Service Consumption Takes Center Stage
As aspirations for a better life rise in the Chinese mainland, service consumption has emerged as a primary engine for domestic demand.
In the first three quarters of this year, service retail sales grew by 5.2% year on year, 0.6 percentage points higher than retail sales of goods. Notably, culture, sports, and entertainment services, communications and information services, tourism consulting and rental, and transportation services all recorded double-digit growth. This momentum is driving a multiplier effect, setting the stage for both qualitative and quantitative upgrades in household consumption.
With the shift toward high-quality development, residents in the Chinese mainland now seek more diverse, personalized, and quality-oriented experiences. Household spending is evolving from basic goods to a balanced mix of goods and services, moving from subsistence toward development and enjoyment. This transition offers a unique opportunity to accelerate service consumption as a driver of sustainable economic growth.
For young global citizens, entrepreneurs, and thought leaders, these trends highlight a new frontier of innovation and experience-driven markets. From immersive cultural events to cutting-edge digital services, the landscape is ripe for fresh perspectives and real-world impact.
Reference(s):
cgtn.com
