VISA POLICIES BOOST INBOUND TOURISM

Beijing’s total retail sales of consumer goods declined 3.2% YoY to RMB1,124.86 billion in the first ten months of 2025. General retail and F&B sales decreased 3.2% YoY and 3.3% YoY to RMB1,013.15 billion and RMB111.71 billion, respectively.

The market presents a mixed picture in 2025. Although overall retail sales continued to trend downward, the sector retained notable bright spots. With new supply broadly in line with the previous year, the market remained in a phase of structural adjustment and the citywide vacancy rate moved higher, reflecting ongoing supply demand rebalancing. However, supported by sustained government policy and the market’s adaptability to shifting consumer preferences, Beijing’s retail sector continued to demonstrate resilience.