中国家庭财富与消费报告2025年第四季度-蚂蚁集团研究院

Group 1: Household Wealth Situation - The average annual income of surveyed households is 50,300 yuan, with wage income being the core source at 61.6% [10][11] - There is a notable income disparity between first-tier cities and non-first-tier cities, with first-tier city households earning significantly more across all age groups [37] - The proportion of families with no housing is 28.9%, while 47.5% own one property, indicating a stable housing ownership structure [11][46] Group 2: Household Debt and Asset Management - The debt ratio is improving, with 50.5% of families being debt-free, although 10.4% have a debt ratio exceeding 100% [11][12] - Financial asset allocation shows a decline in cash and deposits, with first-tier cities showing a higher engagement in stocks and other financial products, reaching a holding rate of 49.2% [11][49] - Families are managing housing leverage more cautiously, with 59.3% of homeowners having no mortgage [11][46] Group 3: Consumption Patterns - The average monthly consumption per household is 2,421 yuan, with first-tier cities spending significantly more at 3,424 yuan [12][13] - Consumption patterns vary by demographic, with youth focusing on entertainment and dining, while middle-aged individuals prioritize education and healthcare [12][13] - Households with housing tend to have stronger consumption support, and those with multiple properties spend more than those with a single property [14][15] Group 4: Future Consumption Expectations - Overall consumption expectations are stable but show signs of weakening, with only 11% of families planning to increase consumption [15][16] - Employment stability is a key factor influencing consumption willingness, particularly among the unemployed and flexible employment groups [15][16] - The report suggests that families prioritize cutting discretionary spending in response to income uncertainty [16][17] Group 5: Policy Recommendations - The report recommends stabilizing employment and enhancing social security, particularly for youth and flexible employment groups [17][19] - It suggests optimizing household asset and debt structures and promoting inclusive financial products to enhance financial literacy [17][19] - Targeted measures are proposed to release consumption potential across all age groups, focusing on reducing rigid expenditure pressures [17][19]