仲量联行：2025年上半年中国零售地产与消费市场报告：退潮·起势（英文版）

Despite a June slowdown in catering (growth receding to 0.9% YoY, a post-2023 recovery low), China’s consumer macro data showed broad stability in H1 2025, with total retail sales reaching CNY 24.5 trillion (+5.0% YoY, accelerating 0.4 ppts from Q1). Merchandise retail (+5.1%) surpassed catering revenue (+4.3%) for the first time in recent years. Government subsidies drove significant out-performance in household appliances & AV equipment (+30.7% y-o-y) and culture/office supplies (+25.4%