政企学研共聚首，共话消费新未来。本届大会将邀请中央单位有关部门负责人、行业组织代表、知名学者及企业嘉宾，聚焦消费政策导向、市场创新趋 势等前沿议题，围绕培育新型消费、创新消费场景、提升消费信心等话题展开深度交流，为释放消费潜力、扩大内需凝心聚力。 本次大会将以"新格局、新供给、新引擎"为主题，采取"深度交流+场景体验+系列直播"的线上线下创新互动形式，多维展现国民消费领域的发展成果与 创新实践。 2025年是"十四五"收官之年，也是"十五五"规划的谋篇布局之年。消费环境迎来哪些新升级？市场又涌现了哪些新活力？消费理念发生了怎样的新变 化？为洞察新格局、激发新供给、驱动新引擎，11月29日，人民网将在北京举办2025国民消费大会。人民优选主题体验、"百日直播行动·AI赋能美好生 活"系列直播也将同步开启。 作为大会重要配套环节的"精品消费月·职工关爱季"主题活动将同步启动。该活动将联合在京机关企事业单位的工会部门、后勤保障部门，围绕健康消 费、绿色消费、智能消费、时尚消费，借势元旦、春节"双节"节点，持续开展"精品消费月·职工关爱季"活动，并根据职工需求，引进一批消费精品，打造 人民优选服务专区。此外，全国驻京 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ Bespoke团队指出，自10月以来，必需消费品板块跌幅达到了标普500指数的三倍，非必需消费品板块则 以5.2%的跌幅，成为这段时间里美股市场表现最差板块之一。 值得一提的是，历史上，必需消费品板块的股价表现，往往与提供非必需商品和服务的非必需消费品公司 形成对比——必需消费品板块股票涵盖消费者无论经济状况如何都会购买和使用的必需品，因此通常被视 为防御性股票，有助于对冲投资组合风险；而非必需消费品股票具有周期性特征，因为经济增长放缓或衰 退期间消费者往往减少支出。 因此，这两个板块以往很少同步波动，但今年却是罕见地同步了。 美国消费领域突然传来利空信号。 美东时间11月21日，美国密歇根大学公布的数据显示，美国11月消费者信心终值从10月的53.6降至 51。当前状况指数下滑7.5点至51.1，创历史新低。美国消费者对个人财务状况的预期更是降至2009年 以来的最低水平。 与此同时，美股市场的消费板块也持续遭遇抛售。据Bespoke最新发布的报告，自10月以来，美股必需 消费品板块跌幅达到了标普500指数的三倍，非 ...

新华财经伦敦11月21日电 最新数据显示，英国的社会零售走强不具备持续性，10月份还是大幅下跌 了。 英国国家统计局21日公布的数据显示，10月份，英国的社会零售环比下跌1.1%。9月份，这一数据最新 调整为增长0.7%，超出市场预期。 英国国家统计局把零售下跌的部分原因归于即将开始的"黑色星期五"促销。英国国家统计局指出，即将 开始的年度促销，使得部分消费者推迟购买，把消费活动押后，导致10月份的零售数据下跌。 但英国10月份社会零售下跌，更多的原因是消费者对宏观经济、个体财政等感觉不好。英国零售协会20 日公布的调查数据显示，英国消费者10月份的消费信心大幅下跌。 （文章来源：新华财经） 此前，英国国家统计局的数据显示，9月份，英国的经济增长环比已经陷入萎缩。在这样的情况下，很 难指望社会零售持续增长。 在截至10月份的三个月里，英国的社会零售环比增长1.1%。 ...

VTech Holdings Limited 2025/2026 Interim Results Announcement Revenue by Region For the six months ended 30 September | (US$ M) | 2025 | % | 2024 | Change | | --- | --- | --- | --- | --- | | North America | 398.3 | 40.2 | 453.1 | -12.1% | | Europe | 429.0 | 43.3 | 462.1 | -7.2% | | Asia Pacific | 150.4 | 15.2 | 159.4 | -5.6% | | Other Regions | 13.4 | 1.3 | 15.1 | -11.3% | | Total | 991.1 | 100.0 | 1,089.7 | -9.0% | 13 November 2025 Financial Review 2 Financial Highlights For the six months ended 30 Septemb ...

Investment Rating - The report maintains a cautious stance on the consumer sector, particularly essential consumer goods, due to ongoing economic pressures and declining consumer confidence [4][58]. Core Insights - Consumer confidence continues to decline, with the University of Michigan Consumer Sentiment Index dropping to 53.6 in October from 55.1 in September, marking the third consecutive month of decline [1][7]. - Inflation appears to be stabilizing, with the Consumer Price Index (CPI) showing a year-on-year increase of 3.0% in September, while core CPI also increased by 3.0% [9][12]. - The labor market shows signs of weakness, with ADP reporting a decrease of 32,000 jobs in September and job openings falling to 7.227 million [13][17]. - The essential consumer goods sector is experiencing mixed performance, with alcohol prices rebounding moderately while food and beverage inflation shows significant divergence across categories [24][28]. Summary by Sections Macroeconomic Overview - Consumer confidence is declining, with the confidence index at 53.6 in October, down from 55.1 in September [1][7]. - Inflation is stabilizing, with September CPI at 3.0% year-on-year and core CPI also at 3.0% [9][12]. - The labor market is weak, with a decrease of 32,000 jobs reported by ADP in September [13][17]. - Credit data shows a decrease in revolving credit by $5.958 billion in August, indicating cautious consumer borrowing [19]. Essential Consumer Goods - Alcohol prices have shown a moderate rebound, driven by strong recovery in spirits prices, while wine prices continue to decline [24][28]. - The food and beverage sector shows significant inflation divergence, with tobacco CPI above 5.0% and dairy CPI remaining weak [28][55]. Stock Market Performance - The discretionary consumer goods sector outperformed, closing up 5.8%, while essential consumer goods closed down 1.4% [57]. - Essential consumer goods ETF saw a net inflow of $670 million, reflecting rising investor confidence [57][35]. Investment Recommendations - The report advises maintaining caution in the consumer sector, focusing on essential consumer goods due to economic uncertainties and declining consumer confidence [4][58].

Monetary Policy Decisions - The Federal Reserve announced a 25 basis point rate cut on October 29, 2025, aligning with market expectations[5] - The decision to end quantitative tightening (QT) on December 1, 2025, was also in response to market pressures[9] Internal Disagreements - A notable division within the Federal Reserve was highlighted, with 12 voting members: 10 supported a 25 basis point cut, one (Milan) advocated for a 50 basis point cut, and one (Schmidt) opposed any cut[8] - The divergence indicates increasing internal disagreements regarding economic data and future rate adjustments[8] Economic Indicators - Employment appears stable, with the Fed's language shifting from a focus on slowing to a more stable outlook[9] - Inflation remains relatively high compared to earlier in the year, with the Fed acknowledging ongoing pressures[9] Market Reactions - Following the announcement, the 10-year U.S. Treasury yield surged above 4.05%, reflecting a hawkish market interpretation[11] - The U.S. dollar index briefly exceeded 99.3 before retreating, indicating volatility in response to the Fed's statements[11] Consumer Confidence - The University of Michigan's consumer confidence index continued to decline in October, reflecting growing uncertainty in the U.S. economy[18] - Factors contributing to this decline include perceived job market cooling and fluctuating inflation expectations[18] Future Outlook - The outlook for further rate cuts has weakened, with market expectations for a December cut now at approximately 67% probability[18] - The market may shift focus back to geopolitical risks and corporate earnings as consumer confidence wanes[18] Risk Factors - Potential risks include unexpected rebounds in overseas inflation, weaker global economic conditions, and escalated geopolitical tensions[26]

Core Insights - The consumer willingness index in China for Q3 2025 is reported at 120.6, indicating a mild recovery in consumer sentiment, surpassing the critical threshold of 100, with a slight increase of 0.4 points from the previous quarter [1] Group 1: Consumer Sentiment - The report indicates that "stable expectations" and "strengthened guarantees" are key factors in boosting consumer confidence [1] - The survey covers a wide range of areas from first-tier cities to rural regions, with an effective sample size of 5,000, aimed at tracking changes in consumer confidence, behavior, and willingness [1] Group 2: Recommendations for Improving Consumption - Stronger policy measures are recommended to stabilize consumer expectations [2] - Deepening social security system reforms is suggested, focusing on enhancing healthcare effectiveness and alleviating the pension burden on low- to middle-income groups [2] - Creating an "anti-involution" institutional ecosystem to shift competition from price wars to value creation is advised [2] - Emphasizing the silver economy to transform aging challenges into new consumption opportunities [2] - Promoting deep integration of the cultural and tourism industries, moving from mere sightseeing to immersive experiences [2] - Reconstructing a healthy development ecosystem for the catering industry to balance the interests of platforms, enterprises, and consumers [2] - Recognizing the shift in the automotive industry from an "incremental expansion" era to a "stock optimization" era, with a focus on incentivizing differentiated innovation [2]

Economic Indicators - In September, the Consumer Price Index (CPI) decreased by 0.3% year-on-year, a slight improvement from the previous month's decline of 0.4% [1] - The average CPI for January to September showed a decrease of 0.1% compared to the same period last year [1] - The core CPI, excluding food and energy, increased by 1.0% year-on-year, marking the first time in 19 months that it returned to above 1% [1] Food Prices - Food prices fell by 4.4% year-on-year in September, contributing approximately 0.83 percentage points to the CPI decline [1] - Cumulative food price change for the first nine months was -1.8%, while non-food items saw a slight increase of 0.2% [2] - Significant declines in specific food items included pork (-17.0%), fresh vegetables (-13.7%), eggs (-13.5%), and fresh fruits (-4.2%) in September [2] Gold Prices - In contrast, gold prices surged, with gold jewelry and platinum jewelry prices rising by 42.1% and 33.6% year-on-year, respectively [3] - International gold prices increased from approximately $3,500 per ounce at the beginning of September to nearly $3,800 per ounce by the end of the month [3] - Gold investment demand remained strong, with sales of gold bars and coins experiencing a 44% year-on-year increase in the second quarter [3][4] Market Demand and Economic Policy - The low CPI indicates a persistent issue of oversupply in the macroeconomic landscape, necessitating increased counter-cyclical policy measures [2][5] - The government aims for a CPI growth target of around 2% for the year, the lowest since 2004 [5] - To stimulate market demand, experts suggest enhancing stock market performance and improving social security levels to boost consumer confidence [5][6]

Core Insights - The article highlights the paradox of high income and low consumption in Beijing, where the social retail sales total has declined by 4.2% from January to July 2025, despite the city's high income levels [1][3][5] - The contrasting consumption patterns between Beijing and Shenzhen are attributed to different economic structures and consumer behaviors, with Shenzhen benefiting from cross-border shopping from Hong Kong residents [13][15] Group 1: Consumption Trends in Beijing - Beijing's consumption has been on a downward trend for a year and a half, driven by deflationary expectations and a lack of consumer confidence [3][5] - The current CPI in Beijing is in negative territory, indicating a clear downward trend in prices, which has led to a shift towards "delayed consumption" among residents [5][7] - Consumer confidence indicators, including employment and income expectations, have shown negative trends, reflecting deep-seated anxieties about the future [7][9] Group 2: Structural Changes in Consumption - The shift in consumption patterns in Beijing is moving from material satisfaction to service-oriented experiences, with education, healthcare, and cultural services gaining a larger share [9][11] - Despite the growth in service consumption, the ongoing decline in goods consumption indicates real market pressures, as basic consumption needs shrink [11][17] Group 3: Comparison with Shenzhen - Shenzhen's consumption resilience is largely due to its role as a gateway for Hong Kong residents, who contribute significantly to local retail sales, with nearly 55.7 billion yuan spent by Hong Kong consumers in 2024 [13][15] - The economic structure in Shenzhen, which is more reliant on private enterprises and younger demographics, contrasts with Beijing's more traditional and conservative consumption patterns [15][17] Group 4: Implications for Other Cities - The article warns that the consumption downturn in Beijing could serve as a precursor for second and third-tier cities, as consumption market changes often follow a pattern where first-tier cities lead [19][21] - Current consumption growth in second and third-tier cities may be misleading, as it often relies on short-term factors rather than sustainable economic strength [23][26] Group 5: Future Directions - For first-tier cities, the focus should be on rebuilding consumer confidence through stable employment and improved income distribution [31][33] - Second and third-tier cities are advised to avoid over-reliance on short-term policies and instead develop unique consumption advantages tailored to local conditions [28][33] - The overall future of China's consumption market lies in creating a diverse, stable, and sustainable ecosystem that balances resources across different cities [35][37]

Core Insights - The overall sentiment regarding tariffs in Europe is one of cautious optimism, with limited immediate impact on inflation and economic growth [1][3][9] - The European Central Bank (ECB) has maintained a calm stance, indicating that the situation is being monitored but does not require immediate action [6][10] Economic Impact - Eurozone inflation is reported at 1.9%, which is lower than expected and still away from policy alert levels [3] - There is a perception that the trade situation in Europe has not been significantly disrupted, with mixed reactions from various sectors [5][9] Market Reactions - The market response to the tariff situation has been surprisingly subdued, with no major policy changes from the ECB, reflecting a sense of stability [6][10] - There is an underlying tension in the market, with concerns about potential future developments that could arise unexpectedly [9][10] Trade Relations - The EU is actively seeking to diversify its trade relationships, reaching out to countries like Indonesia to reduce dependence on the US market [1] - There are concerns that other countries may increase exports to Europe to avoid US tariffs, potentially affecting local inflation and supply chains [7][9]