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E-mail China.org.cn, February 20, 2025
CCTV:
We would like to understand, how was the consumer market performing in 2024, and what were its main characteristics? How do you assess the trends in the consumer market for 2025? Thank you.
Li Yongjie:
Thank you for your questions. My colleague Mr. Li Gang will answer them.
Li Gang:
Thanks for your questions. In 2024, China's consumer market generally maintained a stable development trend. From January to November, total retail sales of consumer goods reached 44.3 trillion yuan, a year-on-year increase of 3.5%. The consumer market mainly exhibited the following characteristics.
First, strong growth in bulk consumption. The policy of trading in old consumer goods for new ones has been remarkably effective. In particular, since the implementation of strengthened support policies in July, sales of key commodities such as automobiles, home appliances and home furnishings have seen a significant rebound and positive trend. From January to November, retail sales of home appliances and furniture by enterprises above designated size increased by 9.6% and 2.9% year on year, respectively. In November alone, these figures rose by 22.2% and 10.5%, respectively. Passenger vehicle retail sales grew by 4.7% year on year.
Second, high demand for services consumption. As policies promoting the high-quality development of service consumption are implemented and take effect, consumption scenarios continue to expand, resulting in rapid growth in service consumption. From January to November, retail service sales grew 6.4% year on year. Cultural and tourism consumption remains active; in the first three quarters, the number of domestic tourist trips and total travel expenditure increased 15.3% and 17.9%, respectively.
Third, numerous highlights in new forms of consumption. New technologies such as big data, artificial intelligence (AI) and virtual reality are being rapidly applied, stimulating new drivers of consumption. From January to November, national online retail sales increased 7.4%. During the "Double 11" shopping festival, sales of smart learning devices, smart headphones and other products more than doubled. Green consumption is increasingly embraced by consumers. From January to November, retail sales of new energy passenger vehicles increased 41.2% year on year, with a penetration rate exceeding 50% for five consecutive months.
Fourth, strong dynamism in county-level consumption. Improved county-level commercial systems and steady increases in farmers' incomes have boosted the vitality of consumer markets at the county level. In the first three quarters, per capita consumption expenditure for rural residents increased 6.5% year on year. Rural retail sales of consumer goods totaled 6 trillion yuan from January to November, up 4.3% year on year.
Looking ahead to 2025, China's economy has a stable foundation, many advantages, strong resilience and great potential, ensuring the support conditions and basic trends of long-term growth remain unchanged. As policies and measures for boosting consumption continue to take effect, the consumer market is expected to maintain steady growth. Thank you.
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