锐财经丨消费市场新意浓

Core Viewpoint - The consumption market in China is experiencing steady growth, driven by various policies aimed at boosting consumption and the emergence of new consumption patterns, with a notable increase in both retail sales and service consumption [1][3][5]. Group 1: Consumption Market Performance - From January to November, the total retail sales of consumer goods increased by 4% year-on-year, surpassing both the previous year's growth and the overall growth for the year [1]. - In November, retail sales of cultural and office supplies and communication equipment grew by 11.7% and 20.6% year-on-year, respectively, indicating a strong demand for quality consumption [2]. - Service retail sales increased by 5.4% year-on-year from January to November, outpacing the growth of goods retail sales, reflecting a shift towards service consumption [2]. Group 2: New Consumption Trends - New consumption models such as instant retail and live-streaming e-commerce are rapidly growing, with online retail sales of physical goods increasing by 5.7% year-on-year, accounting for 25.9% of total retail sales [4]. - Digital, green, and health-related consumption are emerging as new hotspots, indicating a shift in consumer preferences towards more sustainable and health-conscious products [4]. Group 3: Challenges and Opportunities - Despite the growth, there are challenges such as low consumer confidence and spending capacity, with the consumer rate projected at 39.9% in 2024, still lagging behind developed countries by 10-30 percentage points [6]. - To enhance consumer spending, measures will be taken to improve employment and income levels, as well as to implement policies that stimulate consumption, such as the trade-in program for consumer goods [6][7].