Core Viewpoint - The consumption market in Gansu is experiencing a significant recovery, driven by policy benefits and market vitality, with a notable increase in retail sales of consumer goods. Group 1: Consumption Market Performance - From January to October, Gansu's total retail sales of consumer goods reached 354.52 billion yuan, showing a year-on-year growth of 2.5% [1] - The restaurant industry has seen a resurgence, with long queues at local specialty dining establishments and night markets [1] - The demand for new energy vehicles, home appliances, and furniture has surged, with retail sales growth exceeding 20% for these categories in the first half of the year [1] Group 2: Emerging Consumption Trends - The rise of green, smart, and experiential consumption is becoming a new trend in Gansu's market, with significant increases in orders for AI energy-saving air conditioners and smart refrigerators [2] - The demand for mid-to-high-end home appliances is being driven by the "old-for-new" policy, with consumers benefiting from subsidies [2] - New energy vehicle consumption has seen a remarkable growth rate of 38.1% in the first three quarters of 2025 [2] Group 3: Tourism and Cultural Consumption - Gansu welcomed 400 million tourists from January to September, generating tourism spending of 315.6 billion yuan, marking a substantial year-on-year increase [2] - The integration of cultural and tourism experiences is expanding the market, with activities ranging from cultural studies at Dunhuang Mogao Caves to eco-experiences in Gannan [2] Group 4: Promotional Activities and Infrastructure - Gansu has implemented various promotional activities such as "old-for-new policy benefits + special promotions," "New Year goods festival," and "automobile exhibition," which have stimulated diverse consumer demand [3] - The combination of promotional events and infrastructure upgrades is continuously igniting market enthusiasm [3] - The ongoing trend of consumption upgrading and the release of policy effects are expected to create new opportunities for high-quality economic development in the province [3]

Group 1 - The core idea emphasizes the importance of both consumption and investment in driving domestic demand and social reproduction, highlighting the need for effective government investment to stimulate a virtuous cycle between investment and consumption [1][2] Group 2 - The focus should shift towards "investment in people," prioritizing social infrastructure such as education, healthcare, and cultural services to enhance human capital and boost consumption [1] - Investment should be directed towards consumption upgrade areas, particularly in technology innovation, new infrastructure, and green consumption, to unlock new growth avenues [1] - There is a need to enhance urban infrastructure and public services to release the consumption potential of urban residents and migrant populations [1] Group 3 - Deepening reforms is essential to promote the linkage between investment and consumption, addressing market access restrictions and price controls that hinder private investment in sectors like education and healthcare [2] - By adjusting prices and attracting social capital investment, the government can amplify the effects of public investment while ensuring that wage increases and subsidies for low-income groups keep pace with rising costs [2] - Expanding investment in social welfare and consumption upgrade sectors will not only stimulate domestic demand and consumption but also support long-term economic transformation [2]

消费市场总体平稳 消费不仅关系经济发展，也和民生改善紧密相关。从累计增速来看，今年的社会消费品零售总额增 长好于去年。不过，论单月，近期社会消费品零售总额增速有所回落。怎么看？ "主要是因为去年同期基数较高。"国家统计局新闻发言人付凌晖解释，总的看，11月份消费市场总 体平稳，消费规模继续扩大，服务消费较快增长。 商品消费持续扩大，品质消费带动增强。11月份限额以上单位文化办公用品类、通讯器材类商品零 售额同比分别增长11.7%和20.6%，继续保持较快增长。消费品质要求逐步提升，食品等基本生活消费 较快增长。11月份限额以上单位粮油食品类零售额同比增长6.1%。消费升级带动下，美容化妆、金银 饰品等相关商品销售增势较好。 服务消费较快增长，文体消费发展较好。1—11月份，服务零售额同比增长5.4%，连续3个月回 升，而且快于商品零售额增速，服务消费在全部消费中的比重提升。随着居民精神文化需求不断扩大， 文化体育等消费新场景新供给加快培育，冰雪运动等体育活动普及发展，促进了相关服务零售较快增 长。1—11月份，文体休闲服务类零售额保持两位数增长。 人民日报海外版记者 李婕 冰雪经济"热"力十足；数字消费方兴未 ...

消费市场总体平稳 消费不仅关系经济发展，也和民生改善紧密相关。从累计增速来看，今年的社会消费品零售总额增 长好于去年。不过，论单月，近期社会消费品零售总额增速有所回落。怎么看？ "主要是因为去年同期基数较高。"国家统计局新闻发言人付凌晖解释，总的看，11月份消费市场总 体平稳，消费规模继续扩大，服务消费较快增长。 冰雪经济"热"力十足；数字消费方兴未艾；绿色产品线上线下热销……消费市场正乘着浓浓新意向 前。国家统计局数据显示，1—11月份，社会消费品零售总额同比增长4%，增速不仅快于上年同期，也 快于上年全年。 国家统计局新闻发言人近日表示，今年以来，提振消费专项行动深入实施，消费品以旧换新政策发 力显效，促进了消费规模扩大、消费结构升级、消费动能焕新，带动了消费潜能释放。下阶段，要继续 深入实施提振消费专项行动，促进消费市场持续稳定健康发展。 "我国消费稳步扩大是人均GDP超过1万美元、消费结构升级发展的必然表现，也是促消费政策持续 发力、消费潜能释放的结果，还是新技术新模式广泛渗透、消费新增长点不断涌现的反映。"付凌晖 说。 着力释放消费潜力 商品消费持续扩大，品质消费带动增强。11月份限额以上单位文化办 ...

冰雪经济"热"力十足；数字消费方兴未艾；绿色产品线上线下热销……消费市场正乘着浓浓新意向前。 国家统计局数据显示，1—11月份，社会消费品零售总额同比增长4%，增速不仅快于上年同期，也快于 上年全年。 国家统计局新闻发言人近日表示，今年以来，提振消费专项行动深入实施，消费品以旧换新政策发力显 效，促进了消费规模扩大、消费结构升级、消费动能焕新，带动了消费潜能释放。下阶段，要继续深入 实施提振消费专项行动，促进消费市场持续稳定健康发展。 消费市场总体平稳 消费不仅关系经济发展，也和民生改善紧密相关。从累计增速来看，今年的社会消费品零售总额增长好 于去年。不过，论单月，近期社会消费品零售总额增速有所回落。怎么看？ "主要是因为去年同期基数较高。"国家统计局新闻发言人付凌晖解释，总的看，11月份消费市场总体平 稳，消费规模继续扩大，服务消费较快增长。 商品消费持续扩大，品质消费带动增强。11月份限额以上单位文化办公用品类、通讯器材类商品零售额 同比分别增长11.7%和20.6%，继续保持较快增长。消费品质要求逐步提升，食品等基本生活消费较快 增长。11月份限额以上单位粮油食品类零售额同比增长6.1%。消费升级带动下 ...

近日，在中华环境保护基金会与中国商业联合会联合发布的"2025年绿色消费典型创新案例"评选中，苏 宁易购凭借"全生命周期的绿色零售服务实践"成功入选，成为零售业绿色转型的示范企业。麦德龙、蚂 蚁科技、星巴克(中国)等多家知名企业与组织也一同获评。 2025年以来，苏宁易购围绕"绿色运营、绿色消费、绿色物流、绿色回收"等维度，系统构建了覆盖供应 链、销售、服务与回收的全链路绿色生态。公司响应国家"两新"政策，创新融合"国补+厂补+苏宁补"三 重补贴机制，打造"以旧换新"一体化消费模式，并通过"送新收旧一步式""五免四不限"等服务承诺，切 实降低消费者参与门槛，提升回收效率。 在技术应用方面，企业借助自研AI大模型"灵思"实现绿色商品的精准推荐，利用区块链技术建立家电回 收全流程可信追溯体系。目前，苏宁易购已在30个城市落地行业标准化绿色仓储，规模化推广循环快递 箱与新能源物流车辆，推动物流环节持续减碳。其绿色采购平台中节能产品占比达70%，废旧家电规范 回收网络覆盖全国，形成可复制、可推广的系统经验。 此次入选国家级奖项，标志着苏宁易购绿色实践获得高度认可。面向未来，苏宁易购表示，将继续深化 全链路绿色生态，携 ...

Core Insights - The direct selling model is aligning well with changing consumer demands and trends, reshaping the industry's future [1] - The Chinese consumption market is undergoing profound changes, with the national trend economy expected to reach 2.29 trillion yuan in 2024, driven largely by the "Z Generation" [1] - The aging population is projected to contribute significantly to the economy, with the silver economy expected to reach 7 trillion yuan [1] Consumption Trends - The shift in China's consumption structure is moving from quantity to quality, emphasizing emotional value over functional value [4] - Retail sales of consumer goods are expected to grow from 25.9 trillion yuan in 2014 to 48.3 trillion yuan in 2024, an increase of over 80% [4] - Service consumption is growing faster than goods consumption, with health-related spending increasing at an annual rate of 9.8% from 2013 to 2024 [4] Z Generation Consumption - The "Z Generation" (born 1995-2009) comprises about 260 million people, contributing 40% of total consumption, with their spending projected to quadruple to 16 trillion yuan by 2035 [7] - This generation values personalization and seeks recognition through niche consumption, with a significant portion being rational consumers [7] - Direct selling can leverage the rational consumption habits of the Z Generation by providing expert knowledge and personalized products [7] Silver Economy - By the end of 2024, the population aged 60 and above in China is expected to exceed 300 million, with the silver economy projected to reach 19.1 trillion yuan by 2035 [10] - The health consumption patterns of the elderly are evolving, with a notable increase in demand for senior-friendly products, such as fitness equipment and health supplements [10][11] - The shift from passive treatment to proactive prevention in health-related products presents a significant market opportunity [11] Green Consumption - Green consumption is becoming a mainstream trend, with 83% of consumers willing to pay a premium for smart health appliances [14] - Sales of health monitoring devices are expected to grow by 41.6% year-on-year in Q1 2025, reflecting the rising demand for smart consumer products [14] - Direct selling companies are integrating sustainable development into their core strategies, enhancing consumer trust in green products [14] Direct Selling Model Advantages - The direct selling model's personalized service and strong social attributes align well with new consumer demands [18] - Direct sellers can effectively cater to the Z Generation's preference for experiential and personalized products through social media engagement [18] - The model's one-on-one service can meet the specialized health needs of the elderly, positioning direct sellers as trusted health advisors [18] Future Market Outlook - The evolution of three major consumer forces and the adaptability of the direct selling model create a roadmap for future market changes [19] - Direct selling companies that align with consumer trends and provide high-quality offerings can secure advantageous positions in the expanding market [19] - The industry is poised for a resurgence, with the direct selling model's compatibility with new consumption trends indicating a bright future ahead [19]

Core Viewpoint - Recent policies from central and local governments aim to significantly boost consumption through financial tools and support, indicating a strong commitment to enhancing consumer spending [1] Group 1: Policy Focus Areas - The policies are driven by a dual approach of "commerce" and "finance," targeting the entire consumption chain [3] - The first key area is the upgrade of "physical goods," specifically mentioning durable consumer goods and digital products, with a strong emphasis on automobiles [3] - The second key area focuses on the expansion and quality enhancement of "service consumption," including sectors like home services, tourism, elderly care, education, and healthcare [3] - The third key area is the cultivation of "new consumption," highlighting green consumption, digital consumption, and the integration of technology with consumption [4] Group 2: Investment Opportunities - Long-term investment strategies should focus on sectors backed by national blueprints with significant market potential, such as smart connected vehicles, consumer electronics, and the silver economy [5] - Short-term investment opportunities include sectors directly benefiting from policies like the trade-in programs and financial support for durable goods, as well as those recovering from service consumption, such as tourism and offline retail [5] - Technology companies providing infrastructure for new consumption, such as digital payment and e-commerce service providers, are also highlighted as potential investment targets [5]

Core Viewpoint - The recent Central Economic Work Conference emphasizes the need for financial institutions to enhance support for expanding domestic demand, leading to the issuance of a notification aimed at boosting consumption through 11 policy measures [1][3]. Group 1: Policy Measures - The notification outlines 11 policy measures focusing on key areas such as commodity consumption, service consumption, new consumption types, consumption scenarios, and consumer assistance [1][3]. - It encourages local business departments to collaborate with financial management departments to establish effective coordination mechanisms to address challenges in implementing financial support for consumption [3][7]. Group 2: Financial Support - The notification highlights the importance of enhancing financial services for durable goods and digital products, aiming to unlock the potential for upgrading commodity consumption [5]. - It proposes innovative financial products and services tailored to various service consumption sectors, including home services, hospitality, entertainment, education, tourism, and elder care [5][6]. Group 3: Consumption Scenarios and Assistance - The notification calls for the development of diverse consumption scenarios and assistance measures, including specialized loan products for rural e-commerce and county-level commercial improvements [6]. - It emphasizes the integration of financing, settlement, and insurance services to support the construction of international consumption centers and convenient living circles [6]. Group 4: Cooperation and Information Sharing - The notification encourages a collaborative approach among government, financial institutions, and enterprises to conduct diverse consumption promotion activities and share information effectively [7]. - It suggests establishing a regular "government-finance-enterprise" platform to facilitate information sharing and risk-sharing, addressing the issue of short-term credit withdrawal after promotional activities [7][8].

Core Viewpoint - The joint notification from the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau aims to strengthen collaboration between commerce and finance to boost and expand consumption in China [1][2]. Group 1: Policy Measures - The notification outlines 11 policy measures across three main areas, encouraging the synergy of government, finance, and enterprises to promote consumption through diverse activities and information sharing [1][2]. - Local commerce departments are encouraged to utilize existing funding channels to conduct consumption promotion activities, enhancing the effectiveness of financial support [2]. - The notification emphasizes the importance of financial institutions in supporting key consumption areas, including health, culture, and new consumption fields like digital and green consumption [2][3]. Group 2: New Consumption Development - The notification promotes the development of new consumption models, focusing on risk control and commercial sustainability, and encourages financial support for emerging sectors such as green and digital consumption [2][3]. - It highlights the role of digital RMB smart contracts and improved inbound payment convenience to empower cities with active consumption ecosystems [3]. Group 3: Upgrading Consumption - The notification calls for enhanced financial services for durable goods and digital products, aiming to meet consumer demand for upgrades [4]. - Financial institutions are encouraged to collaborate with platforms and key merchants to improve payment services, including installment plans and digital RMB [4]. - Policies supporting trade integration and cross-border supply chain financing are emphasized to facilitate the entry of quality foreign products into the domestic market [4]. Group 4: Economic Context - The notification is part of broader macroeconomic policies aimed at stabilizing the economy and promoting domestic demand, with recent indicators showing positive trends in consumer prices and production [5]. - The Ministry of Commerce plans to work with financial authorities to ensure the effective implementation of these measures, contributing to a strong start for the 14th Five-Year Plan [5].