Core Insights - The consumer market in China has shown stable growth in the first three quarters of 2025, with total retail sales of consumer goods reaching 365,877 billion yuan, a year-on-year increase of 4.5%, accelerating by 1.2 percentage points compared to the same period last year and 1.0 percentage point compared to the entire previous year [3][5][9] Group 1: Consumer Spending and Economic Contribution - Final consumption expenditure contributed 53.5% to economic growth, driving GDP growth by 2.8 percentage points, an increase of 9.0 percentage points compared to the previous year [2] - In the third quarter, the contribution rate of final consumption expenditure rose to 56.6%, contributing 2.7 percentage points to GDP growth [2] Group 2: Retail Sales Performance - Retail sales of consumer goods in urban areas reached 316,838 billion yuan, growing by 4.4%, while rural retail sales amounted to 49,039 billion yuan, with a growth rate of 4.6% [5] - The online retail sales of physical goods reached 91,528 billion yuan, increasing by 6.5%, accounting for 25.0% of total retail sales [9] Group 3: Product Categories and Trends - Retail sales of goods totaled 324,888 billion yuan, with a year-on-year growth of 4.6%, and retail sales in limited enterprises increased by 5.1% [7][13] - Basic living goods such as food, clothing, and daily necessities saw retail sales growth of 8.0%, 3.1%, and 7.4% respectively [13] Group 4: Service Consumption Growth - Service retail sales grew by 5.2%, outpacing goods retail sales by 0.6%, with significant growth in cultural, sports, leisure, and travel services [14] - The railway passenger volume reached 3.54 billion, a 6% increase, while box office revenue grew by 20.7% [14] Group 5: Price Trends - The overall price level in the consumer sector remained stable, with the core CPI rising by 0.6% year-on-year, an increase of 0.2 percentage points compared to the first half of the year [17]