Workflow
2025年4月社零数据点评:4月社零整体同增5.1%,家具、家电等品类增速较快
Hua Yuan Zheng Quan·2025-05-21 06:21

Investment Rating - The industry investment rating is "Positive" (maintained) [3][43] Core Viewpoints - In April, the total retail sales of consumer goods increased by 5.1% year-on-year, with furniture and home appliances showing rapid growth [4][5] - The total retail sales of consumer goods in April reached 37,174 billion, with a year-on-year growth of 5.1%. Excluding automobiles, the total was 33,548 billion, growing by 5.6% [4][5] - Urban and rural retail sales in April were 32,376 billion and 4,798 billion respectively, with year-on-year growth of 5.2% and 4.7% [4][5] Summary by Category Overall Data - The total retail sales of consumer goods in April was 37,174 billion, with a year-on-year increase of 5.1%. Excluding automobiles, the total was 33,548 billion, with a growth of 5.6% [4][5] Essential Consumption - Essential consumption showed steady growth. The retail sales of essential goods such as grain and oil increased by 14.0%, beverages by 2.9%, tobacco and alcohol by 4.0%, and daily necessities by 7.6% [16][22] Optional Consumption - In optional consumption, gold, silver, jewelry, and communication equipment saw rapid growth. Retail sales for gold and silver jewelry increased by 25.3%, and communication equipment by 19.9% [22][32] Other Consumer Goods - In other consumer categories, furniture and home appliances showed significant growth. Retail sales for furniture increased by 26.9%, and home appliances by 38.8%. Building materials grew by 9.7%, while petroleum and products decreased by 5.7% [32][33]