Group 1: Economic Overview - In July, the total retail sales of consumer goods increased by 3.7% year-on-year, a decrease of 1.1 percentage points from the previous month [2] - The overall service market sales remained stable, with a 5.2% increase in service retail sales from January to July, consistent with the previous six months [2] - The contribution rate of final consumption expenditure to economic growth reached 52% in the first half of the year, an increase of 7.5 percentage points compared to the previous year [3] Group 2: Consumer Trends - The "old-for-new" policy and the consumption upgrade of certain goods showed positive growth, with retail sales of home appliances and audio-visual equipment increasing by 28.7% year-on-year in July [5] - Online retail sales reached 86.835 billion yuan, growing by 9.2% year-on-year, with physical goods online retail accounting for 24.9% of total retail sales [5] - The demand for cultural, sports, and entertainment products has expanded, with retail sales of sports and entertainment goods increasing by 13.7% and jewelry by 8.2% in July [5] Group 3: Service Consumption Growth - The summer season saw a strong increase in service consumption, particularly in tourism and entertainment, with transportation and postal services production index rising by 5.5% year-on-year [6] - The "ticket economy" has emerged, driven by sports events, significantly boosting local consumption in areas like dining, transportation, and accommodation [7] - New service retail sectors, such as indoor surfing and themed events, have seen substantial growth, with search volumes for related services increasing significantly [8] Group 4: Future Consumption Trends - As of 2024, the proportion of residents' per capita service consumption expenditure is expected to reach 46.1%, indicating significant growth potential compared to developed countries [9] - The service sector's contribution to GDP is projected to increase, with the average value added of the service industry in China being 54.6% over the past decade, suggesting room for further growth [9] - Emerging consumption patterns, including personalized and diversified consumption, are gaining traction, indicating a shift in consumer behavior [9]

Group 1 - The core viewpoint is that China's consumption structure is shifting from goods to services, driven by rising household income levels, with service consumption expected to accelerate [1] - By 2024, the proportion of per capita service consumption expenditure to total per capita consumption expenditure is projected to reach 46.1%, contributing 63% to the growth of household consumption expenditure [1] - Many households are now spending more on services such as housekeeping, fitness, tourism, beauty, education, and healthcare than on goods, indicating significant growth potential in service consumption [1] Group 2 - The recently issued policies, including the "Personal Consumption Loan Interest Subsidy Policy" and the "Service Industry Operating Entity Loan Interest Subsidy Policy," aim to enhance consumption capacity and expand effective supply from both demand and supply sides [1] - The main issue in the service consumption sector is the insufficient supply of high-quality services, and the loan subsidy policies are designed to support innovation in service consumption formats, models, and scenarios [1] - The service industry is characterized by a large employment capacity, and the loan subsidy policies will reduce financing costs for service providers, boosting their confidence and stimulating development [2]