National Bureau of Statistics: Service consumption is growing well, driving the upgrading of consumption quality.

Data released by the National Bureau of Statistics today shows that the total retail sales of social consumer goods and services in the first five months of the year increased by 2.8%, maintaining stable growth. Among them, the growth of service consumption is good, driving the emergence of new highlights in consumption structure. The spokesperson of the National Bureau of Statistics stated that various measures have been implemented to boost consumption this year, including innovative consumption scenarios, stimulating consumption potential, and promoting the improvement of consumption quality. The overall scale of sales of goods and services in China continues to expand. Looking at the month of May, retail sales of goods showed a slight decline, mainly influenced by factors such as the high base in the same period last year. The spokesperson of the National Bureau of Statistics, Fu Linghui, emphasized the importance of considering the overall situation of consumption, including both goods and services. In the first five months, service retail sales increased by 5.4% year-on-year, continuing to outpace the growth rate of goods retail sales. This change is determined by the law of economic development and is an important manifestation of consumption upgrading. The spokesperson also highlighted the strong growth in service consumption, particularly in the rapid development of tourism consumption and the increasing consumption of cultural and sports events, which continue to drive consumption. From January to May, retail sales of cultural, sports, and recreational services increased by more than 10%. Fu Linghui noted that the potential for new types of consumption is being unleashed, with online consumption, digital consumption, and green consumption becoming new growth points. From January to May, retail sales of communication and information services increased by over 10%, sales of wearable smart devices significantly increased, and sales of high energy-efficient grade home appliances in units above the quota increased by over 30%. He emphasized the need to further enhance the ability and willingness of residents to consume, address market supply constraints in certain areas, and take multiple measures to boost consumption, promote employment and income growth for residents, innovate consumption scenarios, optimize the consumption environment, and better unleash consumption potential to improve people's lives.