2024年11月社消零售数据点评：受10月消费前置影响，社消增速环比有所回落

Investment Rating - The report maintains a "Buy" rating for the wholesale and retail trade industry [1]. Core Insights - The growth rate of social consumer goods retail sales in November 2024 was 3.0% year-on-year, a decrease of 1.8 percentage points compared to October [1]. - The total retail sales of social consumer goods from January to November 2024 reached 44.27 trillion yuan, with a year-on-year growth of 3.5%, down 3.7 percentage points from the same period last year [1]. - The decline in retail sales growth is attributed to the pre-emptive consumption demand in October, particularly due to the "Double Eleven" shopping festival [2]. Summary by Category Overall Retail Performance - November retail sales totaled 4.38 trillion yuan, with a year-on-year growth of 3.0%, below the market expectation of 5.3% [1]. - Retail sales of limited enterprises amounted to 1.65 trillion yuan, growing by 1.2% year-on-year, a decline of 5.6 percentage points from October [1]. Specific Categories - Home appliances and audio-visual equipment saw a retail sales growth of 22.2% year-on-year, although this was a decrease of 17.0 percentage points from October [1][2]. - Furniture retail sales increased by 10.5% year-on-year, with a growth rate increase of 3.1 percentage points from October [1]. - The retail sales of textiles and clothing fell by 4.5%, while cosmetics experienced a significant decline of 26.4% year-on-year [1]. - The jewelry sector saw a year-on-year decline of 5.9% in retail sales [1]. Consumer Price Index (CPI) - The CPI growth rate in November was 0.2%, down from 0.3% in October, indicating a slight decrease in inflationary pressure [1]. Online Retail Trends - The report highlights the increasing importance of online channels, particularly during major promotional events like "Double Eleven," which has led to a significant shift in consumer purchasing behavior [2]. Future Outlook - The report expresses optimism regarding the continued growth of leading e-commerce platforms, anticipating further increases in online penetration rates [2].