2025年8月社零数据点评：8月社零整体同增3.4%，家具、家电等品类增速较快

Investment Rating - The industry investment rating is "Positive" (maintained) [4][45] Core Viewpoints - In August, the total retail sales of consumer goods increased by 3.4% year-on-year, with furniture and home appliances showing faster growth [4][6] - The total retail sales of consumer goods reached 39,668 billion yuan in August, with a year-on-year growth of 3.4%. Excluding automobiles, the total retail sales amounted to 35,575 billion yuan, growing by 3.7% [5][6] - Urban and rural retail sales in August were 34,387 billion yuan and 5,281 billion yuan, respectively, with year-on-year growth of 3.2% and 4.6% [5][6] Summary by Category Overall Data - The total retail sales of consumer goods in August were 39,668 billion yuan, with a year-on-year increase of 3.4%. Excluding automobiles, the total was 35,575 billion yuan, growing by 3.7% [5][6] Essential Consumption - Essential consumption showed steady growth. Year-on-year retail sales for essential categories were: grain and oil food +5.8%, beverages +2.8%, tobacco and alcohol -2.3%, and daily necessities +7.7% [17][24] Optional Consumption - In optional consumption, gold and silver jewelry and communication equipment categories saw rapid growth. Year-on-year retail sales for these categories were: clothing +3.1%, cosmetics +5.1%, gold and silver jewelry +16.8%, and communication equipment +7.3% [22][30] Other Consumer Goods - In other consumer goods, significant growth was observed in home appliances and furniture. Year-on-year retail sales were: furniture +18.6%, home appliances +14.3%, building materials -0.7%, and petroleum products -8.0% [31][32]