中国消费：2025 年四季度-收入与消费增速双双回升-China Consumer Dashboard_ 2025Q4_ Both income and consumption growth increased

c45a43530f604d12bcb9a82b5aa6b9f6 n Household consumption growth increased sequentially: According to the NBS quarterly household survey, household disposable income grew by 4.8% yoy (7.8% quarter-over-quarter annualized) in Q4, vs. 4.5% yoy (4.2% quarter-over-quarter annualized) in Q3. Household nominal consumption growth measured in year-over-year terms rose to 4.0% in Q4 from 3.4% in Q3. On a sequential basis after our seasonal adjustment, household consumption per capita in nominal terms gained 7.5% quar ...