1月24日国新办会议点评：“以旧换新”有望持续支撑消费

Group 1: Policy Impact - The "old-for-new" policy is expected to continue supporting consumption in 2025, with a focus on enhancing the effectiveness of the program[6] - In 2024, the sales of products related to the "old-for-new" policy exceeded 1.3 trillion yuan, contributing to a 1 percentage point increase in the annual retail sales growth rate[8] - The total retail sales of consumer goods increased from approximately 35,699 billion yuan in April to about 45,172 billion yuan in December, with a year-on-year growth rate rising from 2.0% in June to 3.7% in December[8] Group 2: Sales Performance - Over 6.8 million vehicles were replaced under the "old-for-new" policy in 2024, with sales of 62.76 million units of eight categories of home appliances[8] - The retail sales of household appliances and audio-visual equipment rose from a year-on-year decline of 2.4% in July to a growth of 39.3% in December, marking the highest growth rate in 42 months[8] - Furniture retail sales increased by 10.5% year-on-year in November, the highest level in 37 months since August 2021[8] Group 3: Economic Leverage - The sales revenue from the "old-for-new" appliance program surpassed 100 billion yuan in just 79 days, and reached 200 billion yuan in 40 additional days, indicating accelerated consumer potential release[8] - In Yunnan province, nearly 2.8 billion yuan in subsidies for the "old-for-new" program led to over 20 billion yuan in related consumer spending[8]