2025年终经济观察｜供需两端齐发力 激活消费“主引擎”

Core Viewpoint - Consumption is identified as the "main engine" of economic growth and a barometer of public well-being, with policies effectively stimulating consumption potential throughout the year [1][10]. Group 1: Consumption Growth and Policies - In the first eleven months, the total retail sales of consumer goods increased by 4% year-on-year, surpassing both the same period last year and the total growth for the previous year [1][10]. - The Central Economic Work Conference emphasized the importance of domestic demand and outlined specific measures to boost consumption, including the implementation of special actions to stimulate consumption and the release of service consumption potential [1][10]. Group 2: Supply and Demand Dynamics - Local governments are accelerating efforts to stimulate consumption from both supply and demand sides, focusing on enhancing momentum, tapping potential, and increasing resilience [2][11]. - Consumer preferences are shifting towards quality, with high-demand products like the Huawei Mate80 series selling out quickly, indicating a transition from mere availability to quality considerations [3][12]. Group 3: Service Consumption and Market Trends - Service retail sales grew by 5.4% year-on-year in the first eleven months, marking a recovery trend, with basic services like elderly care and childcare becoming essential for many families [4][14]. - Various regions are launching initiatives to enhance service consumption, such as themed trains and tourism measures, reflecting a focus on personalized consumer experiences [4][14]. Group 4: New Supply and Demand Creation - The introduction of L3-level autonomous driving vehicles and the establishment of charging stations are expected to create new market opportunities and drive innovation in the automotive sector [5][15]. - The "first store economy" is gaining traction, with new retail formats attracting significant foot traffic, indicating a shift towards innovative shopping experiences [5][15]. Group 5: Policy Support and Economic Environment - The Hainan Free Trade Port has seen a surge in duty-free shopping, with daily sales exceeding 100 million yuan, driven by favorable policies such as expanded visa-free travel and optimized tax refund processes [8][17]. - The government is implementing measures to enhance consumer confidence and spending power, including extending parental leave and improving public service funding [9][19]. Group 6: Systematic Approach to Consumption - A comprehensive approach is being adopted to boost consumption, focusing on supply-demand coordination, quality improvement, and consumer rights protection [10][20]. - The "14th Five-Year Plan" emphasizes the integration of livelihood improvement and consumption promotion, aiming for a virtuous cycle between consumption and investment [9][18].