China has a large consumer market but where is growth

Online physical goods consumption cagr is almost 0% from 2023-25. [reported 6.5% and 5.2% growth in 2024 and 2025]

2023年,实物商品网上零售额130174亿元

2024年,实物商品网上零售额130816亿元

2025年,实物商品网上零售额130923亿元


Overall e-commerce growth, which is ~2% cagr 2023-25. [reported 7.2% and 8.6% growth in 2024 and 2025]

2025年,全国网上零售额159722亿元

2023年,全国网上零售额154264亿元


Ex-auto consumption growth is 3.3% cagr 2023-25. [reported 3.8% and 4.4% growth in 2024 and 2025]

2025年,除汽车以外的消费品零售额451413亿元

2023年,除汽车以外的消费品零售额422881亿元


Accumulated CPI is 0.5% from end of 2022 to end of 2025 (36 month).