In November 2025, China's total retail sales of consumer goods reached RMB 4.39 trillion, up 1.3% year-on-year—a significant slowdown from the 2.9% growth in October. Data shows that momentum in consumption has continued to weaken, with the year-on-year growth rate declining for six consecutive months, dropping from 4.8% in June to 1.3% in November, reflecting ongoing pressure in the domestic consumption market. By category, commodity retail sales amounted to RMB 3.78 trillion, rising 1.0% year-on-year—below the overall growth rate—while catering revenue reached RMB 605.7 billion, increasing 3.2%, demonstrating relatively strong performance and serving as a key support for consumption. This divergence indicates that households are becoming more cautious on non-essential spending, while basic living expenses and social consumption remain resilient. Overall, despite high absolute levels of consumption, growth momentum has weakened, underscoring the fragility of domestic demand recovery. Going forward, further efforts are needed to unlock consumption potential, particularly in boosting large-scale consumer goods and services, to strengthen the driving force behind economic improvement.