Recent market focus has shifted to boosting consumption. Following the State Council's November 14 meeting on enhancing the alignment of consumer goods supply and demand, concrete measures have now been implemented. On November 26, six ministries, including the Ministry of Industry and Information Technology and the Ministry of Commerce, jointly issued the "Implementation Plan for Strengthening the Alignment of Consumer Goods Supply and Demand to Further Promote Consumption" (hereinafter referred to as the "Plan"). Industry experts suggest that as policy details are rolled out, the consumption sector will usher in new growth opportunities.
The Plan outlines targets for 2027, aiming to optimize the supply structure of consumer goods, cultivate three trillion-yuan-level consumption sectors and ten billion-yuan-level consumption hotspots, and establish globally recognized high-quality consumer brands with cultural significance. By 2030, a high-quality development framework featuring positive supply-demand interaction is expected to take shape, with consumption playing an increasingly vital role in economic growth.
Key initiatives include diversifying interest-driven consumption offerings, such as pet accessories, anime products, and trendy fashion. The Plan also supports controlled expansion of low-altitude tourism, aviation sports, private flying, and consumer drones, alongside boosting auto modification, RV camping, and car rental services. Additionally, it encourages local IP development, brand licensing, and the integration of themed stores in traditional retail spaces.
Meeting personalized demand is identified as critical. The Plan promotes emerging retail formats like livestream e-commerce, instant retail, and circular commerce, while encouraging platforms to leverage AI for precise consumer demand matching. AI-driven transformation is reshaping consumption from "supply-driven" to "demand-defined," overcoming traditional constraints like information asymmetry and standardized production.
Data indicates a consumption rebound, with October's core CPI rising 1.2% YoY for the sixth consecutive month, while PPI saw its first monthly increase this year. Sectors like F&B, baijiu, dairy, e-commerce, and pet economy have outperformed since November.
Analysts highlight structural recovery in consumer services, with hotels and duty-free industries showing steady improvement. PuBank International Securities identifies five key 2026 investment themes: premium domestic brands, emotional consumption (e.g., collectibles, pets), emerging channels (e.g., instant retail), Chinese brands going global, and health-focused spending. China Galaxy Securities emphasizes long-term consumption goals under the 15th Five-Year Plan and overseas expansion opportunities.
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