2024年10月社消零售数据点评：受益于大促提前及国补政策，化妆品和家电表现亮眼

Investment Rating - The report maintains a "Buy" rating for the wholesale and retail trade industry, indicating a positive outlook for the sector over the next 6-12 months [5]. Core Insights - The retail sales data for October 2024 shows a total of 4.54 trillion yuan, with a year-on-year growth of 4.8%, surpassing market expectations [1]. - The significant growth in retail sales is attributed to the early "Double Eleven" promotional period and national subsidy policies, particularly benefiting the cosmetics and home appliance sectors [4]. - The cosmetics sector experienced a remarkable year-on-year retail sales growth of 40.1%, while home appliances saw a growth of 39.2% [2][3]. Summary by Relevant Sections Overall Retail Performance - In October 2024, the total retail sales of consumer goods reached 4.54 trillion yuan, with a year-on-year increase of 4.8%, marking a 1.6 percentage point rise from September [1]. - For the first ten months of 2024, the total retail sales amounted to 39.90 trillion yuan, reflecting a year-on-year growth of 3.5%, which is a decline of 3.4 percentage points compared to the same period last year [1]. Category-Specific Performance - The retail sales of cosmetics surged by 40.1% year-on-year in October, with a significant increase of 44.6 percentage points compared to September [2]. - Home appliances also showed strong performance, with a year-on-year growth of 39.2%, an increase of 18.7 percentage points from the previous month [3]. - Other categories such as textiles and clothing saw a growth of 8.0%, while the jewelry sector experienced a decline of 2.7% [3]. Economic Context - The increase in retail sales is largely attributed to the early demand brought on by the "Double Eleven" shopping festival and the impact of the "old-for-new" subsidy policy for home appliances [4]. - The report highlights the growing importance of online platforms in driving sales, particularly during promotional periods, as consumer behavior shifts towards e-commerce [4].