In 2025, China’s total retail sales of consumer goods (commonly referred to as ‘social retail sales’) grew by 3.7% year-on-year, indicating a modest recovery in the country’s consumption sector amid complex domestic and global conditions. Although this growth rate is slower than pre-pandemic levels, it still demonstrates the underlying resilience of domestic demand, especially considering heightened global economic uncertainty, subdued household income expectations, and the ongoing recovery of consumer confidence. Structurally, service consumption, green and smart products, and rural or lower-tier markets have emerged as key drivers of growth. Sectors such as tourism, dining, and elderly care services continue to rebound, while upgraded product categories like new energy vehicles and smart home appliances are performing strongly. Furthermore, supportive government policies—including consumer vouchers, improvements in the consumption environment, and trade-in programs—have provided additional momentum. Looking ahead, with improving employment conditions, steadily rising household incomes, and further implementation of pro-consumption measures, social retail sales growth is expected to gradually accelerate, contributing sustained impetus to China’s high-quality economic development.
2025年社会消费品零售总额（简称“社零”）同比增长3.7%，这一数据反映出我国消费市场在复杂国内外环境下保持了温和复苏态势。尽管增速较疫情前有所放缓，但考虑到全球经济不确定性加剧、居民收入预期偏弱以及消费信心修复尚需时间等因素，3.7%的增长仍体现出内需基本面的韧性。从结构上看，服务类消费、绿色智能产品以及下沉市场成为拉动增长的重要动力。例如，文旅、餐饮、健康养老等服务消费持续回暖，新能源汽车、智能家居等升级类商品销售表现亮眼。此外，政策层面持续发力，包括发放消费券、优化消费环境、推动以旧换新等举措，也为消费回稳提供了支撑。展望未来，随着就业形势改善、居民收入稳步提升以及促消费政策进一步落地，社零增速有望逐步回升，为经济高质量发展注入持续动能。
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