Against the backdrop of profound adjustments in the global economic landscape, the Chinese mainland is undergoing a crucial transformation and upgrading.
In the first half of 2024, the service industry contributed over 50% to the national economic growth, highlighting service consumption as a key pillar of China's economy and a major driver of consumption expansion.
According to data from the National Bureau of Statistics (NBS), total retail sales of consumer goods reached 23.6 trillion yuan ($3.3 trillion), a year-on-year increase of 3.7%. Notably, retail sales of services soared by 7.5%, outpacing goods by 4.3 percentage points.
Service consumption has become a vital force for economic growth, with offline and contact-based consumption rebounding quickly. The rising proportion of service-oriented consumption strongly supports the overall economic recovery.
As residents' incomes improve and consumption concepts shift, consumer demand for services is evolving from basic living services to a focus on personalization, diversification, and quality.
Sales of upgraded goods are surging, with retail sales of communication equipment and sports and entertainment products increasing by 11.3% and 11.2% year-on-year, respectively. Additionally, robust sales of emerging consumer goods like new energy vehicles and smart home appliances reflect consumers' pursuit of a high-quality life.
In the service sector, industries such as catering, tourism, and cultural entertainment are making a strong comeback. For instance, during the Dragon Boat Festival holiday, the number of domestic tourists and their total expenditure rose by 6.3% and 8.1% year-on-year, highlighting the immense potential of service consumption.
