During the Spring Festival, malls in Chongqing are packed with residents and tourists. (Photo/Chongqing Daily)
Chongqing - Chongqing has become China’s top consumer city. Data released on Jan. 26 by the Chongqing Municipal Bureau of Statistics showed total retail sales reached 1,668.85 billion yuan (about 238.4 billion U.S. dollars) in 2025, surpassing Shanghai’s 1,660.093 billion yuan.
After a year of competition, Chongqing edged out Shanghai by over eight billion yuan, ending Shanghai’s seven-year streak. Since surpassing Beijing in 2018, Shanghai has held the top spot. From early 2025, Chongqing and Shanghai vied fiercely, with the final annual figures confirming Chongqing as the leader.
As the only international consumption center city in central and western China, Chongqing’s growth has been evident for years. In 2018, its retail sales first exceeded one trillion yuan, joining the “Trillion-Yuan Club” with Beijing and Shanghai. By 2022, sales reached 1,392.6 billion yuan, surpassing Beijing for the first time. In 2024, Chongqing’s total was 1,619.0 billion yuan, 174.98 billion yuan less than Shanghai's.
Throughout 2025, Chongqing mostly led the monthly retail figures.
In May, Shanghai briefly regained the lead by 6.848 billion yuan, but Chongqing retook it in June and maintained the advantage through December, finishing 8 billion yuan ahead.
Experts cite multiple factors behind Chongqing’s rise. The city has over 30 million residents, nearly 10 million more than Shanghai, providing a solid consumer base.
Professor Guo Xinmei of Beijing Technology and Business University notes that Chongqing’s consumption rate, the ratio of spending to disposable income, is 69.1%, higher than Shanghai's 67.1% and Beijing's 62.5%, reflecting strong consumer willingness.
Low living costs further boost consumption. Housing in Chongqing is roughly half that of Shanghai, increasing real purchasing power and consumer confidence as incomes rise.
Tourism and social media exposure also fuel growth. Known as the “Magic City,” Chongqing’s “8D” landscape and natural attractions draw millions of domestic and foreign visitors, stimulating food, lodging, travel, shopping, and entertainment consumption. In 2025, visitor numbers surpassed 500 million, with inbound tourism increasing by 68.2%, drawing national attention online.
Professor Huang Qinghua of Southwest University highlights that much of Chongqing’s growth comes from non-residents. Service-oriented consumption thrives due to unique geography, convenient transport, high openness, and welcoming citizens, concentrating visitor spending locally.
Guo adds that the “8D magic terrain” drives specialized consumption, with sites like Hongyadong and Ciqikou featuring light shows, drones, and local cuisine. 2025 restaurant revenue reached 247.034 billion yuan, up 4.6%, exceeding general retail growth by 1.8 percentage points.
In contrast, Shanghai’s 2025 consumption growth lagged due to slower income growth and cautious consumer confidence.
However, experts stress that surpassing Shanghai does not mean that Chongqing’s overall consumption capacity exceeds Shanghai's. In 2025, Chongqing’s per capita disposable income was 41,580 yuan, leading in central and western China but far below Shanghai (91,987 yuan) and Beijing (89,090 yuan). High-end retail remains limited, and luxury spending partly flows to Chengdu, Beijing, Shanghai, and overseas.