BEIJING, CHINA - NOVEMBER 6: Women wearing Qing Dynasty-style costumes take photos inside the Forbidden City on November 6, 2025, in Beijing, China. While Beijing has rolled out trade-in subsidies to spur sales of cars and appliances, the rebound in spending has been uneven. Early indicators compiled by China Beige Book showed services consumption slowed sharply in January, with most sub-sectors, including travel, hospitality and chain restaurants, reporting broad-based weakness. Even so, economists pointed to an apparent shift in household preferences, with consumers increasingly allocating spending towards services rather than goods. The rating agency expects China's retail sales, excluding petroleum, to increase 2.7% in 2026 from last year, with services to grow 5.5%.