Core Viewpoint - The article emphasizes the shift in consumer behavior in China, where spending is increasingly viewed as a form of investment rather than mere consumption, reflecting a desire for value retention and appreciation in purchases [5][15][48]. Group 1: Consumer Behavior Trends - In Shanghai, large-scale consumption vouchers have led to significant increases in sales, particularly in gold jewelry, indicating a strong consumer interest in both consumption and investment [2][3]. - The Consumer Price Index (CPI) data shows a stark contrast between the rising prices of gold (up 40.1%) and the overall CPI, which decreased by 0.1%, highlighting a trend where consumers are prioritizing investment-like purchases [3][5]. - The concept of "investment-style consumption" is becoming prevalent, where consumers are not just buying goods but are also considering their potential for value retention and appreciation [6][17][24]. Group 2: Policy and Economic Context - The Chinese government has implemented various policies to stimulate consumption, including subsidies for replacing old goods, which have significantly boosted sales across multiple categories [7][8]. - Despite the push for increased consumer spending, the actual contribution of consumption to GDP has remained relatively stable, indicating that the growth in consumer loans has not translated into proportional increases in retail sales [18][20]. - Recent trends show a surge in consumer loans, with banks aggressively promoting these products, but much of this borrowing is being redirected towards investments rather than direct consumption [21][22]. Group 3: Service Consumption - There is a notable shift towards service consumption, which includes spending on experiences rather than physical goods, yet this segment remains underreported in official statistics [30][32]. - Current data indicates that while product consumption has returned to historical levels, service consumption lags behind at only 87.7% of historical trends, suggesting untapped potential in this area [34][38]. - The quality and quantity of service supply are critical to meeting consumer demand, and enhancing service offerings could be a key strategy for stimulating further consumption growth [35][41].