Consumption Data Overview - Beijing's total retail sales in Q1 2025 decreased by 3.3% year-on-year, contrasting with a national increase of 4.6%[5] - The sales of communication equipment in Beijing fell by 24.9%, while automobile sales dropped by 19.9%, significantly underperforming the national averages of 26.9% and -0.8% respectively[5] - Approximately 1.5 million car owners in Beijing applied for vehicle replacement subsidies, representing 0.069% of the city's permanent population[5] Consumer Behavior Insights - The consumer employment satisfaction index in Beijing was 80.8, down 4.3 points from the previous quarter and significantly lower than 103.9 a year earlier, indicating increased pressure on consumer sentiment[5] - Despite stable unemployment rates at 4.1% in Beijing, consumer willingness to participate in replacement programs appears low, suggesting subjective perceptions of economic conditions are affecting behavior[5] Market Dynamics - Gold sales in Beijing accounted for 19.74% of the national total in Q1 2025, up from 17.2% in 2024 and 14.8% in 2023, indicating a rising consumer preference for gold amid price increases[5] - The retail sales growth in Haidian District was notably negative at -13.9%, with commodity sales down 15.2% and dining down 6.9%[5] Comparative Analysis - Historical data shows that major cities like Beijing, Shanghai, and Tianjin have consistently underperformed the national average in retail sales growth, with 2019 figures at 4.4%, 6.5%, and -0.3% respectively, compared to a national average of 8%[5] - The trend of declining consumption growth in large cities may be attributed to the diminishing benefits of urban-rural transition and a slowdown in population growth[5] Risks and Considerations - There are significant risks related to the representativeness of individual city data, as economic performance varies widely across regions[5] - Non-economic factors such as urban planning and tariff disputes may have a greater impact on consumption data than previously anticipated[5]