All-China Business Information Center: Market sales increased steadily in the first three quarters, and the growth rate of online retail sales of physical goods accelerated

The Zhitong Finance App learned that on October 22, the All-China Business Information Center released an analysis of the consumer market performance in the first three quarters of 2025. In the first three quarters of 2025, a series of policies and measures to boost consumption, such as trade-in, were implemented and effective. Market vitality was increased, consumption potential was released, and the consumer market achieved steady growth. Total retail sales of social consumer goods reached 36587.7 billion yuan, an increase of 4.5% over the same period last year. The growth rate was 1.2 and 1.0 percentage points faster than in the same period of the previous year and the full year of the previous year, respectively. In the first three quarters, online retail sales of physical goods were 9152.8 billion yuan, up 6.5% year on year. The growth rate was 0.5 percentage points faster than in the first half of the year, accounting for 25.0% of total retail sales of social consumer goods, an increase of 0.1 percentage points compared to the first half of the year.

The original text is as follows:

Analysis of the operation of the consumer market in the first three quarters of 2025

1. The contribution rate of final consumption expenditure has increased

In the first three quarters of 2025, final consumption expenditure contributed 53.5% to economic growth, driving GDP growth by 2.8 percentage points, up 9.0 percentage points over the previous year, and continuing to play the role of the main engine of economic growth. Among them, final consumption expenditure contributed 56.6% to economic growth in the third quarter, driving GDP growth by 2.7 percentage points.

2. Steady growth in market sales

In the first three quarters of 2025, a series of policies and measures to boost consumption, such as trade-in, were implemented and effective. Market vitality was increased, consumption potential was released, and the consumer market achieved steady growth. Total retail sales of social consumer goods reached 36587.7 billion yuan, an increase of 4.5% over the same period last year. The growth rate was 1.2 and 1.0 percentage points faster than in the same period of the previous year and the full year of the previous year, respectively. In September, total retail sales of social consumer goods increased by 3.0%. Affected by factors such as the reduction of the Mid-Autumn Festival holidays, the growth rate fell 0.4 percentage points from August. Excluding price factors, the actual increase was 3.5%.

3. The rural market sells faster

In the first three quarters, retail sales of urban consumer goods reached 316,83.8 billion yuan, up 4.4% year on year. The growth rate was 1.2 and 1 percentage point faster than the same period of the previous year and the full year of the previous year, respectively; retail sales of rural consumer goods were 490.3.9 billion yuan, up 4.6% year on year, and 0.2 and 0.3 percentage points faster than in the same period of the previous year and the full year of the previous year, respectively. In the first three quarters, the rural consumer goods market grew 0.2 percentage points faster than in urban areas. Among them, the first, second, and third quarters grew by 4.9%, 4.9%, and 4.2% respectively, and the market achieved steady and rapid growth. In the first three quarters, the size of the county and township market, including towns and villages, accounted for 38.8% of total retail sales of social consumer goods, an increase of 0.1 percentage points compared to January-August.

In September, retail sales of urban consumer goods were 3578.3 billion yuan, up 2.9% year on year, down 0.3 percentage points from August; retail sales of rural consumer goods were 618.8 billion yuan, up 4.0% year on year, down 0.6 percentage points from August, and sales growth in rural markets continued to be faster than in urban areas.

4. Steady growth in retail sales

In the first three quarters, retail sales of goods reached 3248.88 billion yuan, up 4.6% year on year. The growth rate was 1.6 and 1.4 percentage points faster than in the same period of the previous year and the full year of the previous year, respectively. Among them, retail sales of products per unit above the limit were 13566.7 billion yuan, up 5.1% year on year. The growth rate was 2.9 and 2.4 percentage points faster than the same period of the previous year and the full year of the previous year, respectively.

In September, retail sales of goods reached 3746.2 billion yuan, up 3.3% year on year, down 0.3 percentage points from August. Among them, retail sales of products per unit above the limit were 1642.9 billion yuan, up 2.7% year on year, and 0.1 percentage points faster than in August.

5. The growth rate of online retail sales of physical goods is accelerating

In the first three quarters, online retail sales of physical goods were 9152.8 billion yuan, up 6.5% year on year. The growth rate was 0.5 percentage points faster than in the first half of the year, accounting for 25.0% of total retail sales of social consumer goods, an increase of 0.1 percentage points compared to the first half of the year. In online retail sales of physical goods, food, clothing, and consumer goods increased by 15.1%, 2.8%, and 5.7%, respectively. In September, online retail sales of physical goods increased 7.3% year on year, 0.2 percentage points faster than in August.

6. Steady growth in retail sales of offline products

According to estimates, in the first three quarters, retail sales of offline products increased by 3.9% year-on-year, and the growth rate was 0.9 percentage points slower than in the first half of the year. Among them, retail sales of offline products increased 1.8% year-on-year in September, and the growth rate was 0.4 percentage points slower than in August.

According to data released by the National Bureau of Statistics, retail sales of physical retail products above the limit increased by 3.5% year-on-year in the first three quarters, down 0.4 percentage points from January to August. According to the retail sector, the performance of emerging business formats that meet residents' demand for quality, personalized, and experiential consumption was impressive. Retail sales of warehousing member stores, collective stores, and unattended stores all maintained double-digit growth; retail sales of discount stores represented by high cost performance increased markedly; retail sales of convenience stores, supermarkets, department stores, specialty stores, and brand specialty stores increased 6.4%, 4.4%, 0.9%, 4.8%, and 1.5%, respectively.

7. Retail sales of nearly 90% of product categories of units above the limit increased

Basic lifestyle and upgrade products are growing steadily, trade-in related products are growing well, and sales of products that improve the quality of life are becoming more active. Most product categories achieved growth. In the first three quarters, retail sales of products increased 4.6% year on year. Among basic lifestyle products, retail sales of food, clothing, and daily necessities products increased by 8.0%, 3.1%, and 7.4% year-on-year respectively; among upgraded products, retail sales of cosmetics, gold and silver jewelry, and sports and entertainment products above the limit increased by 3.9%, 11.5%, and 19.6% respectively; the trade-in policy continued to be effective, and retail sales of related products achieved relatively rapid growth. Household appliances, audio and video equipment, furniture, communication equipment, and cultural office supplies in units above the limit increased 25.3%, 21.3%, 20.5%, and 20.5% year-on-year respectively 19.9%; retail sales of automobiles per unit above the limit increased by 0.6%.

8. Increased growth in service consumption

Driven by a series of policies and measures to expand service consumption, demand for service consumption accelerated. In the first three quarters, retail sales of services increased 5.2% year-on-year, 0.1 percentage points faster than in January-August, and 0.6 percentage points higher than retail sales of products during the same period. Among them, retail sales of cultural, sports and leisure services, communication and information services, travel consulting and rental services, and transportation and travel services achieved double-digit growth. According to China Railway Group data, in the first three quarters of 2025, railways across the country sent 3.54 billion passengers, an increase of 6% over the previous year, and reached a record high for the same period. According to data from the National Film Administration, in the first three quarters, the country's movie box office revenue increased 20.7% year-on-year. According to data from the Ministry of Industry and Information Technology, the national software business revenue increased by 12.6% from January to August.

Food and beverage revenue for the first three quarters was 4098.9 billion yuan, up 3.3% year on year, down 0.3 percentage points from January-August. Among them, the food and beverage revenue of units above the limit was 1205.9 billion yuan, an increase of 2.3% over the previous year, and the growth rate fell 0.5 percentage points from January-August. In September, due to the wrong month of the Mid-Autumn Festival, food and beverage revenue was 45.9 billion yuan, up 0.9% year on year, down 1.2 percentage points from August. Among them, the food and beverage revenue of units above the limit was 134.7 billion yuan, a year-on-year decrease of 1.6%, and the growth rate decreased by 2.6 percentage points from August.

9. Core CPI continued to rise in the first three quarters

In the first three quarters, prices in the consumer sector were generally stable. The CPI fell 0.1% from the same period last year, mainly due to the expansion of food prices and low energy prices. The CPI fell 0.3% year on year in September, and the decline was 0.1 percentage points narrower than the previous month. As policies to expand domestic demand and promote consumption continue to show results, the core CPI, which excludes food and energy prices, rose 0.6% year on year in the first three quarters, an increase of 0.2 percentage points over the first half of the year. Among them, the increase rebounded to 1% in September.

In September, among the eight categories of consumer prices, food prices fell 4.4% year on year, an increase of 0.1 percentage points over the previous month. Prices in the other seven categories rose and fell six times over the same period last year. Among them, prices of other goods and services, daily necessities and services, and clothing increased by 9.9%, 2.2% and 1.7%, respectively; prices of health care, education, culture and entertainment, and housing increased by 1.1%, 0.8%, and 0.1%, respectively; and transportation and communication prices decreased by 2.0%.

This article was edited by the All-China Business Information Center, Zhitong Finance Editor: Chen Wenfang.