On March 20, the Ministry of Commerce released the latest consumption data: China’s total retail sales of consumer goods reached 8.61 trillion yuan in January-February 2026, a year-on-year increase of 2.8%, marking a steady recovery in the consumer market, with intelligent technology consumption becoming the core growth driver. Data shows that sales of smart glasses on key platforms surged 1.8 times year-on-year, and sales of embodied intelligent robots, smart homes and other new categories continued to climb, highlighting the upgrading trend of residents’ consumption. Sales of policy-beneficiary categories such as new energy vehicles and green home appliances grew steadily, becoming an important engine driving consumption recovery.
The real estate market rebounded simultaneously, with Guangzhou and Shenzhen taking the lead in a “spring recovery” wave, as second-hand home transactions rose sharply to lead the market. The new home market saw a structural recovery, with accelerated inventory digestion for improved housing and core-location properties. Many regions optimized property market regulation policies, cutting home purchase costs and loosening purchase restrictions. Coupled with the steady LPR, residents’ home purchase expectations gradually recovered, and the real estate market showed a clear stabilizing and rebounding trend. Three ministries including the Ministry of Industry and Information Technology jointly held a symposium for the new energy vehicle industry, deploying work to standardize industrial competition order and expand auto consumption, further unlocking the potential of bulk consumption.
On the macroeconomic front, China has set its 2026 economic growth target at 4.5%-5%. Fiscal funds will focus on livelihood sectors, with the minimum monthly basic pension for urban and rural residents raised by another 20 yuan, benefiting 180 million people. Rising resident income provides solid support for consumption recovery. Industry analysis holds that the synchronized recovery of consumption and real estate, two economic pillars, coupled with intensified policy support, confirms a stabilizing and improving macroeconomic trend. Going forward, it is recommended to focus on investment opportunities brought by consumption scenario recovery and property chain restoration, targeting leading enterprises in consumer tracks such as food and beverage, home appliances, and new energy vehicles.
