Consumption surpasses 50 trillion! A 'Consumption 50' chart reveals the new blueprint for domestic demand

"Jin Zheng Yan" Xun Feng/Author

On March 13, 2026, the '15th Five-Year Plan Outline' was officially released, explicitly stating the need to strongly boost consumption and adhere to the strategic base point of expanding domestic demand. The core objective is to achieve a significant increase in household consumption rates and strengthen the role of domestic demand as the main driver of economic growth. The outline emphasizes implementing a special campaign to stimulate consumption, enhancing residents’ consumption capacity, improving willingness to spend, expanding high-quality supply, and promoting faster growth in goods and services consumption.

Against this backdrop, how does the CSI Consumption 50 Index, as an important vehicle anchoring the national strategy to expand domestic demand and capture the main line of consumption upgrading, deeply reflect the core logic and long-term trends of the domestic mass consumption industry?

I. Breaking through 50 trillion, with trade-ins unlocking 2.61 trillion – how does the consumption engine drive across all dimensions?

Under the context of the '15th Five-Year Plan' placing consumption at the core of the economic engine, consumption is no longer just about simple 'buying,' but a high-quality domestic demand ecosystem encompassing food and beverage, home appliances and furniture, agriculture, forestry, animal husbandry, fishery, travel, and retail.

The CSI Consumption 50 Index selects 50 leading listed company securities from discretionary consumption sectors and major consumer industries (excluding passenger vehicles and auto parts) based on scale and operational quality. It comprehensively covers key consumption sectors such as liquor, dairy products, condiments, white goods, duty-free, and livestock farming, reflecting the overall performance of A-share consumption leaders.

According to data from the National Bureau of Statistics, in 2025, the total retail sales of consumer goods in China exceeded the 50 trillion yuan mark, increasing by 3.7% over the previous year. By business location, urban consumer goods retail sales amounted to 43.2972 trillion yuan, growing by 3.6%, while rural consumer goods retail sales reached 682.3 billion yuan, up by 4.1%. The potential of county and township consumption markets continued to be unleashed. By consumption type, commodity retail sales hit 44.322 trillion yuan, rising by 3.8%, and catering revenue reached 5.7982 trillion yuan, up by 3.2%. Service retail sales increased by 5.5% over the previous year, showing an increasingly clear trend of optimization and upgrading in consumption structure.

In terms of policy, a special campaign to boost consumption was implemented, stimulating residents' intrinsic consumption motivation alongside pro-consumption policies. In 2025, trade-in programs for consumer goods drove related category sales to 2.61 trillion yuan, benefiting 366 million people. Traditional big-ticket items like refrigerators, washing machines, and televisions rapidly upgraded toward green intelligence, widely benefiting households and promoting trade-ins for key consumer goods.

2. Stable growth driven by essential needs and innovation expanding incremental gains - why does the Consumption 50 Index 'lead' the broader consumption sector?

In terms of sample selection and weight allocation, the CSI Consumption 50 Index demonstrates a characteristic of high concentration among industry leaders while providing comprehensive sector coverage. At the same time, component stocks span all core sub-sectors of consumption, including Kweichow Maotai, Wuliangye Yibin, Yili Group, and Haitian in the food and beverage sector; Midea Group, Gree Electric Appliances, and Haier Smart Home in the home appliance sector; Muyuan Foods and Wen's Foodstuff Group in the agriculture, forestry, animal husbandry, and fisheries sector; and China Tourism Group Duty Free Corporation in the travel retail sector, fully covering various consumer demands.

Specifically, the top ten components of the CSI Consumption 50 Index are Kweichow Maotai, Midea Group, Wuliangye Yibin, Gree Electric Appliances, Yili Group, Muyuan Foods, Wen's Foodstuff Group, Haier Smart Home, Haitian, and Shanxi Xinghuacun Fen Wine. As of April 2, 2026, the combined weight of the top five constituents reached 55.9%; the weight of the top ten constituents exceeded 75%, forming a large consumption leader matrix centered on absolute industry leaders.

In major consumption sectors, leading enterprises leverage their essential demand attributes to achieve steady earnings growth while continuously advancing product premiumization and health-oriented upgrades. Liquor companies such as Kweichow Maotai and Wuliangye Yibin constantly optimize their product portfolios. On March 30, 2026, Kweichow Maotai announced an increase in the factory price of its Feitian Maotai to 1,269 yuan per bottle, with corresponding increases in self-operated retail prices. The proportion of premium liquor continues to rise, further highlighting brand premium capabilities. Mass consumer goods leaders such as Yili Group and Haitian continue to push for product premiumization and health-focused offerings, meeting residents' upgrading demands for quality living. Agricultural consumption leaders like Muyuan Foods and Wen's Foodstuff Group maintain earnings stability amid industry cycle fluctuations thanks to cost control advantages.

In discretionary consumption sectors, leading enterprises closely follow consumption upgrade trends, driving earnings growth through product innovation and business model innovation. Home appliance giants such as Midea Group, Gree Electric Appliances, and Haier Smart Home focus on smart and green appliance R&D, introducing new products like IoT home appliances and smart homes. They also accelerate global expansion, with overseas revenue becoming a significant growth driver. In 2025, Midea Group’s revenue was 456.452 billion yuan, up 12.11% year-on-year, and its net profit attributable to shareholders was 43.945 billion yuan, up 14.03% year-on-year. ToB business and overseas expansion became core growth drivers. China Tourism Group Duty Free Corporation, leveraging optimized duty-free policies and improved offline store networks, has become a core growth driver in the travel retail sector.

Overall, the consumer industry is undergoing a profound transformation from 'quantity' to 'quality.' Guided by the '15th Five-Year Plan,' the CSI Consumption 50 Index focuses on absolute leaders in various sub-sectors, anchoring itself to the long-term trend of consumption upgrading. It benefits from policy dividends while possessing fundamental support that can weather economic cycles, driving the consumption structure toward higher levels.

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