Core Insights - Shenzhen's total retail sales of consumer goods reached 494.868 billion yuan in the first half of 2025, showing a year-on-year growth of 3.5%, with an acceleration of 0.4 percentage points compared to the first quarter [1] Consumption Breakdown - Retail sales of goods increased by 3.6%, while catering revenue grew by 1.7% [1] - Basic living goods showed strong growth, with retail sales of daily necessities and grain and food categories increasing by 10.7% and 9.1% respectively [1] Policy Impact - The "old for new" consumption policy continued to show effectiveness, with retail sales of household appliances and audio-visual equipment, cultural and office supplies, and communication equipment increasing by 55.7%, 32.9%, and 6.0% respectively [1] E-commerce Growth - Online retail sales continued to grow, with retail sales through the internet for above-limit units increasing by 19.4% [1]

Group 1 - In May, Jiangsu's total retail sales of consumer goods increased by 6.3% year-on-year, accelerating by 1.3 percentage points compared to April [1] - From January to May, the total retail sales of consumer goods in Jiangsu grew by 5.6%, with a slight acceleration of 0.1 percentage points compared to the previous four months [1] - The "trade-in" policy has shown significant effects, with related categories such as automobiles, home appliances, 3C digital products, and home goods achieving retail sales of 67.22 billion yuan in May, a year-on-year increase of 18.6% [1] Group 2 - Green and smart products maintained rapid growth, with retail sales of new energy vehicles, smartphones, and energy-efficient products increasing by 47.9%, 28.8%, and 91.3% respectively in May [2] - Online retail sales through public networks reached 48.71 billion yuan in May, accounting for 30.9% of total retail sales, with a year-on-year growth of 33.5% [2] - From January to May, online retail sales increased by 29.4%, with a growth acceleration of 1.1 percentage points compared to the previous four months [2]

1—5月国内网上零售额增长8.5% 6月20日，商务部电子商务司负责人表示，据国家统计局数据，1—5月网上零售额同比增长8.5%。品质商品、网络服务消费、新模式新业态成为 新动能，线上线下融合态势深化，重点监测平台数字产品、15类以旧换新家电和数码、网络服务消费、即时零售销售额分别增长10.4%、14%、 13.3%和12%，4月以来平台外贸专区销售额超20亿。 据悉，丝路电商伙伴国升级扩围，与哈萨克斯坦升级、与孟加拉新建双边电商合作机制，伙伴国增至35个。全年40项重点活动协同发力、精准 赋能，在河南、陕西、湖南举办"丝路电商"国际合作对接会、中国-中亚"丝路电商"深化合作圆桌会、非洲好物网购季等12场活动，52国政府、 协会、企业参与，达成100余项合作意向。（商务部官网） ｜点评｜ 5月"国补"叠加"618"活动提前开启，网上零售额增速再提速。家用电器、影像器材、手机等品类零售额领涨，多重优惠叠加下，居民 对耐用消费品的升级换代需求被激活。不过，今年居民新增信贷需求较弱，表明居民在收入前景不明的情况下，更愿意用储蓄进行消费。"国 补"活动短期暂停后，预计很快将重新上线，但补贴范围和力度或将难以进一步扩大 ...