四升一降！11月商场消费仍分化，大体量Mall增2.19%成最大亮点

Core Insights - In November, the overall consumption level in national malls showed a slight decline, with sample cities leading at 4861.11 yuan [2][5][6] Consumption Level Overview - The consumption level in national malls for November was 4191.86 yuan, reflecting a month-on-month decrease of 0.18% [6][8] - The consumption levels across five dimensions in November were ranked as follows: sample city malls (4861.11 yuan), small-sized sample shopping centers (4787.56 yuan), large-sized sample shopping centers (4734 yuan), medium-sized sample shopping centers (4614.29 yuan), and national malls (4191.86 yuan) [3][5] Monthly Changes - The consumption level in large-sized sample malls saw the highest month-on-month increase of 2.19%, rising by 103.74 yuan [5][11] - Sample city malls experienced a minimal increase of 0.10%, with a rise of 4.82 yuan [9] - Medium-sized sample malls recorded a month-on-month growth of 0.94%, increasing by 43.29 yuan [12][13] - Small-sized sample malls had a month-on-month increase of 0.40%, growing by 19.36 yuan [15] Year-to-Date Performance - From January to November, the average consumption level in national malls was 4458.94 yuan, with November's level falling short by 267.08 yuan compared to this average [8] - The average consumption levels for sample city malls, large-sized malls, medium-sized malls, and small-sized malls from January to November were 5207.94 yuan, 5207.24 yuan, 5030.11 yuan, and 5260.78 yuan respectively, all showing declines compared to their respective averages in November [9][11][15] Economic Context - The overall consumption levels in national malls are lower than the averages for the first eleven months, indicating a "low-level hovering" characteristic [15] - This trend is closely linked to structural changes in social retail sales, household savings, and loan data, reflecting a cautious consumer behavior characterized by increased savings and reduced borrowing [15][16] - In November, the total retail sales of consumer goods reached 43,898 billion yuan, with a year-on-year growth of 1.3%, marking a slowdown for six consecutive months [16] Future Outlook - The government aims to implement measures to boost consumption, stabilize employment, and enhance the consumption environment to unlock consumer potential and promote sustainable market growth [17]