休闲服务行业周报：补贴政策发挥长效作用，消费粘性显现

Investment Rating - The report rates the leisure services industry as "Positive" as of December 25, 2024 [19]. Core Insights - The macro consumption data shows a continuous recovery, with November retail sales growing by 3.0% year-on-year, supported by policy subsidies that have created significant consumer stickiness [19][29]. - The Central Economic Work Conference emphasized the importance of expanding domestic demand, indicating that consumption and investment will be combined to enhance investment efficiency and stimulate economic growth [27][28]. - The travel market is experiencing an overall recovery driven by long-term policies, with a notable increase in public travel and tourism activities [19][29]. - Duty-free shopping in Hainan is showing signs of gradual recovery, with expectations for a stable upward trend in the future [19][29]. Monthly Macro Consumption Summary - November retail sales reached 43,763 billion yuan, with a year-on-year increase of 3.0%. The retail sales of goods amounted to 37,951 billion yuan, up 2.8%, while catering revenue was 5,802 billion yuan, up 4.0% [29][33]. - The cumulative retail sales for January to November 2024 totaled 44.27 trillion yuan, reflecting a year-on-year growth of 3.5% [29]. - The retail sales of essential goods, such as food and daily necessities, continued to show strong growth, with food and oil products increasing by 10.1% and 1.3% year-on-year, respectively [50]. Industry Insights - The report highlights that the issuance of new consumption vouchers has significantly boosted the catering sector, with November catering revenue reaching its highest level since March [33]. - The consumer electronics and home appliance sectors are experiencing robust growth, driven by the "old-for-new" subsidy policies, which have created consumer stickiness [51]. - The real estate market is showing signs of recovery, with new housing sales increasing by 10.2% in terms of area and 6.8% in terms of sales value year-on-year in November [35].