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三天抢不到一张券!国补落地遇挑战
Di Yi Cai Jing·2025-07-30 04:55

Core Insights - The new round of the "old-for-new" policy has been implemented since the second half of last year, with significant expansion this year, leading to over 66 million consumers purchasing home appliances and over 69 million purchasing digital products through national subsidies [1][4] - The policy has effectively stimulated a large demand for product upgrades, but challenges such as "difficulty in obtaining coupons" and "capital pressure" have emerged for some offline channels [1][7] - The government plans to enhance the "timeliness" and "equity" of policy implementation in response to market concerns, with a focus on ensuring balanced distribution of subsidy funds [1][13] Market Performance - Retail sales of home appliances and audio-visual equipment increased by 30.7% year-on-year, while communication equipment sales rose by 24.1% in the first half of the year [3] - The number of consumers participating in the "old-for-new" program has significantly increased, with 1.09 billion appliances and 740 million digital products purchased [1][4] Policy Impact - The "old-for-new" policy has expanded from covering 8 categories of appliances in 2024 to 15 categories in 2025, with subsidies of up to 2000 yuan for home appliances and 500 yuan for digital products [4][5] - The policy has led to a notable shift towards high-efficiency and smart products, with sales of energy-efficient appliances seeing substantial growth [5] Challenges Faced by Retailers - Some retailers report difficulties in accessing subsidies, with stringent requirements and long waiting periods for reimbursement, leading to cash flow issues [7][10] - The competition between online and offline channels has intensified, with online platforms offering easier access to subsidies, causing offline retailers to struggle [8][9] Future Directions - The government is set to implement a more structured approach to subsidy distribution, ensuring that funds are allocated equitably and efficiently across regions [13][14] - There is an expectation for improved consumer experience and policy effectiveness as local governments refine execution details based on regional consumption characteristics [14]