Insight into consumption trends and grasp the pulse of the market
Our reporter Sun Zhao compiled according to public information.
Editor’s Note Boosting consumption and expanding domestic demand is not only the top priority of current economic work, but also the key to building a new development pattern and coping with global economic uncertainty. With the coming May Day holiday, the surging consumption boom has become an important window to observe the economic vitality and consumption trend in China. Judging from the local situation, the consumer market has many bright spots and shows a strong recovery trend and vitality. In this issue, the think tank will focus on the consumer field and provide an overview of the consumer market dynamics from multiple angles, providing reference for industry decision-making and market research.
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Tap the consumption potential
The Macroeconomic Policy Report for the First Quarter of 2025 issued by China Financial Forty Forum pointed out that boosting consumption is an important focus of China’s macroeconomic policy at present. The report emphasizes the development of differentiated support policies to stimulate consumption potential. The report suggests adopting countercyclical adjustment policies, focusing on reducing policy interest rates, expanding public investment, promoting fertility, strengthening the construction of metropolitan areas and resettling migrant workers, aiming at boosting consumption in the short term. Deloitte’s Overview of Consumer Goods and Retail Industry in China 2025: Excavating New Growth Opportunities in the Upgrading of Consumption Structure published by Deloitte pointed out that at the beginning of 2025, after a series of policies to stimulate consumption were implemented, the consumer market showed signs of recovery. Some high-growth areas such as high-end liquor and pet food continued to grow strongly, while the growth rate of traditional optional consumer goods such as gold, silver, jewelry and soft drinks slowed down. Deloitte believes that the combination of national policy promotion and consumer rationalization is forming a new market structure, and traditional enterprises need to adjust their strategies to adapt to this change. China (Hainan) Reform and Development Research Institute released "Releasing Service Consumption Potential —— China Consumption Research Report in 2025", which pointed out that the key to China’s economic growth lies in expanding domestic demand and boosting service consumption. The report analyzes the transformation of China residents’ consumption structure and emphasizes the "people-centered" reform strategy. The report suggests that to release the service consumption potential, it is necessary to intensify structural reforms and create new service consumption scenarios.
Macro Policy Report for the First Quarter of 2025:
Stimulate consumption potential based on the reality of economic development
The Macro Policy Report for the First Quarter of 2025 (hereinafter referred to as the "Report") recently released by China Financial Forty Forum holds that boosting consumption has become an important focus of China’s current macro-economic policy, and it is necessary to scientifically formulate differentiated support policies based on the reality of economic development, prioritize and prioritize, and stimulate consumption potential.
The report pointed out that in the first quarter, China’s economy was still in a state of insufficient demand, but the cash flow of all departments improved to some extent. The performance of the real estate market began to differentiate, and the volume and price of residential sales in first-tier cities showed signs of stabilization and recovery, while the transaction area and price in second-and third-tier cities were still being adjusted. The export performance is steady and has not yet reflected the tariff shock. In the second quarter, there are two risks that need to be paid attention to. One is the negative impact of US tariff policy on China’s exports and macro-economy, and the other is that the marginal decline of fiscal revenue and expenditure aggravates the insufficient demand.
According to the report, the most priority and most effective is the countercyclical adjustment policy, which can drive the income and consumption of the whole society to increase significantly in the short term. Among them, lowering the policy interest rate and expanding public investment are the key contents of the countercyclical adjustment policy; In the short term, the policies that have relatively little resistance and should be introduced as soon as possible are policies that encourage fertility, the construction of metropolitan areas and the settlement of migrant workers, which can significantly promote the consumption tendency of some groups; In addition, the policies that need to be adhered to for a long time are the adjustment of industrial structure, the increase of social welfare and social security expenditure, and the increase of dividends for residents’ investment.
The report mentioned that the financial market is the place where confidence and expectations are most concentrated, and it is very important to stabilize the financial market. China’s recently launched "China stabilization fund" has played a very good role in stabilizing the stock market. Next, we need to pay attention to the new trends in the foreign exchange market and keep the RMB exchange rate stable.
Deloitte China Consumer Goods and Retail Industry Overview 2025;
China consumer market presents a new pattern.
Deloitte released the "Deloitte China Consumer Goods and Retail Industry Overview 2025: Tapping New Growth Opportunities in the Upgrading of Consumption Structure" (hereinafter referred to as the "Report") at the 5th China International Consumer Goods Expo, saying that since September 2024, China’s consumer market has undergone positive changes driven by policy support to boost market confidence. A series of policy "combination boxing" covering both ends of supply and demand effectively stimulated consumption, which significantly accelerated the growth rate of total retail sales of consumer goods in early 2025. The gradual emergence of policy effects has provided strong support for the continued improvement of future prospects.
Since 2024, the consumer goods and retail industries in China have gradually stabilized under the continuous guidance of the policy of "promoting consumption and expanding domestic demand". Many rounds of stimulus actions, such as the trade-in of automobiles and household appliances, the issuance of coupons, and holiday promotions, have led to the phased release of demand. At the beginning of 2025, the year-on-year growth rate of total retail sales of social consumer goods showed signs of recovery.
From the demand side, residents’ consumption tendency tends to be more rational, and there is a trend of differentiation in non-essential categories: some high-prosperity tracks are growing strongly, such as high-end liquor, pet food, cosmetics and other categories, which have continued the rapid growth trend in recent years. The growth rate of some traditional optional consumer goods slowed down or even stagnated. Industries such as gold, silver, jewelry, soft drinks, shoes, bags and accessories only achieved low-speed growth due to the differentiation of consumer demand and the recovery of consumption scenarios less than expected, and the growth rate declined to varying degrees compared with the same period of last year.
The report also pointed out that, on the one hand, the state has continuously introduced a policy mix to expand domestic demand and promote consumption, and promoted the central role of consumption in economic growth. On the other hand, consumer behavior tends to be rational, and the market presents a new pattern of "stratified demand+differentiated growth". In this context, traditional enterprises need to accelerate the adjustment in channel remodeling, product iteration and brand operation to adapt to the new round of growth logic changes.
Unleashing the Service Consumption Potential —— China Consumption Research Report in 2025;
"People-oriented" Promoting Structural Transformation and Structural Reform
The research group of China (Hainan) Reform and Development Research Institute released "Releasing Service Consumption Potential —— China Consumption Research Report in 2025" (hereinafter referred to as "Report"), pointing out that in the face of profound and complex changes in the current global geo-economic and geopolitical structure, China is in a critical period of economic growth, and it is necessary to take expanding domestic demand as a long-term strategy and make consumption the main driving force and "ballast stone" of economic growth. The Report reviews the main situation of service consumption of urban and rural residents in China in 2024, analyzes the transformation trend of residents’ consumption structure in China, analyzes the structural contradictions faced by service consumption from the perspective of people’s own development, and puts forward relevant suggestions to release the huge potential of service consumption based on the short-term and long-term perspective.
The Report points out that, on the one hand, China has a super-large market with a population of 1.4 billion, and its scale is still growing and its structure is still being continuously optimized. Releasing the market potential will lay a solid foundation for economic growth; On the other hand, the lack of domestic demand in China is mainly manifested in insufficient consumption, and the main contradiction of insufficient consumption is that the service consumption potential has not been effectively released. In view of this, accelerating the release of service consumption potential focuses on breaking structural contradictions and promoting structural transformation and reform with people as the center.
According to the Report, there is still considerable potential and space for service consumption in China. First, the continuous growth of per capita income has become a solid foundation for increasing the proportion of service consumption. Second, the upgrading of economic structure and demographic changes have formed an important cornerstone for the release of service consumption. Third, new service consumption continues to emerge, creating new consumption scenarios for service consumption.
According to the Report, to stimulate consumption, it is necessary to adapt to the trend of upgrading the consumption structure and take the huge potential of releasing service consumption as the key force. To do a good job in this big article on service consumption and release the potential of service consumption, it is necessary not only to clean up the relevant policies to curb consumption, especially service consumption, but also to intensify structural reforms.
Reading tips
Grasp the consumption trend
Ernst & Young recently released "Decoding China Consumption in 2025: Consumption Change Driven by Self-satisfaction", pointing out that "Self-satisfaction" has become the new engine of the consumer market, and the consumer market will grow steadily in 2025. On the demand side, travel scenes have become a powerful kinetic energy for consumption growth. On the supply side, luxury brands and tourism providers deepen cooperation, integrate resources to create a "one-stop" consumer experience, and achieve mutual benefit and win-win. In the supply chain, luxury brands can enhance synergy through vertical integration and horizontal cooperation. The "2024 Outdoor Sports Online Consumption Development Report" released by Beijing Sport University shows that the online consumption of outdoor sports in China shows a new trend. In 2024, the consumption was about 200 million person-times, with a total amount exceeding 300 billion yuan. Land and mountain sports accounted for 48.78%, while water, ice and snow and air sports accounted for 24.92%, 20.81% and 5.49% respectively. The main position of outdoor consumption presents a multi-polar development pattern, with enthusiasm in East China, South China and North China, and 60% of participants choose short-distance consumption in the province. New first-tier cities lead the consumption list with 32.58%, surpassing first-tier cities. Jones Lang LaSalle’s Insight Report on Fashion Consumption Power 2025-New Trend, New Consumption World holds that "times" and "generations" will affect consumption behavior. There are differences in the "emotional value" demands of consumers of different generations, the feedback of economic cycle and the consumption preference under the "intergenerational mobility" of families. Its specific performance is that the difference of "emotional value" gives birth to new needs and scenarios; Modern international influence of different responders to economic cycle;Family intergenerational inheritance shapes characteristic consumption preference.
Decoding China Consumption in 2025: Consumption Change Driven by Self-satisfaction;
"Pleasant consumption" has become the new engine of the consumer market.
Ernst & Young Greater China released "Decoding China Consumption in 2025: Consumption Change Driven by Self-satisfaction" (hereinafter referred to as "Report"), which pointed out that with consumers’ pursuit of quality life and emotional experience, "self-satisfaction consumption" has become the new engine of the consumer market. Looking forward to 2025, despite the global economic instability, the consumer market will continue to grow steadily.
The report believes that with economic development and consumption upgrading, the luxury goods and tourism market will usher in changes. On the demand side, travel scenes have become a powerful kinetic energy for consumption growth. Consumers’ exposure to multiculturalism and lifestyle in travel has stimulated their desire to buy luxury goods, while high-end travel experience has also enhanced brand loyalty.
On the supply side, luxury brands and tourism providers deepen cooperation, integrate resources to create a "one-stop" consumer experience, and achieve mutual benefit and win-win. The application of AI technology can optimize collaborative efficiency and enhance the consumer experience through precise marketing and personalized service.
At the supply chain level, luxury brands adopt vertical integration and self-built tourism service chain to ensure service quality and brand image; Cross-industry horizontal cooperation is also increasing. Resources sharing and complementary advantages among enterprises can improve the agility and synergy of supply chain and respond to market changes quickly.
From the enterprise’s point of view, facing the change and development of the consumer market, on the one hand, enterprises will usher in many opportunities. Policy support has created a good environment for enterprise development, while self-satisfaction has brought a broad market space. On the other hand, enterprises also need to meet the challenges, use AI technology to assist product design and create products with unique value. At the same time, enterprises should constantly innovate marketing strategies, use AI technology to gain insight into demand and carry out digital, experiential and cross-border cooperative marketing. In addition, we can actively expand sales channels, realize online and offline complementary promotion, and launch products and services that meet the needs of consumers.
Online Consumption Development Report of Outdoor Sports in 2024;
Online consumption of outdoor sports in China presents a new trend.
The School of Sports Leisure and Tourism of Beijing Sport University and Meituan Research Institute jointly released the "Report on Online Consumption Development of Outdoor Sports in 2024" (hereinafter referred to as the "Report"). The report points out that online consumption of outdoor sports in China presents new trends and features. At present, outdoor sports have become the lifestyle of more and more people, and gradually expand from leisure activities to fitness, culture, social and other dimensions.
According to the report, in 2024, the online consumption of outdoor sports in China was about 200 million person-times, and the total consumption exceeded 300 billion yuan. Judging from the distribution of consumption of different types of outdoor sports, land and mountain sports are favored by outdoor sports enthusiasts because of their extensive participation and diversified forms of activities, accounting for 48.78% of consumption, ranking first among all kinds of outdoor sports. Water sports and ice and snow sports followed closely, and showed a good trend of stable development.
The report believes that the main position of outdoor consumption presents a multipolar pattern. In 2024, East China and South China, represented by Guangdong Province and Zhejiang Province, North China, Southwest China and Central China, represented by Beijing, were enthusiastic about outdoor sports consumption, showing a multi-polarization leading trend. At the same time, about 60% outdoor sports participants choose to carry out outdoor sports in the province, showing the characteristics of short-distance outdoor consumption. In addition, first-tier cities dominated by Beijing and Shanghai occupy the first place in outdoor sports consumption, followed by new first-tier cities dominated by Chengdu, Hangzhou and Chongqing. It is worth noting that new first-tier cities lead outdoor sports consumption with a proportion of 32.58%.
Insight Report on Fashion Consumption Power 2025-New Trend, New Consumption World;
China consumer market will usher in new growth opportunities.
Jones Lang LaSalle recently released the Insight Report on Fashion Consumption Power 2025-New Trends, New Consumption Times (hereinafter referred to as the "Report"), which holds that the periodic changes of the "times" affect the consumption behavior of major consumer groups, but reflect the "common" trend. The feedback of different generations of consumers is different, which reflects the "personality" characteristics of consumer groups, and consumers are creating diversified new consumption trends and new kinetic energy. It can be said that "Time" embodies the universal influence of macroeconomic cycles on consumer behavior, while "Generation" embodies consumer groups of different ages and makes "responsive" consumer behavior feedback in the face of periodic changes.
The report concludes with three conclusions. First, the demands of "emotional value" of different "generations" are obviously divided in the concrete feedback of consumption behavior, which gives birth to various new consumption demands and brings new opportunities for the development of vertical segmentation track in retail commercial market. Second, different generations have different feedbacks on the influence of "economic cycle" on consumption behavior, especially when faced with the expected tightening of budget constraints, consumers of different ages make different "responsive" adjustments. This difference reflects the influence of age on consumption behavior, and this influence will also be reflected by other social factors, such as region, gender, family and other factors. Third, the intergenerational transmission of information between families constantly affects the consumption behavior of the next generation. The intergenerational transmission of consumption concept has formed different generations’ unique consumption preferences, which in turn has triggered the periodic and spiral evolution of consumption trends.
The report also pointed out that there are differences in the release point and consumption expression of consumer emotional value in different generations. In view of this intergenerational difference, retailers and operators should change from time to time, capture new consumption trends, and promote supply-side structural reforms to meet consumer demand.
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