晶采观察丨国补遇上“618” 消费潜力加速释放

Core Insights - The "618" shopping festival this year showcased a deep integration of online and offline retail, reflecting new consumer vitality [2] - Policies such as "national subsidies" have significantly boosted sales during the "618" period, with early promotional activities starting on May 13 [2] - There is a notable shift in consumer demand from basic products to high-quality, high-value items, particularly in categories like home appliances [2][3] Policy Impact - The "trade-in" policy for consumer goods has expanded to include new categories like smartphones and dishwashers, with the funding for this initiative doubling from 150 billion to 300 billion yuan [2] - The "trade-in" policy has already driven sales exceeding last year's total, indicating its effectiveness in promoting consumption and industry transformation [2][3] - Central government funding of 162 billion yuan has been allocated to support local "trade-in" initiatives, with an additional 138 billion yuan planned for the third and fourth quarters [3] Consumer Trends - There is a growing trend towards service consumption, with consumers increasingly seeking experiences rather than just products [3] - Interactive services, such as AI photo customization and immersive showroom experiences, are becoming standard in physical retail environments [3] - The combination of policy incentives and market mechanisms is expected to further unlock China's consumption potential, contributing to stable economic growth [3]