Group 1 - The overall consumption market in China showed stable development in May 2025, with total retail sales of consumer goods reaching 4.13 trillion yuan, a year-on-year increase of 6.4%, marking the fastest monthly growth rate since 2024 [1] - From January to May, total retail sales amounted to 20.32 trillion yuan, with a year-on-year growth of 5.0%, while service retail sales grew by 5.2% [1] - The growth rate of commodity consumption accelerated, with retail sales of goods increasing by 6.5% in May, driven by strong sales in home appliances and mobile phones [1] Group 2 - Holiday consumption continued to thrive, with domestic travel during the "May Day" holiday reaching 314 million trips, a year-on-year increase of 6.4%, and total spending of 180.27 billion yuan, up 8.0% [2] - During the Dragon Boat Festival, domestic travel reached 119 million trips, with total spending of 42.73 billion yuan, reflecting a year-on-year increase of 5.9% [2] - The optimization of the departure tax refund policy has shown initial results, with the number of tax refund transactions increasing by 116% in the first month of implementation [2] Group 3 - Online retail sales grew steadily, with a year-on-year increase of 8.5% from January to May, while physical goods online retail sales rose by 6.3%, accounting for 24.5% of total retail sales [3] - Physical retail enterprises are innovating diverse consumption scenarios to enhance consumer experience, with retail sales of physical stores increasing by 4.5% year-on-year [3] - Membership warehouse stores saw retail sales growth exceeding 30%, while convenience stores, specialty stores, and supermarkets reported year-on-year increases of 8.5%, 6.3%, and 5.7% respectively [3]