The recovery trend of consumption is good (People's Review), continuously tapping into potential | Consumption | Review
At present, China is in a stage of rapid development and upgrading of consumption structure, with steady progress in new urbanization, effective implementation of rural revitalization, continuous improvement of consumption related infrastructure, and enormous consumption potential
At 7 o'clock in the morning, more than 150 wholesale merchants specializing in crayfish were already busy at the C district aquatic market of Nanjing Agricultural and Sideline Products Logistics Center. A wholesaler household made a comparison, and their average daily shipment this year is over 3000 kilograms, an increase of 50% compared to the same period last year. The booming sales of crayfish have become a vivid portrayal of the recovery of consumption.
The increase in travel and leisure activities, frequent gatherings with family and friends, and tangible daily life confirm that overall consumption is showing a rapid recovery trend. According to data released by the National Bureau of Statistics, in the first half of the year, the national catering revenue increased by 21.4% year-on-year, and the national film box office increased by 52.9% year-on-year... Consumption from various industries has gathered into a powerful force, helping to boost the economic recovery. In the first half of the year, the contribution rate of final consumption expenditure to economic growth reached 77.2%, driving economic growth by 4.2 percentage points. The role of consumption as the "main engine" of economic growth became more prominent.
Overall, the consumption potential was gradually released in the first half of the year, and the recovery trend of consumption was positive, promoting economic development and improving people's livelihoods. Internationally, it is generally believed that it will take about a year for consumption and the economy to return to normal after the epidemic. It has only been about half a year since the stable transition of the epidemic in our country, and there has been a positive improvement in economic circulation and consumption, which is not easy. From the perspective of the whole year, there are many favorable conditions to support consumption growth, especially in the first half of the year, the domestic consumer market showed some new trends, which further unleashed consumption potential with support, foundation, and conditions.
Optimizing supply and igniting new consumption highlights. In the first half of the year, the retail sales of upgraded goods such as gold, silver, jewelry, and sports and entertainment products from units above the quota increased by 17.5% and 10.5% year-on-year, respectively, maintaining a fast growth rate. In addition, with the deepening of the concept of green development, the demand for green commodity consumption continues to be released, and the consumption of green intelligent products and new energy vehicles is growing rapidly. Upgraded consumption, green consumption, and intelligent product consumption are becoming new growth points in China's consumer market. In response to the trend of consumer upgrading, the manufacturing industry should optimize its product structure and increase the supply of high-quality products in order to better meet new consumer demands and help further expand and strengthen the consumer market.
Innovative services stimulate new potential for consumption. Tianjin is creating immersive theatrical performances in old western-style buildings, Chengdu in Sichuan Province is launching "hot pot buses", and Guiyang in Guizhou Province is building a starry sky camping base... In the first half of the year, the per capita service consumption expenditure of residents in China increased by 12.7% year-on-year, with a good growth trend in travel and contact consumption. Continuously innovating consumption scenarios and improving consumer experience are essential for the modern service industry to better meet high-quality and personalized consumer needs. Continuing to utilize new technologies, explore new scenarios, and create new models to provide consumers with a better consumption experience will fully tap into their consumption potential.
Expanding consumption space in rural markets. In the first half of the year, the retail sales of rural consumer goods increased by 8.4% year-on-year, with the year-on-year growth rate in the second quarter accelerating by 4.6 percentage points compared to the first quarter. Thanks to the rapid growth of rural residents' income and the accelerated development of rural e-commerce, the potential for upgrading consumption in the rural market is effectively being released. There is a new demand in rural areas to catch up with urban consumption, as well as a new space for consumption driven by industrial sinking, and a new increment brought by urban residents entering the countryside for consumption. Accelerating the exploration and release of rural consumption potential has great potential.
At present, China is in a stage of rapid development of consumption structure upgrading, with steady progress in new urbanization, effective implementation of rural revitalization, continuous improvement of consumption related infrastructure, and enormous consumption potential. Prioritizing the recovery and expansion of consumption, establishing and improving a long-term mechanism for expanding household consumption, ensuring that residents have stable income to consume, no worries to worry about, and a strong desire to consume in a favorable consumption environment, will undoubtedly promote the sustained recovery of the consumer market and stimulate greater development momentum.
