Just after the New Year's Day holiday, the consumption data came out and it’s quite interesting. Compared to last year, during the New Year’s Eve period, various consumption sectors experienced a surge in growth, with many indicators hitting new highs. Let’s take a closer look at what’s happening.

**The Cultural and Tourism Market Has Fully Heated Up**
This holiday was two days longer than last year, resulting in nearly a 5-fold increase in travel bookings year-over-year, hotel reservations rose more than 3 times, and scenic spot ticket bookings surged over 4 times. The daily average of inter-regional travel reached 198 million trips, a 19.5% increase year-over-year. In simple terms: more people, more money. Travel is no longer just inexpensive trips; consumers are willing to pay for experiences.

**Retail and Gold Become Focus Points**
Key retail companies saw an 8.2% year-over-year increase in sales, but even more impressive is Hainan’s offshore duty-free sales — shopping amounts in the past two days reached 505 million yuan, a 121.5% surge year-over-year. Gold jewelry sales increased by 20%-30%, and beauty, apparel, and other upgraded consumption also caught fire. What does this indicate? Consumers are upgrading their spending quality, shifting from daily necessities to quality products and experiences.

**Dining and Experiential Economy Boomed**
Foreign-style restaurant reservations increased by 98% year-over-year — this number is a bit exaggerated, but it shows consumers are seeking novelty. On New Year’s Eve, dining per capita spending increased by 10%, and nighttime consumption and ritualistic spending became mainstream. Douyin supermarket coupon sales increased by 164%, themed hotel redemption amounts rose by 71%, and pet services, handmade experiences, and other self-indulgent consumption grew significantly.

**Policy Benefits Are Taking Effect**
The old-for-new policy boosted home appliance and car replacement orders by over 20%. Subsidies for smart home appliances and new energy vehicles are substantial. The combination of policies and consumer desire creates a clear multiplier effect.

**Market Insights**
From an investment perspective, the consumption recovery has stimulated market risk appetite. Traditional consumption sectors like culture and tourism, duty-free, home appliances, and gold will likely attract short-term attention. However, this strong consumption trend may also indicate improved economic expectations, meaning the central bank might not rush to loosen policies. This could put some pressure on high-valuation growth stocks and sectors like the STAR Market. Funds may shift from tech stocks to consumer blue chips, indicating a style rotation is underway.

The Spring Festival is not here yet, and policies are still actively supporting. If this consumption trend can be sustained until the Spring Festival, the market’s main consumption theme could last even longer. For ordinary investors, this is a reminder: don’t just focus on growth stocks; it’s also worth looking at traditional consumption investment opportunities.