Group 1 - The "618" shopping festival lasted nearly 40 days, making it the longest in history, with a significant increase in the use of interest-free installment payments, which grew by 19% year-on-year [1] - The four key themes during the "618" period were discounts, national subsidies, consumption vouchers, and interest-free installments [1] - The most active regions for interest-free installment consumers were Guangdong, followed by Zhejiang and Jiangsu [1] Group 2 - Domestic brands are becoming the dominant trend in consumption, with the popularity of domestic electric vehicles boosting the auto parts industry and the rise of Labubu driving the anime and toy sector [3] - Interest-free installment orders during "618" showed a shift in consumer preferences, with auto parts, educational supplies, electric vehicles, and anime toys experiencing the fastest growth alongside traditional electronics [3] - The transaction amount for electric vehicles saw a 30% year-on-year increase, with one in five transactions made using interest-free installments [3] Group 3 - The interest-free installment model is seen as a win-win for consumer finance, meeting the needs of consumers for rational planning and efficient fund usage while lowering decision-making barriers for merchants [4]

Core Viewpoint - The "618" shopping festival this year features significant changes, with installment interest-free options becoming popular among consumers, particularly the younger demographic, as a means to stimulate consumption in the context of economic recovery [2][3][4]. Group 1: Consumer Behavior - Consumers are increasingly inclined to purchase high-value, practical goods while feeling pressure from large expenditures, leading to a preference for installment payment options to ease financial burdens [2][3]. - A survey indicates that 85% of consumers would choose interest-free installments even when they can afford to pay in full, highlighting a shift in payment preferences [5]. - Younger consumers view installment payments as a way to maintain cash flow and financial security, rather than a sign of financial distress [6][7]. Group 2: Financial Institutions' Strategies - Financial institutions are leveraging interest-free installment plans as a tool to enhance customer loyalty and engagement, which can lead to increased usage of credit cards and other financial products [8][9]. - Banks are adopting a comprehensive approach to offering interest-free services, balancing the potential loss of interest income with the benefits of attracting more customers and increasing transaction volumes [8][9]. - Risk assessment is a critical component for banks when offering installment plans, ensuring that they maintain asset quality and profitability while providing these services [9]. Group 3: Promotional Activities - Various financial service providers, such as Haier and Ping An, are launching promotional campaigns during the "618" festival, offering interest-free periods and discounts to encourage consumer spending [3][4]. - Credit card companies are also implementing interest-free installment options and incentives to boost consumer spending during the promotional period [4][5]. Group 4: Market Impact - The introduction of interest-free installment options is expected to significantly boost sales across various sectors, including electronics and home appliances, as evidenced by a 70% increase in interest-free installment orders on major e-commerce platforms compared to the previous year [5]. - The competitive landscape among financial institutions is intensifying as they seek to capture a larger share of the consumer finance market through innovative payment solutions [8].

Core Insights - The "618" mid-year shopping festival has seen a significant shift in consumer payment preferences, with 85% of consumers opting for interest-free installment plans even when they can afford to pay in full [1][4]. Consumer Behavior - A survey by Sina Financial Research Institute indicates that consumers are increasingly favoring interest-free installment payments, with over 70% growth in such orders on Taobao and Tmall during the "618" event compared to the previous year [4]. - More than half of the consumers choose installment payments to reduce short-term capital occupation, while 14% do so to take advantage of perceived "free" benefits [4]. - 30% of consumers utilize installment plans due to temporary financial constraints, such as delayed salaries or funds tied up in investments [4]. Demographics - Among consumers using interest-free installments, nearly 80% have a post-tax monthly income above 5,000 yuan, and 87% hold a bachelor's degree or higher [5]. - The majority of these consumers (86%) engage in financial investments while using installment plans, with nearly half having investment holdings exceeding 50,000 yuan [5]. - Female consumers account for 63% of those using installment payments during the "618" period, with Guangdong, Zhejiang, and Jiangsu being the top three provinces for such consumers [5]. Product Preferences - Consumers show a strong preference for using interest-free installments for durable goods such as smartphones, computers, and electric vehicles, with smartphones being the most favored category [6]. - The usage rate of installment payments for clothing has increased by 30% compared to the previous year, driven by more apparel retailers offering such options [6]. Market Implications - The trend of interest-free installments is seen as a vital tool for boosting consumer spending, benefiting both consumers and merchants, while also enhancing the impact of national subsidies [6].

Core Insights - The trend of using interest-free installment payments is gaining popularity among consumers, with 85% preferring this method even when they can afford to pay in full [4][5][6] - The "618" shopping festival has seen significant changes, with interest-free installments becoming a favored marketing tool for merchants [4][7] Consumer Behavior - 55% of consumers use interest-free installments to reduce short-term capital occupation, while over 14% believe in taking advantage of "free" offers [5] - 30% of consumers face short-term payment pressure due to cash flow issues, leading them to opt for installment payments [5] - Many consumers aim to invest their available funds while making purchases, with one example showing a potential earning of 80 yuan from a 10,000 yuan purchase through interest-free installments [5] Demographics - The majority of consumers using interest-free installments have a monthly after-tax income above 5,000 yuan, with 87% holding a bachelor's degree or higher [5][6] - Female consumers account for 63% of those using interest-free installments during the "618" period, with the highest usage rates in Guangdong, Zhejiang, and Jiangsu provinces [6] Product Preferences - Consumers show a strong preference for using interest-free installments for durable goods such as smartphones, computers, and electric vehicles, with smartphones being the most popular category [7] - The apparel category also saw a 30% increase in interest-free installment usage, attributed to more merchants offering such options [7] Economic Impact - Consumption is identified as a key driver of economic growth, with interest-free installment payments serving as an effective tool to stimulate consumer spending and support merchants [7]