On October 18, the National Bureau of Statistics of China released data on residents’ income and consumption spending for the first three quarters of 2024. Let’s delve into the findings and implications.

**Question:** Can you share the key insights regarding income trends for residents in the first three quarters of 2024?

**Answer:** Certainly. The average per capita disposable income for residents across the country reached 30,941 yuan, showing a nominal increase of 5.2% compared to the same period last year. When accounting for inflation, the real increase stands at 4.9%. Breaking this down by urban and rural demographics, urban residents achieved an average income of 41,183 yuan, reflecting a nominal growth of 4.5% and a real growth of 4.2%. In contrast, rural residents saw a higher nominal increase of 6.6%, with their average income reaching 16,740 yuan and a real growth of 6.3%.

**Question:** How do different sources of income contribute to overall disposable income?

**Answer:** In the first three quarters, the per capita wage income was 17,696 yuan, which grew by 5.7% and constituted 57.2% of the disposable income. Additionally, the average net business income was 4,939 yuan with a growth of 6.4%, making up 16.0% of the total. Property income contributed 2,585 yuan, which saw a modest growth of 1.2%, while average net transfer income stood at 5,721 yuan, increasing by 4.9% and accounting for 18.5% of disposable income.

**Question:** What do the median income figures look like, and how do they compare to the averages?

**Answer:** The median per capita disposable income nationwide was 25,978 yuan, marking a 5.9% increase, which is 84.0% of the average. For urban residents, the median stood at 36,801 yuan with a growth of 4.4%, representing 89.4% of their average income. On the other hand, rural residents recorded a median income of 14,310 yuan, a 6.8% increase that is 85.5% of their average.

**Question:** What about consumer spending? How have the spending habits changed in this period?

**Answer:** In terms of consumer spending, the average per capita expenditure reached 20,631 yuan, with a nominal increase of 5.6% and a real growth of 5.3% after adjusting for price changes. Urban residents spent an average of 25,530 yuan, a nominal increase of 5.0%, while rural spending was recorded at 13,839 yuan, reflecting a growth of 6.5%.

**Question:** Can you detail the spending by categories?

**Answer:** Of the total spending, the average per capita expenditure on food, tobacco, and alcohol amounted to 6,206 yuan, increasing by 7.1% and accounting for 30.1% of total consumption. Clothing expenses averaged 1,109 yuan, rising by 5.1%, while housing expenditures were 4,560 yuan, showing just a 1.0% increase. Transportation and communication saw a significant rise of 10.0%, totaling 2,865 yuan, and spending on education, culture, and entertainment also increased by 10.1%, reaching 2,295 yuan. Other notable expenditures included healthcare at 1,900 yuan (up 3.5%) and miscellaneous goods and services at 579 yuan (up 10.9%).

This data illustrates not only the growth in income but also the changing patterns in consumption among urban and rural populations in China as they adapt to economic dynamics.