13.5%), and furniture (9.6%) [2] - Basic living goods saw rapid growth, with food and clothing retail sales increasing by 9.1% and 6.3%, respectively [2] - Upgraded consumer goods, including jewelry (37.6%), sports and entertainment products (10.1%), and cosmetics (9.6%), showed strong demand [2] - Service retail sales grew by 5.3% from January to October, outpacing goods retail sales by 0.9% [2] Impact of Holidays on Consumption - The overlapping National Day and Mid-Autumn Festival holidays led to increased spending on dining, accommodation, and entertainment, with restaurant income rising by 3.8% in October [3] - The number of inbound tourists during the holidays reached 751,000, marking a 19.8% increase [3] E-commerce Growth - E-commerce played a significant role in boosting consumption and modern industry development, with online retail sales increasing by 9.6% from January to October [4] - Notable growth was observed in smart products and online services, with sales of smart wearables increasing by 23.1% and online service consumption rising by 21% [4] - Agricultural products and rural online retail sales grew by 9.5% and 7.5%, respectively, indicating the positive impact of e-commerce on rural economies [4] New Consumption Trends - New consumption models are emerging, with sales of smart health devices and wearable technology increasing significantly [7] - Rural consumption is outpacing urban consumption, with rural retail sales growing by 4.1% in October, compared to urban areas [7] - The synergy between new urbanization and rural revitalization is enhancing county-level commercial facilities and market potential [7]