On October 22, the Hubei Provincial Government officially released its economic performance report for the first three quarters of the year, revealing a Gross Domestic Product (GDP) of 41,655.01 billion yuan, marking a year-on-year growth of 5.7%. The consumer market remains stable, bolstered by a series of policies aimed at stimulating consumption, particularly in the areas of smart and eco-friendly products.

According to the report, the total retail sales of consumer goods in Hubei during the first three quarters reached 17,212.78 billion yuan, with a year-on-year increase of 5.1%. This year, Hubei has effectively combined consumption promotion with improving living standards, working in tandem to uplift consumer confidence. The overall market shows signs of recovery and growth, with resident consumption growing at an average rate over the past three years that surpasses the national average.

The province’s “trade-in for new” policy has gained traction and expanded its scope, continually igniting new momentum in consumption. Notably, during the first three quarters, retail sales for new energy vehicles, household appliances, and smartphones saw impressive growth of 52.1%, 13.8%, and 26.4%, respectively. Reflecting this trend, per capita spending on transportation and communication has surged by 23.7%, the highest increase among eight major categories of consumer spending.

As the process of new urbanization accelerates and distribution networks improve, diverse consumer demands are increasingly being met in rural areas. In the first three quarters, rural residents experienced double-digit growth in spending on healthcare and transportation.

The supply of new technologies, products, and services is continuously improving, effectively boosting consumer demand. Overall retail sales of consumer goods across the province grew by 5.1% year-on-year, surpassing the national rate by 1.8 percentage points.

The holiday economy, performing arts market, sports events, and themed activities have all contributed to a sustained increase in service consumption spending. The average per capita expenditure on services reached 9,853 yuan, showing a year-on-year rise of 9%. Key contributors to this growth included education, culture, entertainment, and dining out, with service consumption accounting for 48% of total household expenditure. Additionally, rising demand for travel and entertainment led to increases in costs for travel agencies, movie tickets, and other tourism-related expenses by 5.1%, 4.6%, and 3.7%, respectively.

Zhang Xiaoqing, a member of the Party Leadership Group and Deputy Director of the Hubei Provincial Bureau of Statistics, commented that as policies aimed at stimulating consumption take effect, favorable conditions and positive factors supporting demand improvement are accumulating. However, she noted that there is still a need to enhance consumer confidence and willingness. Looking ahead, efforts should focus on boosting the purchasing power of residents and further promoting trade-in programs for consumer goods to ensure the market continues to rebound successfully.