新兴城市消费力加速释放，从“盒区房指数”看零售市场消费新格局

Core Insights - The report indicates that the retail sales of consumer goods in China increased by 4% year-on-year from January to November 2025, surpassing both the same period last year and the overall growth for the entire year [1] - The "Box District Housing Index" was introduced to measure the activity of Hema's offline stores, with cities like Shijiazhuang, Xuzhou, and Linyi showing indices significantly above the national average [1][5] Group 1: Population Influx and Consumption Dynamics - Emerging cities are experiencing growth driven by continuous population inflow and the "strong provincial capital" strategy, leading to a new consumer demographic that is reshaping local consumption ecosystems [2] - Hema has expanded into 40 new cities, including Shijiazhuang and Linyi, with reports indicating that these new stores are experiencing immediate high traffic upon opening [5] Group 2: Quality Demand and Consumption Upgrade - The report highlights a significant shift in consumer behavior towards quality living, with high-end brands increasingly entering the market to meet the demand for quality consumption [7] - Hema's data shows that consumers in emerging markets are now regularly purchasing high-end products, indicating a normalization of quality consumption [10] Group 3: Night Economy and Consumption Patterns - The report notes that the entry of new retail brands like Hema is extending consumer shopping hours and altering traditional consumption patterns, particularly in emerging cities [12] - The night economy is identified as a significant growth area, with Hema's presence contributing to longer shopping hours and increased foot traffic in shopping areas [12][14]