智通财经网·2026-01-20 05:28Group 1 - The core viewpoint of the report indicates that China's social consumer goods growth in December 2025 was lower than expected, with a year-on-year increase of 0.9%, which is below the market consensus of 1.5% [1] - The report highlights that the high base effect from previous years will continue to suppress overall growth, but essential consumption categories such as food, gold, and cosmetics show structural strengths [1] - The report anticipates that policies aimed at boosting consumption and expanding domestic demand will be intensively implemented, supporting a gradual recovery in the consumer market in 2026 [1] Group 2 - Online consumption growth has slowed, while offline retail is accelerating innovation and transformation, leading to stable growth [2] - In December, the online retail sales reached 12,730 billion yuan, with a year-on-year growth of 0.8%, while the overall online retail growth for the year was 8.6%, outperforming the total retail growth by 4.9 percentage points [2] - The retail industry is shifting towards quality-driven and service-driven models, with significant growth in convenience stores and specialty shops [2] Group 3 - In December, the retail sales of goods increased by 0.7% year-on-year, while service consumption continued to show an accelerating growth trend [3] - The service sector's production index grew by 5.0% year-on-year, with the total service retail sales for the year increasing by 5.5% [3] - The restaurant sector showed signs of recovery, with revenue reaching 5,738 billion yuan, a year-on-year increase of 2.2% [3] Group 4 - The high base effect from previous government subsidies continues to impact the performance of certain discretionary consumer goods, while essential consumer goods maintain resilience [4] - In December, categories such as communication, food, daily necessities, and beverages saw significant year-on-year growth, while categories like home appliances and furniture faced pressure [4] - The report suggests that with the upcoming Spring Festival and the implementation of policies supporting consumption upgrades, there is potential for strong growth in investment gold and high-quality gold jewelry [4]