中小商业企业协会调查数据：消费复苏的关键瓶颈在于稳预期

Core Insights - The consumer willingness index for Q4 2025 in China is reported at 119.8, indicating a positive sentiment as it exceeds the critical value of 100, although it has slightly decreased by 0.8 points from the previous quarter [3][4] - The current consumption willingness index stands at 112.6, down by 0.3 points, while the future consumption willingness index is at 127.0, reflecting a decline of 1.4 points [3][4] - Compared to the same period last year, the overall consumer willingness index has increased by 0.5 points, with the current consumption willingness index rising by 2.3 points, but the future index has decreased by 1.4 points [4] Consumer Sentiment and Economic Outlook - The report indicates that consumer satisfaction with current household economic conditions has been gradually improving over the past two quarters, although the pace of improvement in future economic expectations has slowed [4] - The weak consumer willingness is primarily attributed to a lack of confidence in future income growth, leading to more cautious spending behavior [4] - The overall consumer market in China is characterized by "bottoming out of willingness, cautious expectations, and structural differentiation," with the main bottleneck for consumption recovery being weak expectations [6] Survey Methodology - The survey is a nationwide study covering first to fourth-tier cities and rural areas, with a sample size of 5,000 consumers [6] - The aim of the survey is to dynamically capture changes in consumer confidence, behavior, and willingness, as well as to gather opinions on the consumption environment and policies to inform government and corporate decision-making [6]