“消费第一城”上海火力全开

Core Insights - Shanghai's retail sales reached over 1.66 trillion yuan in 2025, marking a 4.6% year-on-year increase, outperforming the national average of 3.7% by 0.9 percentage points [2] - Key sectors such as new energy vehicles, communication equipment, and home appliances saw double-digit growth, with cultural and office supplies retail up by 30.4% [2] - The city welcomed a record 9.36 million inbound tourists in 2025, a 40% increase from the previous year, with tax refund sales rising by approximately 80% [2] Economic Drivers - The steady recovery in Shanghai's consumption is attributed to three main factors: targeted policy measures, innovative cultural and tourism events, and the accelerated recovery of international flights and visa facilitation [3] - Policies such as trade-in programs for automobiles and home appliances, along with service consumption vouchers, have effectively stimulated demand [3] - The implementation of the trade-in policy led to over 320,000 cars and 4.5 million digital products being replaced, generating over 120 billion yuan in sales and benefiting more than 21.95 million people [4] Future Outlook - The strong growth trend in consumption is expected to continue into 2026, with service consumption anticipated to remain a key driver [5] - Ongoing policies, including the "28 measures" for service and consumption linkage, are expected to further stimulate service consumption potential [5] - Recommendations for sustaining growth include enhancing inbound tourism measures, improving service quality, and leveraging digital tools for better consumer engagement [6]