京沪消费数据大反差：上海买美妆，北京囤黄金？真相没那么简单

Core Insights - The article discusses the contrasting consumer behavior and retail data between Shanghai and Beijing, highlighting that Shanghai's clothing and cosmetics consumption is significantly higher than Beijing's, while Beijing excels in gold and jewelry spending [3][5]. Group 1: Retail Data Overview - In the first eleven months of 2025, Shanghai's clothing and cosmetics consumption was six times and four times that of Beijing, respectively [3]. - The total retail sales of consumer goods in Shanghai for October was 1547.46 billion, with a year-on-year growth of 8.6%, while Beijing's was 13850.24 billion with a growth of 4.8% [5]. - The retail sales of gold and jewelry in Beijing showed a significant increase of 28.4% in October, while Shanghai's growth was 6.5% [5]. Group 2: Consumer Trends - Since last year, first-tier cities like Beijing and Shanghai have consistently lagged behind the national average in retail sales growth, with a gap that has widened to 10 percentage points by mid-2025 [6][8]. - The consumption patterns indicate that while first-tier cities are experiencing slower growth, second and third-tier cities are showing more robust performance, with an average growth rate around 5% [26]. Group 3: Factors Influencing Consumption - The differences in automobile purchase policies between Beijing and Shanghai have impacted consumer behavior, with Beijing's stricter regulations leading to a decline in sales growth [17][19]. - The recovery of public transport usage in Shanghai is higher than in Beijing, contributing to a more vibrant consumer environment [22]. - The influx of international tourists in Shanghai has significantly boosted local consumption, with 828.2 million visitors recorded in the first eleven months of 2025, marking a nearly 40% increase [22]. Group 4: Economic Context - The pressure from housing loans in first-tier cities is a core reason for the reduced consumer spending, as high property prices limit disposable income [26]. - The shift in consumer spending from large purchases to smaller, more frequent expenditures reflects a change in financial priorities among residents in first-tier cities [28][30].