Core Insights - The consumption market in China showed steady growth in October, driven by the National Day and Mid-Autumn Festival holidays, with new consumption patterns emerging and retail sales of new energy passenger vehicles increasing by 7.3% [1][2] Group 1: Retail Performance - In October, the total retail sales of consumer goods grew by 2.8%, with significant increases in the sales of communication equipment (23.2%), cultural and office supplies (13.5%), and furniture (9.6%) [1] - Basic living goods saw robust growth, with retail sales of grain and oil foods increasing by 9.1% and clothing and footwear by 6.3% [1] - Upgraded consumer goods experienced strong demand, with retail sales of gold and silver jewelry rising by 37.6%, sports and entertainment products by 10.1%, and cosmetics by 9.6% [1] Group 2: New Consumption Trends - New consumption categories are growing rapidly, with smart health devices sales increasing over 20%, smart wearable devices by approximately 4%, and organic food sales by over 8% [2] - The penetration rate of new energy passenger vehicles reached 57.2% in October, with retail sales growing by 7.3% [2] - Online retail sales of physical goods increased by 6.3% from January to October [2] Group 3: Rural and Service Consumption - Rural retail sales of consumer goods grew by 4.1% in October, outpacing urban growth by 1.4 percentage points [2] - From January to October, service retail sales increased by 5.3%, outpacing goods retail sales growth by 0.9 percentage points [3] - The tourism sector saw a significant boost, with inbound tourism reaching 751,000 foreign visitors during the National Day and Mid-Autumn Festival holidays, marking a 19.8% increase [3]

Core Insights - The consumption market in China is showing steady growth in October 2025, driven by the National Day and Mid-Autumn Festival holidays, with a retail sales total of 4.63 trillion yuan, reflecting a year-on-year increase of 2.9% [1] Consumption Trends - New consumption categories are experiencing rapid growth, with sales of smart health devices increasing by over 20% in October [1] - Sales of smart wearable devices grew by approximately 4% [1] - Sales of certain first-level energy-efficient appliances increased by over 10% [1] - Organic food sales saw a growth of over 8% [1] Automotive Sector - The retail sales volume of new energy passenger vehicles rose by 7.3% in October, achieving a penetration rate of 57.2% [1]

Core Insights - The consumption market in China is showing steady growth, with retail sales reaching 4.63 trillion yuan in October, a year-on-year increase of 2.9% [1] - From January to October, the total retail sales of consumer goods amounted to 41.2 trillion yuan, growing by 4.3%, which is 0.8 percentage points higher than the same period last year [1] Group 1: Goods Consumption - In October, the retail sales of goods increased by 2.8%, with significant growth in the sales of old-for-new related products, particularly in communication equipment, cultural and office supplies, and furniture, which grew by 23.2%, 13.5%, and 9.6% respectively [1] - Basic living goods saw rapid growth, with retail sales of grain and oil foods increasing by 9.1% and clothing and footwear by 6.3% [1] - There is strong demand for upgraded consumer goods, with retail sales of gold and silver jewelry, sports and entertainment products, and cosmetics increasing by 37.6%, 10.1%, and 9.6% respectively [1] Group 2: Service Consumption - From January to October, service retail sales grew by 5.3%, which is 0.1 percentage points faster than the previous three quarters and 0.9 percentage points faster than goods retail sales [2] - Driven by holiday travel demand, retail sales in tourism consulting, transportation services, and cultural and recreational services all maintained growth rates above 10% [2] - In October, restaurant income increased by 3.8%, accelerating by 2.9 percentage points compared to September [2] - The inbound tourism sector remains strong, with 751,000 foreign visitors during the National Day and Mid-Autumn Festival holidays, marking a 19.8% increase [2] Group 3: New Consumption Trends - In October, sales of smart health devices increased by over 20%, while smart wearable devices grew by approximately 4%, and sales of certain first-level energy-efficient appliances rose by over 10% [2] - Organic food sales also saw an increase of over 8% [2] - According to the China Automobile Dealers Association, the retail sales of new energy passenger vehicles grew by 7.3% in October, with a penetration rate of 57.2% [2] - From January to October, the online retail sales of physical goods increased by 6.3% [2] Group 4: Rural vs Urban Consumption - Rural consumption is outpacing urban consumption, with retail sales in rural areas growing by 4.1% in October, 1.4 percentage points faster than urban areas [2] - From January to October, rural retail sales increased by 4.6%, which is 0.4 percentage points faster than urban retail sales [2]

Core Insights - The retail sales of consumer goods in rural areas grew by 4.1% in October, outpacing urban growth by 1.4 percentage points [1][2] - The total retail sales of consumer goods reached 4.63 trillion yuan in October, with a year-on-year growth of 2.9% [1] - From January to October, the total retail sales amounted to 41.2 trillion yuan, reflecting a growth of 4.3%, which is 0.8 percentage points higher than the same period last year [1] Group 1: Consumer Goods - In October, the retail sales of goods increased by 2.8%, with significant growth in the sales of communication equipment (23.2%), cultural and office supplies (13.5%), and furniture (9.6%) [1] - Basic living goods saw rapid growth, with retail sales of grain and oil foods increasing by 9.1% and clothing and footwear by 6.3% [1] - The demand for upgraded consumer goods remained strong, with jewelry sales rising by 37.6%, sports and entertainment products by 10.1%, and cosmetics by 9.6% [1] Group 2: Service Consumption - From January to October, service retail sales grew by 5.3%, which is 0.9 percentage points faster than goods retail sales [2] - The demand for travel-related services surged, with retail sales in tourism consulting, transportation, and recreational services all maintaining over 10% growth [2] - In October, restaurant income increased by 3.8%, with a significant acceleration of 2.9 percentage points compared to September [2] Group 3: New Consumption Trends - In October, sales of smart health devices grew by over 20%, while smart wearable devices saw a growth of approximately 4% [2] - Sales of first-level energy-efficient home appliances increased by over 10%, and organic food sales grew by over 8% [2] - The retail volume of new energy passenger vehicles rose by 7.3% in October, achieving a penetration rate of 57.2% [2] Group 4: Rural vs Urban Consumption - Rural retail sales of consumer goods grew by 4.6% from January to October, surpassing urban growth by 0.4 percentage points [2] - The vitality of the lower-tier markets continues to expand, with county-level consumption showing robust growth [2]

Core Insights - The consumption market in China is showing steady growth, driven by the National Day and Mid-Autumn Festival holidays, with significant potential being released in October [1] Group 1: Product Consumption - In October, retail sales of goods increased by 2.8%, with notable growth in trade-in related products [1] - Retail sales of communication equipment, cultural and office supplies, and furniture grew by 23.2%, 13.5%, and 9.6% respectively [1] Group 2: Service Consumption - From January to October, service retail sales increased by 5.3%, accelerating by 0.1 percentage points compared to the first three quarters, and outpacing goods retail sales by 0.9 percentage points [1] Group 3: New Consumption Trends - In October, sales of smart health devices rose by over 20%, smart wearable devices increased by approximately 4%, sales of certain first-level energy-efficient appliances grew by over 10%, and organic food sales increased by over 8% [1] Group 4: Rural vs Urban Consumption - Rural consumption is growing faster than urban consumption, with county-level consumption expanding and the lower-tier market showing strong vitality [2]

Core Insights - The consumer market in October showed steady growth, driven by the National Day and Mid-Autumn Festival holidays, with total retail sales of consumer goods reaching 4.63 trillion yuan, a year-on-year increase of 2.9% [1] - From January to October, total retail sales of consumer goods amounted to 41.2 trillion yuan, growing by 4.3%, which is 0.8 percentage points higher than the same period last year [1] Group 1: Goods Consumption - Retail sales of goods increased by 2.8% in October, with significant growth in sales of trade-in related products, including communication equipment, cultural office supplies, and furniture, which grew by 23.2%, 13.5%, and 9.6% respectively [1] - Basic living goods saw rapid consumption growth, with retail sales of grain and oil food and clothing and footwear increasing by 9.1% and 6.3% respectively [1] - Demand for upgraded goods remained strong, with retail sales of gold and silver jewelry, sports and entertainment products, and cosmetics increasing by 37.6%, 10.1%, and 9.6% respectively [1] Group 2: Service Consumption - From January to October, service retail sales grew by 5.3%, accelerating by 0.1 percentage points compared to the previous three quarters, and outpacing goods retail sales by 0.9 percentage points [1] - Driven by holiday travel demand, retail sales in tourism consulting, transportation services, and cultural and recreational services all maintained growth rates above 10% [1] - Restaurant income increased by 3.8% in October, with a growth acceleration of 2.9 percentage points compared to September [1] - The inbound tourism sector remained robust, with 751,000 foreign visitors during the National Day and Mid-Autumn Festival holidays, marking a 19.8% increase [1] Group 3: New Consumption Trends - In October, sales of smart health devices grew by over 20%, while smart wearable devices saw approximately 4% growth, and sales of first-level energy-efficient appliances increased by over 10% [2] - The retail volume of new energy passenger vehicles grew by 7.3% in October, with a penetration rate of 57.2% [2] - From January to October, the online retail sales of physical goods increased by 6.3% [2] Group 4: Rural vs Urban Consumption - Rural consumption outpaced urban consumption, with rural retail sales of consumer goods growing by 4.1% in October, 1.4 percentage points faster than urban areas [2] - From January to October, rural retail sales of consumer goods increased by 4.6%, outpacing urban growth by 0.4 percentage points [2]

Core Viewpoint - The "15th Five-Year Plan" emphasizes significantly increasing the resident consumption rate as a primary goal, focusing on expanding domestic demand and promoting consumption through various new proposals [1]. Group 1: Economic Growth and Consumption - The reasonable growth range for China's economy during the "15th Five-Year Plan" is estimated to be between 4.5% and 5.5%, considering the current economic scale and potential growth rate [2][3]. - The plan highlights the need for a flexible approach to economic growth, with a lower limit to ensure employment and a higher limit to prevent inflation and promote structural adjustments [3]. Group 2: Enhancing Resident Consumption Rate - To address the low resident consumption rate, solutions should be sought from both the income and supply sides, including expanding the middle-income group and increasing public service spending [3][4]. - Three key actions are necessary to enhance resident consumption: increasing the share of new consumption types, enriching consumption scenarios, and ensuring the implementation of national policies to stimulate consumption [4]. Group 3: Real Estate and Automotive Markets - The plan proposes removing unreasonable restrictions on automotive and housing consumption, as both sectors have significant economic impacts and can stimulate related industries [5][6]. - The real estate market is expected to see slight growth over the next five years, with its stability being crucial for consumer confidence and financial system stability [7]. Group 4: Role of Consumption, Investment, and Exports - Consumption is projected to play a dual role as both a "ballast" and a "main engine" for economic growth, with expectations that its contribution to GDP growth will exceed 60% [12][13]. - Investment will shift focus from total volume to structural optimization, supporting high-quality development in sectors like high-end manufacturing and technology [13]. - Exports will serve as a stabilizer, maintaining their importance due to China's comprehensive industrial system, despite potential fluctuations [12][14]. Group 5: Service Industry and Market Opening - The emphasis on expanding the service industry as a key area for market opening indicates a strategic shift towards enhancing service sector competitiveness and internationalization [20][21]. - The growing middle-income group and the increasing share of services in GDP highlight the need for improved service quality and management practices to meet consumer demands [21].

Core Points - The "15th Five-Year Plan" emphasizes significantly increasing the resident consumption rate as a primary goal, focusing on expanding domestic demand and promoting consumption [1] - The plan proposes a combination of investments in goods and people, increasing public service spending, and removing unreasonable restrictions on consumption in sectors like housing and automobiles [1][4] Economic Growth Targets - The reasonable economic growth rate for China during the "15th Five-Year Plan" is projected to be between 4.5% and 5.5%, considering the large economic base and potential growth rate [4][5] - The plan aims to align with the long-term goal of achieving a per capita GDP comparable to that of moderately developed countries by 2035 [4] Resident Consumption Rate - To address the low resident consumption rate, strategies should focus on expanding the middle-income group and increasing public service spending to enhance consumer confidence [5][6] - New consumption patterns should prioritize human-centered consumption, with a focus on sectors like the silver economy, infant products, and women's economy [6] Role of Real Estate - The real estate market is expected to experience slight growth over the next five years, with its stability being crucial for consumer confidence and financial system stability [7][8] - The removal of unreasonable restrictions on housing and automobiles is aimed at releasing suppressed consumer demand, which is vital for economic growth [7] Consumption, Investment, and Export Dynamics - Consumption is projected to play a dual role as both a "ballast" and a "main engine" for economic growth, with expectations that it will contribute over 60% to GDP growth [12] - Investment will serve as an "incubator" and "accelerator," focusing on optimizing economic structure and transitioning to high-quality development [13] - Exports will act as a "stabilizer," maintaining their importance despite potential fluctuations, supported by China's comprehensive industrial system [12][13] Service Industry Development - The shift in focus towards expanding the service sector reflects a strategic change, with the service industry expected to drive future economic growth and competitiveness [19][20] - The growing middle-income group and the increasing share of services in GDP highlight the need for improved service quality and international engagement in service management [20]

习近平总书记指出："扩大内需既关系经济稳定，也关系经济安全，不是权宜之计，而是战略之 举。""十五五"规划建议提出，"以新需求引领新供给，以新供给创造新需求，促进消费和投资、供给和 需求良性互动"。 干字当头、奋发有为，闻名遐迩的"花炮之乡"湖南浏阳市把扩大内需作为关键抓手，多措并举，更好发 挥内需拉动经济增长的主动力和稳定锚作用。 激发消费市场更大活力 "来浏阳，欣赏一场绚烂的烟花。"2023年2月以来，浏阳开展超过140场创意焰火燃放活动，吸引游客近 800万人次，其中外地游客占比达90%以上。 据初步统计，浏阳创意焰火燃放活动拉动消费超200亿元，带动吃、住、行、游、购、娱等消费全链条 增长。今年前10月，浏阳接待游客突破4000万人次，实现旅游花费近410亿元，位列"全国县域旅游综合 实力百强县"。 拓展有效投资空间 晚上，装修一新的浏阳通程商业广场流光溢彩，人气火爆。这家于2009年5月建成开业的商场，一度由 于跟不上消费新需求，门可罗雀。 去年，通程商业广场迎来升级：投资5000万元，改造成一个适合居民赏景游玩、户外休闲、时尚购物的 浏阳河畔城市美好生活中心。"修葺一新的购物环境，和50多家浏阳首 ...

Core Insights - The article emphasizes the importance of China's super-large market advantage as a strategic asset for economic development and modernization [1][5][6] - It highlights the continuous growth of domestic consumption and the shift towards service consumption as key trends in the market [2][3] Group 1: Market Growth and Consumption Trends - China's social retail sales reached 36.5877 trillion yuan in the first three quarters of this year, with a year-on-year growth of 4.5%, accelerating by 1.2 percentage points compared to the previous year [2] - The retail sales of social consumer goods are projected to grow from 39.1 trillion yuan in 2020 to 48.3 trillion yuan in 2024, with an average annual growth rate of 5.5% [1] - Service retail sales are expected to grow by 6.2% in 2024, outpacing goods retail sales by 3 percentage points, indicating a shift towards service-oriented consumption [2] Group 2: New Consumption Patterns - New consumption formats are emerging, integrating experiences such as shopping, exhibitions, and entertainment, enhancing leisure experiences for consumers [3] - Innovative products and cultural items, including traditional clothing and local specialties, are gaining popularity both domestically and internationally [3] Group 3: Strategic Initiatives and Future Outlook - The "14th Five-Year Plan" emphasizes expanding domestic demand as a strategic foundation, focusing on three key tasks: expanding increments, improving efficiency, and ensuring smooth circulation [5][6] - The plan aims to enhance government investment in public welfare and infrastructure, optimize investment structures, and eliminate market barriers to fully leverage the benefits of the super-large market [6] - The eighth China International Import Expo saw a record high in participating enterprises, with intended transaction amounts reaching 83.49 billion USD, reflecting strong market engagement [5]