月度宏观经济回顾与展望：春节消费亮点有望延续全年

Group 1: Consumer Trends - During the first four days of the Spring Festival (January 28 to 31), sales of key retail and catering enterprises increased by 5.4% compared to the same period last year, although this is lower than last year's growth of 8.5%[2] - Daily sales revenue in consumption-related industries during the Spring Festival holiday grew by 10.8% year-on-year, with goods and service consumption increasing by 9.9% and 12.3% respectively[2] - The total expenditure for domestic travel during the Spring Festival reached 677 billion CNY, a year-on-year increase of 7.0%, with per capita spending rising to 1,351 CNY, up 1.2% from last year[2] Group 2: Regional Highlights - In Shanghai, spending by inbound tourists during the holiday increased by 28% year-on-year[2] - In Shandong, the total number of visitors to public cultural venues rose by 31.85% compared to the previous year, significantly outpacing the 7.4% growth in tourist attractions[2] - Chongqing's total consumption during the Spring Festival grew by 9.6% year-on-year, while Hangzhou saw a 7.8% increase in total consumption, with retail sales up by 18.4%[2] Group 3: Entertainment and Travel - The total box office for the Spring Festival period reached 9.51 billion CNY, with total attendance of 187 million, setting new records for both box office and attendance[2] - The average price of outbound travel products has decreased compared to last year, with residents from third-tier cities and below accounting for over 30% of outbound flight purchases, doubling from the previous year[2] Group 4: Economic Indicators - The GDP growth for the fourth quarter of 2024 was 5.4%, a significant increase from 4.6% in the third quarter, driven by exports and consumption[3] - The total retail sales of consumer goods in December recorded a year-on-year growth of 3.7%, with home appliances and audio-visual equipment seeing a strong increase of 12.3%[4]