In October 2025, China's total retail sales of consumer goods reached RMB 4.63 trillion, up 2.9% year-on-year, maintaining a steady and improving trend. This marked a slight deceleration from the 3.0% growth in September, indicating a marginal slowdown in consumption momentum. Over the past six months, consumption growth has shown a monthly downward trend, declining from 6.4% in May to 2.9% in October, underscoring the need to further consolidate the foundation for domestic demand recovery. By category, commodity retail sales amounted to RMB 4.11 trillion, rising 2.8% year-on-year and accounting for over 80% of the total, remaining the dominant force in the consumption market. Catering revenue reached RMB 520 billion, increasing by 3.8%, outpacing the overall growth rate, reflecting sustained improvement in residents' willingness to spend on service-oriented consumption. This divergence highlights an ongoing shift in consumption structure—from goods-dominated to a balanced mix of goods and services, with the recovery of contact-intensive sectors like dining playing a positive role in driving overall demand. Overall, despite a moderate slowdown in growth, consumption remained within a reasonable range, with strong performance in catering services signaling gradual restoration of consumer confidence. With continued policy support and the boost from holiday seasons, the consumption market is expected to achieve steady recovery through structural improvements in the coming months.