Core Insights - The People's Bank of China conducted a survey in 50 cities, revealing a decline in income and employment sentiment among urban residents in the second quarter of 2025 [1][2] Income and Employment Sentiment - The income perception index stands at 45.0%, down by 1.2 percentage points from the previous quarter, with 10.2% of residents feeling their income has "increased" [1] - The employment perception index is at 28.5%, a decrease of 1.8 percentage points, with 6.4% believing "the situation is good, and employment is easy" [1] Price and Housing Expectations - The price expectation index for the next quarter is 56.4%, down by 0.7 percentage points, with 20.3% expecting prices to "rise" [1] - For housing prices, 8.9% of residents expect "an increase," while 21.7% anticipate a "decrease" [2] Consumer Behavior and Investment Preferences - 23.3% of residents prefer "more consumption," a decrease of 0.5 percentage points, while 63.8% lean towards "more savings," an increase of 1.5 percentage points [2] - The top five preferred investment methods are "bank non-principal guaranteed wealth management," "fund trust products," "stocks," "bonds," and "non-consumption insurance," with respective preferences of 34.8%, 24.7%, 16.3%, 15.3%, and 9.8% [2] Future Spending Plans - The top five items residents plan to increase spending on in the next three months are travel (32.1%), education (31.9%), healthcare (29.3%), social culture and entertainment (24.0%), and large goods (21.1%) [2]

德国8月消费者信心意外回落 储蓄意愿升至一年半新高 金十数据7月24日讯，周四公布的调查显示，在经济持续不确定的背景下，德国家庭支出意愿进一步萎 缩，德国8月Gfk消费者信心指数从7月的-20.3点意外降至-21.5点，市场预期将微升至-19.2点。纽伦堡市 场决策研究所（NIM）消费者分析师罗尔夫·布尔克指出："消费者信心复苏一再推迟，储蓄意愿再度攀 升"，目前已达到近一年半来的最高水平。他补充称："普遍不确定性、对困难局面的预防性需求，尤其 是食品等商品的高价格是主要原因。" ...

Group 1 - The core consumer willingness index for Q2 2025 is 120.2, which is a decrease of 1.2 points from the previous quarter and a decline of 7.1 points compared to the same period last year [5][6] - The contribution rate of final consumption expenditure to economic growth in the first half of the year reached 52%, up from 49.9% in the first three quarters of last year [3][12] - The report indicates a significant drop in consumer expectation willingness, which is attributed to the complex domestic and international economic situation, leading to increased risk aversion and a higher savings willingness among consumers [5][6] Group 2 - The phenomenon of rising savings willingness among consumers is noteworthy, with savings being the primary use of disposable income, followed by education for children, travel, mortgage repayment, and medical expenses [6][7] - The "old-for-new" consumption policy has driven sales of 2.9 trillion yuan, benefiting approximately 400 million consumers, and has contributed to the growth of the retail sector [9][10] - Experts express concerns about the diminishing effectiveness of the "old-for-new" policy in the second half of the year, suggesting the need for further adjustments to consumption promotion policies [10][12] Group 3 - The restaurant industry has shown a decline in revenue growth, with June's year-on-year growth rate dropping to 0.9%, indicating potential challenges for the sector [13] - Recommendations for the restaurant industry include stabilizing growth, employment, and expectations to boost consumer confidence, as well as tax relief for small and medium-sized enterprises [13]

"消费者家庭日常支出之外的余钱主要用于储蓄、子女培养教育、旅游、还房贷和医疗。其中，储蓄排名第一，旅 游消费表现强劲。"4月20日发布的《2025年一季度中国消费者消费意愿调查报告》（以下简称《报告》）如是显 示。 《报告》还指出，尽管一季度消费者意愿较此前有所回升，但整体偏弱。 基于这样的调查结果，作为今年"头号任务"的提振消费，着力点该放在哪里？对此，中国中小商业企业协会和立 信数据研究院在4月20日举行的《报告》发布会上，从消费者的角度出发，进行了解读。 根据《报告》，"余钱"用途排在前五位的依次是储蓄、子女培养教育、旅游、还房贷、医疗，选择比重分别为 48.8%、45.5%、33.1%、32.6%、29.3%，此外，10.4%的消费者表示在日常消费开支之外"没有余钱"。值得注意的 是，消费能力强的高收入消费者的储蓄意愿持续高于中等的低收入消费者。 然而，在总体消费意愿偏弱的背景下，消费者对旅游消费仍表现出较强劲的需求。《报告》分析认为，一方面体 现了消费结构升级的趋势仍在延续，另一方面也表明旅游作为释放压力的一种消费，对于面对各种不确定性困扰 的消费者来说，正发挥着独特的作用。 据南都记者采访和观察， ...