西南证券：新经济、新动能行业洞察系列（二）：新消费演进中的价格与产业洞察

Group 1 - The report highlights that "new consumption" is driven by information technology and focuses on quality and personalization, serving as a strategic pillar for domestic demand circulation and enhancing its strategic position as policies continue to strengthen [1][8][17] - Since 2023, final consumption expenditure has consistently contributed the most to GDP, with a stable contribution rate around 3%, significantly higher than developed economies [1][25][28] - Service consumption is showing strong growth momentum, with retail sales of services expected to outpace goods retail sales by 1.7 percentage points in 2025, indicating a shift towards experience-based consumption [1][29][31] Group 2 - The restructuring of CPI weights reflects a shift in consumer spending from basic necessities to quality upgrades, with significant increases in the weights of housing, transportation, and communication categories from 2021 to 2025 [2][3][22] - New consumption is providing an upgrade path for industrial development, with policies transitioning from broad expansion to precision targeting, effectively stimulating mid-to-upstream industries [2][4][18] - Rural consumption is becoming a core scene for new consumption, with retail sales in rural areas expected to grow at a rate of 4.1% in 2025, outpacing urban areas for four consecutive years [2][4][39] Group 3 - The report indicates that new consumption is reshaping the economic landscape by enhancing supply-demand matching efficiency, which in turn supports price stability and drives industrial upgrades [16][22][23] - The analysis of consumer spending shows that healthcare and other services are experiencing the highest growth rates, while traditional categories like food and clothing are growing at a slower pace [31][39] - The report emphasizes that the new consumption model is characterized by digital technology and innovation, which reduces reliance on traditional economic cycles and provides new growth momentum for the economy [22][23][24]