12月美国消费：零售增速抬升，高基数影响减弱

Investment Rating - The report recommends investing in US consumer ETFs, specifically the Consumer Staples ETF (XLP) and Consumer Discretionary ETF (XLY) [4] Core Insights - December retail and food service sales in the US totaled $729.2 billion, showing a year-on-year growth of 3.9% and a month-on-month increase of 0.5%, indicating a healthy consumer environment [1][8] - Online retail sales reached$ 127 billion in December, growing by 6.0% year-on-year, while grocery stores also performed well with sales of $15.5 billion, up 3.7% year-on-year [2][9] - Consumer confidence is on the rise, with the University of Michigan's consumer confidence index at 73.2 in January 2025, reflecting improved consumer sentiment [20][21] Summary by Sections Retail Sales Performance - December retail and food service sales were$ 729.2 billion, with a year-on-year growth of 3.9% and a month-on-month increase of 0.5% [1][8] - Online retail sales were $127 billion, up 6.0% year-on-year, while grocery store sales reached$ 15.5 billion, growing 3.7% year-on-year [2][9] Consumer Confidence and Economic Indicators - The consumer confidence index for January 2025 was 73.2, slightly down from 74 in December 2024 but significantly higher than mid-2024 levels [20][21] - The Consumer Price Index (CPI) rose by 2.9% year-on-year in December, indicating a mild rebound in inflation [20][21] Income and Spending Trends - The adjusted disposable income per capita in November was $65,100, reflecting a year-on-year growth of 4.61% [4][20] - Personal consumption expenditures increased by 5.45% year-on-year in November, indicating stable spending [20]