During the 14th Five Year Plan period, with the updating of service consumption scenarios and the activation of service consumption potential, residents' service consumption expenditures have achieved rapid growth. From 2020 to 2024, the average annual growth rate of residents' service consumption expenditure is 9.6%. Service consumption is connected to both the economy and people's livelihoods. Expanding service consumption is an important lever to vigorously boost consumption and comprehensively expand domestic demand, as well as an inherent requirement to enhance people's well-being and meet their needs for a better life. With the continuous release of market potential, the continuous upgrading of consumption structure, and the acceleration of industrial development, there is a vast space for expanding service consumption. China has the world's largest middle-income group, with a large market space and good growth potential, especially in the fields of elderly care, childcare, medical and health services, which have enormous potential. At the same time, the acceleration of the new urbanization process and the urbanization of more agricultural migrant population have driven new consumer demands such as education and training, cultural entertainment, and residential services. New technologies such as mobile payments, the Internet of Things, big data, artificial intelligence, and virtual reality are accelerating their application in the service sector, injecting new vitality into expanding service consumption. (New Society)
Edit:Luoyu Responsible editor:Wang Xiaojing
Source:people.cn
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