Group 1 - The core viewpoint of the article indicates that the China Retail Prosperity Index (CRPI) for August is 50.1%, reflecting a 0.5 percentage point increase from the previous month, signaling a return to the expansion zone [1][3] - The analysis highlights that the increase in the CRPI is supported by government policies aimed at boosting domestic consumption, including subsidies for trade-ins and childcare [1][3] - The rapid development of instant retail, which integrates online and offline shopping, is noted as a key focus in the current retail market [1] Group 2 - The commodity operation index stands at 49.7%, up 1.0 percentage point from last month, indicating a recovery in offline consumption [3][6] - The rental operation index is at 52.1%, slightly down 0.3 percentage points, but remains in a high prosperity range, driven by diversified service consumption during the summer [3][14] - The e-commerce operation index is at 49.8%, showing a slight decline of 0.4 percentage points, indicating a contraction in this sector [3][23] Group 3 - The sales index for commodity operations is at 50.9%, up 2.7 percentage points, indicating improved expectations for offline retail sales [8][10] - The profitability index for commodity operations is at 50.0%, up 2.1 percentage points, suggesting a positive outlook for profitability in August [10] - The main operational cost index for commodity operations is at 48.4%, down 1.3 percentage points, indicating rising cost expectations [12] Group 4 - The average single-store rental income index is at 54.2%, up 0.6 percentage points, reflecting a positive trend in rental income expectations for rental operations [16] - The shop rental rate index is at 54.4%, slightly down 0.6 percentage points, indicating stable demand for commercial space during the summer [19] - The comprehensive operational cost index for rental operations is at 48.3%, down 0.3 percentage points, suggesting increased cost pressures [21] Group 5 - The e-commerce physical sales index is at 48.9%, down 0.6 percentage points, indicating a continued decline in online retail sales expectations [25] - The e-commerce average transaction price index is at 51.0%, up 0.5 percentage points, reflecting a shift in online consumption structure [27] - The e-commerce total product count index is at 49.2%, down 1.8 percentage points, indicating low inventory replenishment willingness among e-commerce businesses [28] Group 6 - The overall analysis for August indicates that the CRPI for offline commodity operations and e-commerce operations are closely aligned, while the rental operation index remains high due to summer consumption [32] - Both online and offline average transaction prices have risen, with offline at 49.1% and online at 51.0%, supported by government policies [34]

Core Viewpoint - The retail industry in China shows signs of structural shifts with a slight decline in the retail prosperity index, indicating a need for improved consumer spending capacity [1] Retail Industry Overview - The China Retail Prosperity Index (CRPI) for June stands at 50.1%, a decrease of 0.4 percentage points from the previous month, maintaining expansion for ten consecutive months [1] - The decline in the CRPI suggests that while online retail has seen significant growth due to events like the "6.18" promotion, overall consumer spending remains insufficient [1] Sector Performance - The three main categories of the retail sector show varied performance: - The merchandise operation index is at 49.5%, down 0.9 percentage points [1] - The leasing operation index is at 51.3%, a slight decrease of 0.5 percentage points [1] - The e-commerce operation index is at 50.8%, an increase of 0.8 percentage points [1] Merchandise Operations - The sales index for merchandise operations is at 49.5%, down 1.3 percentage points, indicating weakened expectations for offline retail [2] - The profitability index for merchandise operations is at 49.0%, down 2.3 percentage points, reflecting low profit expectations for June [1][2] Leasing Operations - The average single-store rental income index is at 52.8%, down 0.6 percentage points, indicating a decline in revenue expectations for leasing businesses [2] - The shop rental rate index is at 52.1%, down 1.5 percentage points, but still in the expansion zone, suggesting a decrease in rental activity [2] - The operational cost index for leasing businesses is at 50.0%, up 1.8 percentage points, indicating improved cost pressure [2] E-commerce Operations - The total sales index for e-commerce is at 51.8%, up 1.2 percentage points, driven by the extended "6.18" promotional activities [3] - The online total product count index is at 51.3%, down 0.7 percentage points, showing stable inventory intentions among e-commerce businesses [3] - The e-commerce cost index is at 50.2%, up 0.9 percentage points, indicating a reduction in cost pressure due to government policies [3]

中新社北京6月6日电 中国商业联合会6日发布数据显示，6月份，中国零售业景气指数(CRPI)为50.1%， 较上月小幅下降0.4个百分点，连续10个月维持在扩张区间运行。 数据显示，商品经营类景气指数为49.5%，成为影响综合指数下行的主要因素。分析认为，受"618"线上 促销活动和"以旧换新"政策等因素影响，线上零售增幅明显扩大，本月消费市场呈现线上线下结构性转 移特征。综合景气指数小幅回落，表明消费能力尚需提升。 CRPI是反映当期零售业经营预期变化情况的综合指数。从行业分类看，6月零售业三大分类指数出现分 化。商品经营类指数为49.5%，较上月下降0.9个百分点。分析认为，6月份气温开始升高，线下商品零 售逐渐进入经营淡季，叠加"618"线上促销力度加大对线下商品零售产生分流效应，商品经营类企业预 期明显变弱。 （文章来源：中国新闻网） 该联合会分析认为，CRPI三个分指数对比显示，6月份线上线下商品零售出现明显分化，电商经营类指 数明显上升，受"618"促销活动预期影响，线上商品经营预期有所改善。数据显示，6月租赁经营类景气 指数受平均单店租金收入、商铺出租率和经营场所增减分指数影响持续下行，但仍维持 ...

2025年6月6日，中国商业联合会发布6月份中国零售业景气指数(CRPI)。6月份，中国零售业景气指数(CRPI)为50.1%，较上月小幅下降0.4个百分点，连续10 个月维持在扩张区间运行。数据显示，商品经营类景气指数为49.5%，成为影响综合指数下行的主要因素;电商经营类景气指数为50.8%，较上月上升0.8个百 分点。 分析认为，受"618"线上促销活动和"以旧换新"政策等因素影响，线上零售增幅明显扩大，本月消费市场呈现线上线下（300959）结构性转移特征。综合景 气指数小幅回落，表明消费能力尚需提升。 一、中国零售业景气指数运行情况 从行业分类看，6月零售业三大分类指数出现分化。商品经营类指数为49.5%，较上月下降0.9个百分点;租赁经营类指数为51.3%，较上月小幅下降0.5个百分 点;电商经营类指数为50.8%，较上月上升0.8个百分点。 (一)商品经营类CRPI分析 商品经营类指数为49.5%，较上月下降0.9个百分点，降至荣枯线以下。分析认为，6月份气温开始升高，线下商品零售逐渐进入经营淡季，叠加"618"线上促 销力度加大对线下商品零售产生分流效应，商品经营类企业预期明显变弱。 构成商品 ...

中国商业联合会分析认为，"五一"假日消费有利于商品经营类企业发挥线下优势，扩大经营规模，5月 线下商品零售预期相对较好，假期外出购物依然是家庭消费的重要选择。 电商经营类指数为50.0%，较上月微降0.1个百分点，电商经营类企业总体处于稳定发展期。。构成电商 经营类CRPI的2个正向分指数电商实物总销售额和电商在线总商品数处于临界点以上，1个正向分指数 电商客单价水平和反向分指数电商经营总成本处于临界点以下。电商实物总销售额指数为50.6%，较上 月下降1.3个百分点。电商在线总商品数指数为52.0%，较上月微降0.5个百分点，表明本月电商经营类 企业备货意愿保持稳定。电商客单价水平指数为48.9%，较上月小幅上升0.6个百分点，分析认为，商品 客单价水平上升，呈现积极的消费趋势。电商总成本反向指数为49.3%，较上月上升1.1个百分点，表明 电商经营类企业成本投入有所减少。 5月零售业景气度呈现如下特点：CRPI各项分指数对比显示，5月零售业整体表现向好，商品经营类指 数明显回升，表明线下商品经营预期有所改善；数据显示，5月租赁经营类景气指数受平均单店租金收 入和经营场所增减影响出现下行，表明租赁经营类企业 ...