作为重要的促消费节点，"618"购物车装着中国消费市场的新动向。平台大数据显示，在"科技+传统文化"的双重驱动下，中 国品牌发展迅速。近一个月平台消费热度排名前100的品牌中，超七成是中国品牌，其中，"AI元素""非遗元素"产品搜索量同比增 长分别超120%和270%。 平台消费数据与人群调研报告显示，消费者对于AI产品或服务的需求，正处于从"尝鲜"到"刚需"的转型窗口期，超80%被访 者希望产品融合AI技术。 最新数据显示，受年中线上促销活动和"以旧换新"政策等因素影响，线上零售增幅明显扩大。此外，随着高考落下帷幕，"青 春洋溢"的"考后焕新"消费也迎来高峰。在浙江杭州，不少家长带着孩子来到数码门店选购商品，趁着大促、国补以及品牌推出的 高考生专属优惠，一次性把手机、平板、笔记本电脑等产品配齐。 央视网消息：刚刚落幕的"618"年中大促，线上线下联动促销持续多日。"以旧换新"升级、AI工具上阵等新特征、新趋势进一 步推动消费潜力释放，提振消费效果明显。中国消费市场的新一波热潮也引发众多外媒关注。 《日本经济新闻》报道称，今年的"618"购物节促销期共持续近40天，旨在刺激个人消费的购物补贴政策，推动家电和智 ...

许冉表示，目前可以看到的数据是PLUS会员的外卖复购率是非会员的两倍。 第一财经记者了解，会上股东对外卖业务进展、国补以及公司股票的长期价值等问题进行了提问。 会上，对于股东提及的"外卖业务最新进展和运营目标，如何评估今年的投入以及未来的利润趋势"问题，许冉回应称，京东做外卖是公司即时零售战略一个 非常自然地延伸，京东零售把即时零售作为公司核心战略已有几年时间，食品外卖在即时零售中属于一个大的品类，对京东而言发展外卖业务是一个自然而 然的结果。 截至6月1日，京东外卖的日订单量已经突破2500万单，外卖业务的上线对京东APP的流量以及新用户的增长有非常明显的拉动作用。 她表示，刚刚过去的618，京东APP的DAU创历史新高，初步看到外卖用户和核心用户之间以及跨品类的购买有很强的协同效应。在提升用户黏性方面，许 冉表示外卖业务也带动了PLUS会员的增长，目前可以看到的数据是PLUS会员的外卖复购率是非会员的两倍。 业务数据上，许冉表示目前入驻的品质餐饮门店超过150万家，全职骑手规模已经突破12万人，预计在二季度末全职骑手将超过15万人。整体看，外卖业务 发展超出预期，京东希望将其作为一个长期可持续发展的业务， ...

Group 1 - The core viewpoint of the articles highlights the evolving consumer behavior during the 618 shopping festival, with a significant shift towards valuing quality products over low prices, as evidenced by 58.5% of respondents willing to pay for "good things" [1][15][21] - The 618 shopping festival saw a notable increase in consumer participation, with over 90% of consumers engaging in the event, and a strong preference for health-conscious and AI-integrated products [8][21][23] - The report indicates that platforms like JD.com and Tmall have simplified their promotional strategies, enhancing the shopping experience and stimulating consumer enthusiasm [2][3][26] Group 2 - JD.com maintained a leading position in the electronics category, with over 50% market share in 3C digital products and a year-on-year growth rate of 45% [3][34] - The consumer trend towards health and wellness products was evident, with 30.5% of respondents focusing on health when purchasing food and beverages during the festival [21][23] - The integration of national subsidies with the 618 promotions has encouraged consumers to upgrade their electronics, with 41.2% of respondents taking advantage of these offers [34] Group 3 - The shopping experience during the 618 festival was rated highly, with 83.2% of respondents indicating that JD.com provided a better overall shopping experience compared to other platforms [26][28] - Consumers expressed a desire for immediate access to new products, with many opting for instant delivery options during the festival [19][33] - The popularity of domestic brands surged, with 28.7% of respondents showing increased interest in purchasing domestic products, reflecting a shift in consumer preferences [23][24]

Group 1 - The "National Subsidy" program for consumer goods replacement is still in effect, with no changes to the policy, and the funding usage is on track as expected [1][2] - A total of 3 trillion yuan in special national bond funds will be allocated to support the consumer goods replacement program, with 1.62 trillion yuan already distributed in two batches [1][2] - The remaining 1.38 trillion yuan will be distributed in the third and fourth quarters, with specific allocations scheduled for July and October [1][2] Group 2 - The funding for the "National Subsidy" program comes from three sources: central government long-term special bond funds, local matching funds, and additional local funds based on implementation progress [2] - Different regions have varying subsidy ranges and amounts due to differing local financial capabilities, with some areas including textiles in their subsidy programs [5] - In Shanghai, a multi-tiered subsidy system is being implemented, combining national, municipal, and enterprise subsidies, resulting in over 11 million orders and sales exceeding 26 billion yuan [5] Group 3 - There are emerging social issues related to the subsidy program, such as "scalpers" exploiting student subsidy quotas for profit [5][6] - Some merchants are accused of raising prices before the subsidy and then using the "National Subsidy" to attract consumers, leading to consumer distrust [6] - The Ministry of Commerce plans to enhance supervision of product quality and pricing, ensuring compliance and preventing fraudulent activities related to the subsidy program [6]

最近一些企业、平台和自媒体借机炒作， 搞饥饿营销，营造恐慌情绪 ，消费者要特别注意辨 别。实际上，除少数地区外，大多数省份国补优惠活动也在正常推进。 IT之家从报道中获悉，今年 1 月和 4 月已分别下达两批共计 1620 亿元中央资金，支持地方做好 一、二季度消费品以旧换新工作。后续还有 1380 亿元中央资金将在三、四季度分批有序下达 ， 同时地方也将相应配套和自行安排足够的地方资金，"国补"还将继续惠及广大消费者。 经过采访多地相关部门及负责人，新华社记者发现 所谓取消"国补"的情况是不存在的 。 业内人士表示，少部分地区阶段性地完善了"国补"政策实施节奏，实际上消费品以旧换新工作将 持续全年，消费者每月每周都有参与申领"国补"的机会。 据新华社 6 月 18 日报道，近期社交媒体出现了关于部分地区暂时无法申领"国补"的讨论，引发 网友猜测"国补是否就此停止"。 ...

Core Insights - The 618 shopping festival has become less impactful, with consumers showing fatigue and the event being stretched over a longer period, leading to diminished excitement [1][10] - Despite a reported 15.2% year-on-year growth in GMV for major e-commerce platforms, the extended duration of the event has resulted in a less impressive performance when analyzed over a consistent timeframe [2][4] - Instant retail emerged as a significant growth area during the 618 festival, with platforms like JD and Meituan seeing substantial increases in user engagement and transaction volume [6][7] E-commerce Performance - The overall GMV for the 618 event increased by 15.2% year-on-year, but the extended duration of nearly 20% has skewed the perception of growth [2][4] - JD's app achieved a record high in daily active users (DAU), driven largely by its foray into the instant delivery market [6][8] - Instant retail platforms, including Meituan and JD, reported a 18.7% increase in transaction volume, outperforming traditional e-commerce channels [7] Consumer Behavior - Consumers are showing signs of fatigue towards frequent shopping festivals, with the 618 event now competing with numerous other promotional periods throughout the year [10][11] - The introduction of the "Red Cat and Red Jing Plan" aimed to attract users through content-driven marketing, but the effectiveness of such strategies is being questioned [3][11] Subsidy Impact - National subsidies have shifted from being auxiliary to becoming a central component of sales strategies for platforms like JD and Tmall, significantly impacting sales in categories like home appliances and electronics [8][10] - The depletion of subsidy funds has led to price adjustments, with some products being more expensive during the 618 event compared to previous months [10] Marketing Strategies - Tmall invested 50 billion yuan in cash incentives, focusing on live streaming and advertising to boost user engagement and sales [12][14] - JD's strategy included significant investment in its delivery workforce, which has resulted in a substantial increase in user numbers and order volume [13][14] - Douyin has emerged as a strong competitor, with its sales figures approaching those of JD, indicating a shift in consumer shopping behavior towards content-driven platforms [15][16]

正值"618"大促，线上线下促销活动持续多日，大家对于以旧换新的热情不减。然而，5月底以来，社交 媒体也出现关于重庆、江苏、湖北等地暂时无法申领"国补"的讨论。 针对相关热点话题，国家有关部委回应称，今年1月和4月已分别下达两批共计1620亿元中央资金，支持 地方做好一、二季度消费品以旧换新工作。后续还有1380亿元中央资金将在三、四季度分批有序下达， 同时地方也将相应配套和自行安排足够的地方资金，"国补"还将继续惠及广大消费者。 此外，业内人士表示，少部分地区阶段性地完善了"国补"政策实施节奏，实际上消费品以旧换新工作将 持续全年，消费者每月每周都有参与申领"国补"的机会。最近一些企业、平台和自媒体借机炒作，搞饥 饿营销，营造恐慌情绪，消费者要特别注意辨别。实际上，除上述少数地区外，大多数省份国补优惠活 动也在正常推进。 这3000亿元超长期特别国债，再加上地方按比例配套和自行安排的资金，共同构成了"国补"的资金来 源。 但是这3000亿元是"切块"分配到地方的。在分配时，会综合各地区常住人口数量、地区生产总值、汽车 和家电保有量、2024年消费品以旧换新政策及资金执行情况等因素，资金分配向2024年消费品 ...

Core Viewpoint - The 618 shopping festival this year has shown strong consumer growth, driven by multiple subsidies and a longer promotional period, with total online transaction volume reaching nearly 2 trillion yuan, a year-on-year increase of approximately 9.8% [3][4]. Group 1: Sales Performance - JD reported over 2.2 billion orders during the 618 festival, with daily active users on its main app reaching a historical high [2]. - Tmall announced that 453 brands achieved over 100 million yuan in sales, marking a 24% year-on-year growth [2]. - The sales of home appliances and 3C products were significantly boosted, with JD reporting a 50% increase in sales volume for mobile phones priced between 4,000 to 6,000 yuan and a 151% increase in AI laptop sales [4]. Group 2: Subsidy Impact - The combination of national subsidies, platform subsidies, and merchant subsidies has stimulated consumer growth, leading to better performance compared to previous years [3]. - The national subsidy program has been pivotal, with 1,620 billion yuan allocated to support consumption upgrades, and an additional 1,380 billion yuan planned for later this year [5]. Group 3: Marketing Strategies - E-commerce giants are actively seeking external traffic sources, with JD partnering with the Jiangsu Sports Industry Group to enhance brand visibility [6]. - Tmall has signed a strategic cooperation agreement with Xiaohongshu to drive traffic to its platform through content marketing [7]. Group 4: New Growth Areas - E-commerce platforms are exploring new growth avenues beyond traditional sales, with JD entering the travel and home service markets, reporting over 100 million yuan in transactions for its home service offerings [8]. - The online retail market has shown a 7.7% year-on-year growth, with service consumption leading the way, particularly in online entertainment and travel [8]. Group 5: Competition Landscape - The competition among e-commerce platforms is intensifying, with a focus on service quality and delivery capabilities, as well as price competitiveness [10]. - The entry of JD and Alibaba into the food delivery market has garnered significant attention, with JD's food delivery service achieving over 25 million daily orders shortly after launch [9].

史上最长618落下帷幕。 除了为期一个月的大促，今年618受国补推动，多个平台表示3C数码产品表现亮眼。而在直播方面，从 业者表示内容化直播影响力正在扩张。 国补推动3C数码消费 各平台都在6月19日交出了一份618成绩单。 在商家看来，今年618也出现了新趋势。上述负责人表示，今年618呈现出几个趋势。从整体来看，今年 618消费者更加具有消费敏感性，追求性价比。此外，3C消费需求前置，囤货心智较强。周期看，今年 618的节奏拉得较长，单点爆发不高，但整个消费持续能力较强。小天才相关负责人认为大促周期变长 是好事，如果时间较短，对消费者的决策链路影响较小。如果时间拉长，大促可以覆盖更多消费者。 此外，部分传统品类在今年618声量不高。有业内人士对第一财经表示，以往电商大促美妆等品类销售 表现优异的原因是大促节点品牌方给到的价格机制非常好。而今年一方面消费者需求在减弱，另一方面 品牌侧有更多营销节点，除了大促时价格优惠外，日常也有非常好的价格机制，这导致用户对于"只有 在618、双11期间才能买到最低价的商品"的印象减弱。因此，平时能买到释放消费需求不会再等到大促 进行购买。 京东表示618期间下单用户数同比 ...

Funding and Policy Overview - The recent pause in the "National Subsidy" ("国补") program was due to the rapid consumption of subsidy funds, which outpaced the issuance of special government bonds[1] - A total of 1,380 billion yuan in central funds will be distributed in batches during the third and fourth quarters, focusing on the implementation of existing funds rather than increasing the 3,000 billion yuan quota[1][4] - As of the end of May, approximately 1,620 billion yuan of the subsidy funds had been allocated, with over half of the expected funds consumed in the first five months[2][3] Impact on Consumer Spending - The "trade-in" subsidy program has significantly boosted retail sales, with May's total retail sales exceeding the trend value by approximately 2.8 percentage points[5] - The year-on-year growth rate for "trade-in" categories in May reached 16.6%, compared to an overall retail sales growth of 8.2%[5][6] - However, due to the rapid consumption of subsidy funds, the growth rate of retail sales may experience downward fluctuations in the coming months[5] Future Considerations - The "trade-in" policy needs to be strengthened in terms of quantity to prevent a decline in consumer momentum, as non-"trade-in" categories only saw a year-on-year growth of 1.6% in May[6] - There is a need for further improvement in policy mechanisms to reduce unfair competition caused by differences in subsidy standards and regional disparities[6] - Risks include potential policy shortcomings, unexpected changes in the domestic economic situation, and fluctuations in exports[6]