中国汽车流通协会：11月汽车消费指数为93.2 预计12月汽车市场将呈上升态势

Core Insights - The automotive consumption index for November 2025 is reported at 93.2, indicating an improvement over the previous month, with expectations for December to perform better than November [1]. Market Trends - In November, the automotive retail sales fell short of expectations due to adjustments in replacement subsidy policies and an increase in the number of manufacturers participating in the "purchase tax guarantee" program, leading consumers to delay purchases [3]. - December is expected to see a significant increase in terminal retail sales due to the combination of year-end sales momentum and the impending expiration of the new energy vehicle purchase tax exemption policy [3][12]. Demand Index - The demand sub-index for November 2025 stands at 86.8, slightly higher than the previous month, with expectations that the approaching expiration of the new energy vehicle tax exemption will prompt consumers to advance their purchasing decisions to December [3][12]. Store Visit Index - The store visit sub-index for November 2025 is recorded at 89.9, showing an increase from the previous month, driven by intensified promotional efforts from manufacturers and dealers, as well as seasonal increases in consumer foot traffic leading up to the Spring Festival [5][12]. Purchase Intent Index - The purchase intent sub-index for November 2025 is at 100.2, reflecting a rise from the previous month, influenced by the nearing end of the new energy vehicle tax exemption and increased dealer promotions, alongside heightened consumer demand for purchases before the Spring Festival [7][12]. Consumer Environment - The new energy vehicle purchase tax exemption policy will end in December, transitioning to a reduced tax rate in 2026, while the 2025 vehicle replacement subsidy policy is also nearing its conclusion, prompting dealers to ramp up promotional activities to meet annual sales targets [12]. - As the traditional Spring Festival approaches, consumer purchasing intent typically increases, which is expected to accelerate in December due to the aforementioned factors [12]. Summary - Overall, the automotive market is anticipated to show a significant upward trend in December, with sales expected to increase compared to November [12].