SUNING.COM(SZ:002024) Sou Hu Cai Jing·2025-10-04 02:01Core Insights - The "old-for-new" subsidy policy in Shanghai has significantly boosted consumer enthusiasm during the National Day holiday, leading to a notable increase in the home appliance market [1][3] - The second round of the subsidy program has been launched to further stimulate consumer demand, with registration starting on October 4, 2023 [7][8] Group 1: Market Impact - The first round of consumer subsidy coupons has resulted in a 110% year-on-year increase in foot traffic at Suning stores in Shanghai during the first three days of the National Day holiday [3] - High-end home appliance sales (over 10,000 yuan) have surged by 79% due to the subsidy program [3] - The newly opened Suning Max store in Shanghai achieved sales exceeding 70 million yuan on its opening day, highlighting the effectiveness of new retail formats in driving consumer spending [3] Group 2: Consumer Trends - There is a clear trend towards upgrading consumer preferences, with a shift from cost-saving to quality experience, emphasizing "quality, health, intelligence, and scenario-based" consumption [5] - Sales of air purifiers, new wind air conditioners, and clothing care machines have increased by 158%, 131%, and 199% respectively, indicating a demand for health-oriented products [5] - The integration of home appliances with aesthetic design is becoming more prominent, with over 90% of sales in built-in refrigerators and washing machines, and significant growth in ultra-thin range hoods and integrated kitchen appliances [5] Group 3: Future Outlook - The second round of the "old-for-new" subsidy program is expected to further unleash consumer potential, with the registration period set from October 4 to October 6, 2023 [7] - The program aims to maintain momentum in the consumer market, contributing to a robust growth in retail sales for the fourth quarter [8]