家电“国补”焕新社媒研究

Investment Rating - The report indicates a strong investment outlook for the home appliance industry, driven by the continuation and enhancement of the "National Subsidy" policy in 2025 [4][5]. Core Insights - The "National Subsidy" policy has shown significant effectiveness in boosting consumer confidence and sales in the home appliance sector, with expectations for continued positive impacts in 2025 [5][18]. - The expansion of subsidized product categories from 8 to 12, including new items like microwaves and dishwashers, is expected to further stimulate market demand [7]. - The report highlights a notable increase in retail sales, with December 2024 achieving a total of 111.3 billion yuan, marking a year-on-year growth of 39.3% [20]. Part 1: Macro Performance of the Home Appliance Industry - The home appliance industry experienced robust growth in Q4 2024, largely attributed to the "National Subsidy" [5]. - The subsidy policy will seamlessly transition into 2025, with over ten provinces already announcing supportive measures [5]. - The 2025 subsidy structure includes 300 billion yuan in government bonds and various energy efficiency product incentives [6]. Part 2: Consumer Social Media Observations on "National Subsidy" - The "National Subsidy" policy has generated significant social media buzz, with discussions increasing by 50% and interactions rising by 92% during the subsidy period [27]. - Douyin (TikTok) and Xiaohongshu (Little Red Book) are the primary platforms for consumer discussions regarding the subsidy, with Douyin being the main channel for brand engagement [29]. - The report notes that consumers are motivated to upgrade appliances primarily due to home environment improvements and enhanced convenience [41]. Part 3: Social Media Marketing Analysis - On Douyin, the marketing strategy focuses on engaging top and beginner influencers, with a significant portion of the budget allocated to these groups [51]. - Xiaohongshu sees a notable investment in influencer marketing, particularly targeting mid-tier and beginner influencers, which has resulted in high engagement rates [54]. - The report emphasizes the effectiveness of content that showcases real-life applications of products, enhancing emotional connections with consumers [72].