Di Yi Cai Jing·2025-10-09 10:06Core Insights - The domestic home appliance market is facing growth pressure due to increased outdoor activities and high base comparisons from the previous year, with expectations that fourth-quarter promotions will primarily rely on manufacturer subsidies [1][3][6] Group 1: Market Performance - Many home appliance retailers reported a year-on-year decline in revenue during the recent National Day and Mid-Autumn Festival holidays, attributed to last year's high base and increased outdoor activities [3][4] - Some retailers, particularly in lower-tier markets, experienced slight growth, but overall sales were down, with one retailer in the northwest reporting a nearly 30% decrease in revenue compared to last year [4] - In contrast, certain brands like Haier reported a 15.4% increase in sales during the holiday period, driven by successful promotional activities and a focus on high-demand products [4][5] Group 2: Consumer Behavior and Trends - The trend towards quality, health, intelligence, and scenario-based consumption is evident, with younger and older consumer segments driving sales growth in physical stores [5] - The introduction of new smartphone models has also boosted sales in the mobile category, despite a decline in traditional home appliance sales [5] Group 3: Policy and Subsidy Impact - The fourth batch of "national subsidies" amounting to 69 billion yuan was announced, but its impact has yet to be fully realized in the market, contributing to a double-digit year-on-year decline in overall home appliance consumption [5][6] - The market is transitioning towards a more market-driven and innovation-driven model, moving away from price wars to value wars, as companies adapt to changing consumer demands [7]