财经观察：前11月消费市场有看点有新意

Core Insights - The total retail sales of consumer goods in China increased by 4% year-on-year from January to November, outperforming last year's growth rate by 0.5 percentage points [1] - Service consumption has emerged as the main driver of growth, with service retail sales rising by 5.4% during the same period [1] - Policies such as trade-in programs have stimulated consumer demand, leading to significant sales increases in various sectors [2] Total Sales Performance - The retail sales of consumer goods reached a growth of 4% from January to November, with a 4.6% increase when excluding automotive products [1] - The growth rate for retail sales excluding automobiles is 0.9 percentage points higher than the previous year [1] Structural Changes - Service retail sales have become a core growth driver, with a 5.4% year-on-year increase and an increasing share of total retail sales [1] - Cultural and digital consumption has seen continuous optimization, with sports and leisure services experiencing double-digit growth [1] Policy Impact - Trade-in policies have positively influenced consumer demand, with retail sales in mobile communication devices and home appliances growing by 20.3% and 26.5%, respectively [2] - The sales revenue of new energy passenger vehicles increased by 19.1% during the same period [2] Demand Trends - Upgraded consumer demand has led to strong sales in cosmetics and gold and silver jewelry, with respective growth rates of 6.1% and 8.5% in November [2] - The elderly population's consumption needs have driven diverse growth in elder care services, with significant increases in related service consumption [2] New Consumption Dynamics - The rise in sports events has contributed to a noticeable "event economy," with sports exhibition services and retail of sports goods growing by 29.7% and 6.6%, respectively [3] - Instant retail, combining offline and online platforms, has shown strong growth, with online retail of physical goods increasing by 5.7% [3] Future Outlook - The ongoing implementation of consumer stimulation initiatives is expected to enhance consumer capacity and foster new consumption scenarios, indicating continued resilience and potential in the consumption market [3]