Entering the traditional peak season of consumption, various online and offline promotional activities have been intensively carried out in recent times, highlighting the vitality of the consumer market. Service consumption has maintained rapid growth, and new consumer formats continue to expand. The interviewed experts stated that the consumer market in China will continue to maintain a steady growth trend in the fourth quarter. The Ministry of Commerce previously stated that the consumer market is expected to reach a new level of 50 trillion yuan this year. New business models continue to expand. Driven by the demand for daily wear and gifts, since the launch of JD's "Double 11" on October 9th at 8pm, the popularity of gold jewelry consumption has not decreased, and the transaction volume of gold pendants, gold bracelets and other items has doubled year-on-year. During the peak season for weddings before and after National Day, the transaction volume of diamond necklaces and pendants increased by more than 5 times year-on-year, and the transaction volume of diamond rings increased by 3 times year-on-year. Artificially cultivated jewelry has become a new favorite in the market, with sales of cultivated diamonds and cultivated sapphires increasing by over 10 times. ”The person in charge of JD platform told Shanghai Securities News reporters. In the first hour of the opening of "Double 11" on the Tmall platform, 80 brands sold more than 100 million yuan. The turnover of more than 52000 brands on the JD platform increased by more than 300% year on year, and the live broadcast sales of more than 100000 products on the Tiktok platform increased by 300% year on year. Since October, the "Double 11" promotional activities of JD, Tmall, Tiktok, Xiaohongshu and other platforms have been launched one after another. Gold, silver, jewelry, autumn and winter clothing, cosmetics and skin care and other multi category products have been sold hot, and online consumption has accelerated. The continuous improvement of online consumption reflects the vitality of new consumer formats. In the first three quarters, online retail sales increased by 9.8% year-on-year, with a growth rate 0.2 percentage points faster than from January to August, and the growth rate has continued to accelerate since May. The new formats and models in the consumer sector are constantly expanding. Yu Jianxun, Director of the Department of Trade and Economic Statistics at the National Bureau of Statistics, previously stated that emerging formats that meet residents' demands for quality, personalization, and experiential consumption have shown impressive performance. In the first three quarters, retail sales of warehouse membership stores, collection stores, and unmanned stores all maintained double-digit growth. The policy of exchanging old for new consumer goods has shown its effectiveness, helping residents achieve the goal of exchanging cars for "energy" and household appliances for "intelligence". According to data from the National Bureau of Statistics, the year-on-year growth rate of sales of household appliances and audio-visual equipment in the first three quarters exceeded 25%, and sales of high-efficiency household appliances continued to grow rapidly; According to the Automobile Circulation Association, the retail sales of new energy vehicles exceeded 8.5 million units in the first three quarters, a year-on-year increase of 24.4%. The retail sales of household appliances, furniture, office supplies, communication equipment, and other categories covered by trade in programs continue to maintain double-digit growth, demonstrating the sustained transmission of policy dividends in key areas. Looking ahead to the fourth quarter, influenced by the high base of the same period last year, the consumption growth rate is expected to generally continue at the level of the third quarter. ”Cheng Zhen, Chief Economist of ICBC International, stated in an interview with Shanghai Securities News. The potential of service consumption continues to be released. As the world's largest offline comprehensive trade exhibition, the first phase of the 138th China Import and Export Fair (Canton Fair) was recently held. The Canton Fair has attracted a large number of overseas buyers, driving inbound tourism and consumption. According to Guangzhou Customs statistics, from October 1st to October 20th, the amount of tax refund applications for departure from Guangzhou port exceeded 27 million yuan, a year-on-year increase of 120%, reaching a historical high. Lian Ping, President and Chief Economist of Guangkai's Chief Industry Research Institute, told Shanghai Securities News reporters that in the first three quarters, consumption growth was driven by multiple factors. The inbound consumption continues to expand, and with the continued effectiveness of the outbound tax rebate policy, the "Buy in China" activity is being carried out in an orderly manner, and the "inbound flow" is accelerating its transformation into "consumption increment". Currently, service consumption has become an important engine driving consumption growth, and relevant policies have made significant efforts. The spokesperson of the Ministry of Commerce, He Yongqian, recently stated at a regular press conference that efforts will be made to promote the steady expansion of service consumption through three aspects: cultivating new growth points in service consumption, innovating diversified consumption scenarios, and continuously optimizing service supply. In 2024, the per capita service consumption expenditure of residents in China will account for 46.1% of the per capita consumption expenditure of residents. Looking towards the future, we should expand diversified service supply, innovate and enrich consumption scenarios, and further unleash the potential for service consumption development. ”Chen Lifen, Director and Researcher of the Market Circulation Research Office at the Market Economy Research Institute of the Development Research Center of the State Council, told Shanghai Securities News reporters. The consumption scale is expected to exceed 50 trillion yuan. Looking ahead to the fourth quarter, China's consumption will continue to grow, and the size of the consumer market is expected to steadily expand. Minister of Commerce Wang Wentao previously stated at a press conference on the high-quality completion of the "14th Five Year Plan" series held by the State Council Information Office that China's consumer market has remained the second largest in the world, with an average annual growth rate of 5.5% in the past four years, and is expected to exceed 50 trillion yuan this year. The interviewed experts suggest implementing targeted policies to further stimulate the development of commodity consumption, unleash the potential of service consumption, and comprehensively expand domestic demand. From a policy perspective, in the short term, we can continue to focus on supporting low-income groups and rural residents by reducing taxes and fees, providing financial subsidies, and enhancing their consumption capacity. At the same time, in the medium to long term, we can accelerate the improvement of the social security system, promote income distribution reform, promote the development of service consumption, and further unleash the potential of domestic demand. ”Cheng Shi stated. Chen Lifen believes that in the future, the domestic market will dominate the national economic cycle more clearly, and the potential for domestic demand in economic growth will continue to be released. The focus of policies should shift more towards benefiting people's livelihoods and promoting consumption, forming a driving mechanism for sustainable consumption growth, and enabling residents to consume, dare to consume, and be willing to consume. (New Society)