消费研究：双十一错期下11月社零可选品偏弱，双月增速稳健

Investment Rating - The report indicates a stable growth in retail sales for the months of October and November, with a year-on-year increase of 3.9% for the combined period, despite a weaker performance in November due to the timing of the Double Eleven shopping festival [1][4]. Core Insights - The Double Eleven shopping festival's early occurrence led to a decline in optional goods such as clothing and cosmetics in November, but the overall growth for the two months remained positive [1][11]. - Durable goods related to the trade-in policy, such as home appliances and automobiles, showed strong performance, with November automobile sales increasing by 6.6% year-on-year [1][12]. - Essential food items demonstrated resilience, while beverage and tobacco categories showed relative weakness [1][12]. Summary by Sections Retail Sales Performance - November retail sales increased by 3.0% year-on-year, with a 2.5% increase excluding automobiles. The combined retail sales for October and November showed a steady growth of 3.9% [1][4]. - Specific categories in November included a decline in optional goods like clothing (-4.5%) and cosmetics (-26.4%), while durable goods like home appliances saw a significant increase of 22.2% [1][11][12]. Consumer Behavior - The report highlights that the early Double Eleven event impacted consumer spending patterns, particularly in optional categories, but overall retail trends remained positive compared to Q3 [1][11]. - The restaurant sector outperformed goods retail, with a year-on-year increase of 4.0% in November, indicating a recovery in dining out [1][10]. Online Retail Trends - Online retail growth slowed in November, with express delivery volumes showing a year-on-year increase of 14.9% [1][20]. - The report notes that the online retail volume and revenue for major categories increased by 20.3% and 26.9% respectively during the specified period [1][12].