Ministry of Commerce: In the first quarter, per capita consumption expenditure of residents increased by 5.2% year-on-year, with final consumption expenditure driving GDP growth by 2.8 percentage points

According to the Zhitong Finance APP, on April 23, the head of the Consumption Promotion Department of the Ministry of Commerce discussed the situation of China's consumption market in the first quarter of 2025. Since the beginning of this year, various levels of commerce authorities have earnestly implemented the decisions and deployments of the Central Committee of the Communist Party of China and the State Council, vigorously carried out special actions to boost consumption, expanded the scope of old-for-new exchanges for consumer goods, increased service consumption, and innovated consumption scenarios. The consumption market has achieved a stable start, and the vitality and potential of China's super-large-scale market have been further released. In the first quarter, the total retail sales of consumer goods reached 12.47 trillion yuan, a year-on-year increase of 4.6%, with a growth rate accelerating by 1.1 percentage points compared to the entire previous year. Among them, the growth in March was 5.9%. In the first quarter, per capita consumption expenditure of residents increased by 5.2% year-on-year; final consumption expenditure contributed 2.8 percentage points to GDP growth, further consolidating its fundamental role in economic development. The original text is as follows: The head of the Consumption Promotion Department of the Ministry of Commerce discusses the situation of China's consumption market in the first quarter of 2025 Since the beginning of this year, various levels of commerce authorities have earnestly implemented the decisions and deployments of the Central Committee of the Communist Party of China and the State Council, vigorously carried out special actions to boost consumption, expanded the scope of old-for-new exchanges for consumer goods, increased service consumption, and innovated consumption scenarios. The consumption market has achieved a stable start, and the vitality and potential of China's super-large-scale market have been further released. In the first quarter, the total retail sales of consumer goods reached 12.47 trillion yuan, a year-on-year increase of 4.6%, with a growth rate accelerating by 1.1 percentage points compared to the entire previous year. Among them, the growth in March was 5.9%. In the first quarter, per capita consumption expenditure of residents increased by 5.2% year-on-year; final consumption expenditure contributed 2.8 percentage points to GDP growth, further consolidating its fundamental role in economic development. First, the effectiveness of the old-for-new exchange is significant, and sales of green and smart products are growing rapidly. In the first quarter, the retail sales of goods increased by 4.6% year-on-year, with a growth rate accelerating by 1.4 percentage points compared to the entire previous year. The retail sales of goods in units above the designated size increased by 5.8%, with a growth rate accelerating by 3.1 percentage points compared to the entire previous year. Among them, retail sales of communication equipment, cultural and office supplies, home appliances, and furniture increased by 26.9%, 21.7%, 19.3%, and 18.1% year-on-year, respectively. According to data from the Automobile Circulation Association, retail sales of passenger cars increased by 5.8% year-on-year in the first quarter, among which retail sales of new energy passenger cars increased by 36.4%, with a penetration rate of 47.2%. In March, sales of smart home products from some key monitored enterprises increased by more than 10% year-on-year. Second, service consumption continues to expand, with cultural and tourism consumption being particularly favored. In the first quarter, retail sales of services increased by 5.0% year-on-year, with a growth rate 0.4 percentage points faster than that of goods retail sales. Among them, catering revenue increased by 4.7%, with a growth rate accelerating by 0.4 percentage points compared to January-February. Per capita expenditure of residents on transportation and communication, as well as education, culture, and entertainment, achieved double-digit growth. Domestic films such as "Ne Zha 2" have driven a surge in box office attendance, with national box office revenue reaching 24.4 billion yuan in the first quarter, a year-on-year increase of about 48%, setting a new historical high. The popularity of inbound tourism remains strong. According to data from the National Immigration Administration, since the implementation of the 240-hour visa-free transit policy, as of March 31, the number of inbound foreigners at various ports nationwide increased by 40.2% year-on-year, with visa-free entries accounting for 71.3% Third, online consumption continues to grow rapidly, while physical retail shows signs of recovery. In the first quarter, online retail sales increased by 7.9% year-on-year, with physical goods online retail sales growing by 5.7%, accounting for 24.0% of total social retail sales. Physical retail enterprises are accelerating their digital transformation, actively innovating consumption scenarios, and enhancing the consumer experience, resulting in stable sales growth. In the first quarter, the retail sales of physical goods in retail enterprises above a designated size increased by 4.4% year-on-year, with the growth rate accelerating by 1.6 percentage points compared to January-February. Among them, convenience stores, specialty stores, and supermarkets saw year-on-year sales growth of 9.9%, 6.7%, and 4.6%, respectively. With the continuous implementation of various consumption expansion policies and measures, the "Buy in China" series of activities are being carried out in an orderly manner, and new technologies such as artificial intelligence are accelerating their application in the consumption field. The consumption market is expected to continue to show a stable development trend, providing strong support for the sustained recovery of the economy. This article is selected from: Ministry of Commerce official website; Edited by: Chen Xiaoyi