服务消费增长快于商品消费，乡村消费增速快于城镇消费，是当前中国消费结构优化的重要信号。 更重要的是消费结构的变化。今年以来，各省份以旧换新政策显效、线上消费活跃。生活用品及服务、教育文化娱乐、服务消费等支出增长较快，旅游消费 市场也持续旺盛。农村地区正展现出强大的消费潜力。 日前，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》正式公布，提出大力提振消费，深入实施提振消费专项行动。进入四季度，不少 省份正以更大力度提振消费，文旅消费、服务消费成为政策重点。 四川超越河南冲击前四 前三季度，我国中部、华南、西部不少省份社零增速表现突出。 例如，海南以8.6%增速领跑全国，内蒙古紧随其后，社零增速为7.2%。同期，山西、河南、陕西社零增速也超过6%，分别为6.6%、6.2%、6.1%。 前三季度，我国最终消费支出对经济增长贡献率达53.5%，比上年全年提升9个百分点。从社零总额看，前三季度，我国社会消费品零售总额365877亿元， 同比增长4.5%。 21世纪经济报道梳理31省份社零数据发现，前三季度，多数省份社零增速在4%—6%区间。除西藏尚未公布，前三季度，共有14个省份社零增速跑赢全国平 均水平 ...

21世纪经济报道记者柳宁馨 报道 服务消费增长快于商品消费，乡村消费增速快于城镇消费，是当前中国消费结构优化的重要信号。 前三季度，我国中部、华南、西部不少省份社零增速表现突出。 前三季度，我国最终消费支出对经济增长贡献率达53.5%，比上年全年提升9个百分点。从社零总额看，前三季度，我国社会消费品零售总额365877亿元， 同比增长4.5%。 21世纪经济报道梳理31省份社零数据发现，前三季度，多数省份社零增速在4%—6%区间。除西藏尚未公布，前三季度，共有14个省份社零增速跑赢全国平 均水平，5个省份增速超6%，分别为海南、内蒙古、山西、河南、陕西。 | | 2025年前三季度消费大省社零规模 | | | --- | --- | --- | | 省份 | 前三季度社零规模(亿元) | 上来 | | 江苏 | 34788.3 | | | 广东 | 34254.07 | | | 山东 | 30386.1 | | | 浙江 | 28408 | | | 四川 | 21170.5 | | | 河南 | 21049.93 | | | 湖北 | 19533.95 | | | 福建 | 18653.65 | | | 安徽 ...

前三季度，各地区各部门认真贯彻落实党中央、国务院决策部署，加紧实施更加积极有为宏观政策，着 力稳就业、稳企业、稳市场、稳预期，国民经济运行总体平稳，就业形势总体稳定，民生保障有力有 效，居民收入和消费支出稳定增长。 前三季度，全国居民人均消费支出21575元，比上年同期名义增长4.6%，扣除价格因素，实际增长 4.7%。分城乡看，城镇居民人均消费支出26510元，比上年同期名义增长3.8%，扣除价格因素，实际增 长3.9%；农村居民人均消费支出14597元，比上年同期名义增长5.5%，扣除价格因素，实际增长5.8%。 从消费支出结构看，生活用品及服务、交通通信、教育文化娱乐、其他用品及服务消费支出增长较快。 受消费品以旧换新政策带动，前三季度居民人均生活用品及服务支出增长9.6%，其中人均家用器具消 费支出增长15.1%；居民人均交通通信支出增长8.3%，其中人均交通支出增长8.6%，人均通信支出增长 7.3%。受旅游消费市场持续旺盛、文化娱乐市场活跃等因素带动，前三季度居民人均教育文化娱乐支 出增长10.3%。受旅馆住宿费增长较快带动，人均其他用品及服务支出增长10.3%。此外，前三季度人 均食品烟酒、衣着 ...

Core Insights - The National Day and Mid-Autumn Festival holiday saw 888 million domestic trips, with daily sales in consumer-related industries increasing by 4.5% year-on-year, indicating a robust consumption market driven by diverse demand and quality supply [1] Consumption Trends - Digital products, automobiles, and jewelry experienced significant sales growth during the holiday, with mobile phone sales up by 18.8%, automobile sales up by 12.6%, and jewelry sales up by 41.1% due to rising gold prices [2] - The trend towards green and smart consumption is evident, with a notable increase in sales of smart kitchen appliances by 167%, and other products like projectors and coffee machines seeing sales growth of 245%, 181%, and 292% respectively [2] Payment and Transaction Data - During the holiday, UnionPay and Wanglian processed 41.552 billion payment transactions amounting to 13.26 trillion yuan, marking an increase of 9.523 billion transactions and 1.86 trillion yuan compared to the previous year [3] Tourism Activity - The holiday period saw a record high of approximately 2.432 billion cross-regional movements, reflecting a vibrant tourism market, with tourism-related service sales increasing by 8.5% year-on-year [4] Policy Support and Future Outlook - The Ministry of Commerce plans to introduce more policies to promote cultural and tourism consumption, including high-quality development in the accommodation sector and integration of rail and tourism [6] - The rise in popularity of unique accommodations, such as themed hotels, indicates a shift towards enhancing service quality in the hospitality industry [6]

Core Insights - The health-related consumption sectors in Qinghai Province have shown robust growth, with a 16.3% year-on-year increase in invoiced sales revenue from January to August 2023, driven by enhanced health awareness among residents and an optimized consumption structure [1][3]. Group 1: Elderly and Child Care Services - The number of registered elderly care institutions in Qinghai reached 172 by the end of August, marking a 17.8% increase year-on-year, indicating a strengthening service system for elderly welfare [3]. - Revenue from various elderly care services grew by 5.5% year-on-year, reflecting a stable growth trend in this sector [3]. - The demand for childcare services, particularly nursery care, surged, with invoiced sales revenue from nursery services increasing by 23.2%, and the growth rate for childcare services reached 190% year-on-year [3]. Group 2: Health and Wellness Products - There was a notable increase in sales revenue for nutritional supplements and traditional Chinese medicine retail, with growth rates of 1.9% and 2% respectively [3]. - Revenue from health consultation and psychological services saw significant increases of 11.5% and 32.8% respectively, indicating a rising awareness of health and wellness among residents [3]. - The health insurance sector also experienced a 15.6% increase in invoiced sales revenue, further underscoring the growing focus on health-related expenditures [3]. Group 3: Smart Healthcare Development - The digital transformation in healthcare is advancing, with a 14.9% year-on-year increase in invoiced amounts for information technology services purchased by medical institutions [4]. - Sales revenue for smart health monitoring devices, such as smart wristbands and blood glucose monitors, surged by 74.3%, reflecting a heightened demand for daily health management tools among the public [4].

Core Insights - The report released by the National Bureau of Statistics indicates an optimization and upgrading of China's consumption structure, with the Engel coefficient decreasing from 30.2% in 2020 to 29.8% in 2024, reflecting a shift from survival-type to development-type consumption [1][2][6] - The average annual growth rate of development-type consumption expenditures, including education, culture, entertainment, transportation, communication, and healthcare, is projected to be 10.0% from 2021 to 2024, while service consumption expenditures are expected to grow at an average annual rate of 9.5%, outpacing goods consumption by 3.8 percentage points [1][6] Economic Growth Implications - The optimization of consumption structure is expected to enhance economic stability by smoothing economic fluctuations and expanding growth space, particularly in the service and development consumption sectors [6][8] - The proportion of employment in the tertiary industry is projected to increase, with 35.866 million people employed in this sector by the end of 2024, representing 48.8% of total employment, an increase of 1.1 percentage points from 2020 [3][6] Income Distribution and Growth - By the end of 2024, the national per capita disposable income is expected to reach 41,314 yuan, an increase of 9,125 yuan from 2020, with an average annual real growth rate of 5.5% from 2021 to 2024 [9][11] - Rural residents' per capita disposable income is projected to grow at a faster rate than urban residents, with a real growth rate of 6.9% compared to 4.5% for urban residents [9][11] Consumption Trends - The report highlights a significant increase in consumption expenditures among rural residents, particularly in poverty alleviation counties, where per capita disposable income is expected to rise from 12,588 yuan in 2020 to 17,522 yuan in 2024, with an average annual real growth rate of 7.8% [11][12] - The consumption structure in these areas is also evolving, with per capita consumption expenditures expected to increase from 10,758 yuan in 2020 to 15,138 yuan in 2024, reflecting a shift towards development-type consumption [12] Employee Benefits and Pension Growth - By the end of 2024, the number of employees participating in enterprise annuities is projected to reach 32.42 million, with the accumulated fund scale expected to grow to 36,422 billion yuan, marking increases of 19.3% and 61.9% respectively since 2020 [12][14]

Group 1 - The core viewpoint of the articles highlights the significant impact of the "old-for-new" consumption policy, which has expanded its coverage to include various consumer electronics and appliances, resulting in substantial consumer benefits and increased sales [3][4]. - Over 66 million consumers have participated in the "old-for-new" program, purchasing more than 109 million units of 12 categories of home appliances, and over 69 million consumers have bought more than 74 million digital products [3]. - The sales revenue driven by the "old-for-new" policy reached 2.9 trillion yuan, benefiting approximately 400 million people with subsidy discounts [3]. Group 2 - The policy has optimized consumption structure by promoting the adoption of smart products, enhancing convenience and efficiency in consumers' lives [4]. - The penetration rate of new energy vehicles reached 50.2% in the first half of the year, reflecting a significant increase in the adoption of environmentally friendly consumption methods [4]. - The recycling of resources has improved, with 195.5 million scrapped vehicles recovered in the first quarter, marking a 58.6% increase [4]. Group 3 - The Ministry of Commerce plans to organize more "old-for-new" promotional activities to further enhance the effectiveness of the consumption policy [5].

Group 1 - The core viewpoint of the articles highlights the significant impact of the "trade-in for new" policy on consumer behavior and market dynamics, with an expansion in the range of products eligible for trade-in, including traditional appliances and new categories like smartphones and tablets [1][2] - The policy has resulted in over 66 million consumers purchasing more than 109 million units of 12 categories of home appliances, and over 69 million consumers buying more than 74 million digital products, indicating a strong consumer response [1] - The sales revenue driven by the trade-in policy reached 2.9 trillion yuan, benefiting approximately 400 million people through subsidy incentives, showcasing the policy's effectiveness in stimulating consumption [1] Group 2 - The trade-in policy has contributed to a greener consumption model, with the penetration rate of new energy vehicles reaching 50.2% in the first half of the year, reflecting a shift towards sustainable consumption practices [2] - The recycling of resources has improved, with 1.955 million scrapped vehicles recovered in the first quarter, marking a 58.6% increase, and 482,500 old appliances dismantled by enterprises under the supply and marketing cooperative, also up by 58% [2] - The Ministry of Commerce plans to organize more trade-in activities to further enhance the effectiveness of the consumption promotion initiatives [3]

Group 1 - The core argument is that the reduction in import value does not equate to weak consumption, as evidenced by a 5% growth in retail sales in the first half of the year [1][3] - Data shows that per capita disposable income increased by 5.3% nominally, and per capita consumption expenditure rose by 5.2% nominally, indicating stable consumer spending [3] - During the May Day holiday, domestic travel reached 314 million trips, with total spending of 180.27 billion yuan, reflecting strong consumer activity [3] Group 2 - The primary reason for the decline in imports is the increased competitiveness of domestic products, particularly in electronics, automobiles, and daily consumer goods [5] - In the smartphone market, domestic brands like Huawei and Xiaomi have captured over 80% market share, reducing the demand for foreign brands [5] - The automotive sector saw a 37.9% drop in imported vehicles, while exports increased by 9.4%, highlighting the impact of domestic alternatives [5] Group 3 - Policy initiatives are promoting supply chain security and encouraging the procurement of domestic equipment and materials, further reducing import demand [6] - External factors such as global chip supply chain fluctuations and rising international logistics costs are also influencing import levels [8] - The average import price of major commodities like crude oil and iron ore has decreased, contributing to the overall decline in import value [8] Group 4 - The reduction in imports is attributed to a combination of factors including consumption structure optimization, industrial upgrades, and declining prices of bulk commodities [8][9] - The trend of domestic manufacturing moving towards higher-end products is expected to continue, although certain key areas still rely on imports [9]

Group 1 - The article highlights two new trends in consumer behavior: the expansion of subsidies for mobile phones and home appliances, which has created a rotation effect compared to last year's policies, and a shift in macroeconomic policy focus from investment to consumption, with consumption's impact on economic growth potentially surpassing that of investment [2] - The estimated budget for the "trade-in" policy in 2024 is around 170 billion yuan, which is expected to increase retail sales growth by over 1 percentage point, with the most significant impacts seen in the home appliance, furniture, and automotive sectors [2] - For 2025, the central and local governments are expected to allocate approximately 330 billion yuan for "trade-in" subsidies, which could enhance retail sales growth by about 0.7 percentage points [2] Group 2 - The report indicates that the proactive fiscal policy for 2025 will manifest in three dimensions: a budget deficit rate exceeding 3% for the first time, unprecedented government bond issuance, and a structural optimization where the central government takes on more debt to alleviate local fiscal pressures [3] - There are concerns regarding the potential cessation of national subsidies; however, it is suggested that fiscal support is likely to continue in a low inflation environment, with consumption expected to align closely with nominal GDP growth in the second half of the year [3] - The current consumer landscape is characterized by both the introduction of policies to stimulate consumption and a cautious consumer sentiment driven by economic expectations, raising questions about how to effectively boost consumer spending [3] Group 3 - Key issues affecting consumption include a low overall consumption rate among Chinese residents, a low proportion of service consumption in total spending, and significant regional disparities in consumption levels [3] - Recommendations for improving consumption include enhancing social security, optimizing supply systems, and implementing targeted measures for different income groups to address their specific constraints [3][4] - Suggestions for reform include increasing state-owned enterprise contributions to social security, raising urban and rural pension benefits, and expanding the "trade-in" policy to include service consumption to maximize its effectiveness [4]