Group 1 - The "National Subsidy" policy for replacing old home appliances has been fully implemented, leading to the "Shared Plan" event in Changsha from January 16 to 18, focusing on consumer demand for New Year goods [1] - Gree, a leading company in the smart home appliance industry in Changsha, will showcase a special exhibition over 100 square meters featuring various products including refrigerators, washing machines, air conditioners, and small appliances [1] - Gree's new generation washing machine addresses common consumer pain points such as dehydration vibration and stubborn stains, utilizing smart vibration reduction technology for quiet operation and AI one-button washing mode for convenience [1] Group 2 - The Gree Jinghong refrigerator BCD-549WPSC will be featured at the event, equipped with a deep-freezing technology that reaches -33°C to preserve nutrients and a three-temperature zone for flexible food storage [3] - The refrigerator also includes an ion deodorization feature with a 99.9% antibacterial rate, ensuring cleanliness and freshness inside the unit [3] - Gree will present the latest "Cool and Clean" variable frequency air conditioner, which features a high-temperature self-cleaning system and operates at a low noise level of 18 decibels for a comfortable living experience [5] Group 3 - The event will offer significant discounts on popular products due to the combination of the "National Subsidy" policy and manufacturer promotions, with prices for the washing machine dropping from 3099 yuan to 2479 yuan, the refrigerator from 4999 yuan to 3999 yuan, and the air conditioner from 2899 yuan to 2464 yuan [7] - The Changsha event aims to provide high-quality and cost-effective consumer choices for citizens preparing for the New Year, enhancing the festive atmosphere [7]

Core Insights - The "Double Eleven" shopping festival has seen a significant price fluctuation in home appliances, with some products experiencing price increases compared to previous sales events, raising concerns among consumers about potential deceptive pricing practices [1][4][9] - The overall market heat for home appliances in 2025 is expected to be more subdued compared to the strong boost from the national subsidy policy in 2024, leading to a potential decline in sales [10] Price Fluctuation - Consumers reported that prices of home appliances in their shopping carts increased after the start of the Double Eleven event, with some products priced higher than during the previous 618 event and even higher than pre-event summer prices [1] - A specific example highlighted a brand's dryer that was initially priced at 11,990 yuan, but after discounts, the price rose to 8,581 yuan during the event, despite promotional claims [1][4] Factors Influencing Prices - Price fluctuations are attributed to multiple factors including brand pricing, dealer pricing, and platform subsidies, with different channels exhibiting varying price behaviors [8][9] - The home appliance market is seeing price increases primarily in kitchen appliances, black electronics, and various consumer electronics, while air conditioning prices remain stable or even decrease [9] Market Outlook - The upcoming national subsidy policy is expected to stimulate consumption, but its impact is predicted to be milder compared to the initial rollout in 2024, with potential year-on-year declines in the home appliance sector for the 2025 Double Eleven event [10] - The China Household Electrical Appliances Association has called for fair competition and self-regulation within the industry to address consumer concerns regarding price adjustments and ensure a conducive market environment [10]

Core Insights - The "Double Eleven" shopping festival has commenced, but the overall enthusiasm for 2025 is expected to be much more subdued compared to the strong boost from the national subsidy policy in 2024 [1][9] - Consumers have reported significant price fluctuations for home appliances during the event, with some products seeing price increases compared to previous sales periods [1][4] Price Fluctuations - Many consumers noted that the prices of items in their shopping carts increased after the start of the Double Eleven event, with some products priced higher than during the previous "618" sales [1][4] - For instance, a specific brand's dryer was initially priced at 11,990 yuan, but after applying subsidies, the price dropped to 7,292 yuan. However, during Double Eleven, the price rose to 8,581 yuan due to reduced platform subsidies [1] Causes of Price Changes - The price fluctuations are attributed to multiple factors including brand strategies, dealer pricing, and platform subsidies [7][8] - Some brands cannot control dealer pricing due to compliance requirements, leading to price discrepancies across different sales channels [8] - The price changes during the Double Eleven event are influenced by varying promotional strategies and subsidy levels across different stages of the event [8] Consumer Behavior and Market Trends - The demand for air conditioning units has already peaked during the summer, leading to a shift in consumer focus towards other home appliances for the upcoming sales [9] - The 2024 Double Eleven event saw significant sales, with a total of 1,441.8 billion yuan, marking a 26.6% year-on-year increase, particularly in the home appliance category [9] Future Outlook - The effectiveness of the upcoming national subsidy policy in stimulating consumer demand remains uncertain, with predictions suggesting a potential decline in home appliance sales during the 2025 Double Eleven event compared to 2024 [9][10] - The Chinese Household Electrical Appliances Association has called for fair competition and self-regulation within the industry to address issues such as false advertising and price manipulation [9]

Core Viewpoint - The sudden suspension of the "old-for-new" subsidy program in Jiangsu has caused significant concern among consumers and may impact the overall market dynamics during the critical 618 shopping festival [1][5][10]. Group 1: Market Impact - The suspension of the subsidy in Jiangsu has led to consumer panic, with many fearing that other regions may follow suit, potentially affecting overall sales during the 618 shopping period [3][10]. - In 2024, the "old-for-new" program was expected to drive sales of over 26 billion yuan, with more than 34 million consumers participating in the first four months of the year, leading to sales of 174.5 billion yuan [3][4]. - The abrupt halt of the subsidy could disrupt the positive sales momentum seen earlier in the year, particularly affecting the performance of online platforms and physical stores [11][12]. Group 2: Consumer Behavior - Consumers in Jiangsu are now adopting a wait-and-see approach, delaying purchases in anticipation of potential future discounts or promotional activities [10][12]. - The fear of missing out on good deals has led consumers in other regions to express a desire to purchase immediately, indicating a shift in buying behavior due to the uncertainty created by Jiangsu's subsidy changes [10][12]. Group 3: Industry Response - The suspension of the subsidy is likely to lead to price increases for individual products, affecting sales performance and potentially forcing companies to adjust production plans and marketing strategies [11][12]. - Companies are encouraged to enhance their internal competitiveness and reduce reliance on government subsidies and promotional events to navigate the changing market landscape [12].

Core Insights - The county-level home appliance market is experiencing significant growth, particularly in the air conditioning segment, driven by the "old-for-new" national subsidy policy which stimulates consumption [5][6][9] Market Trends - The "May Day" holiday saw uneven performance in the home appliance retail market, with notable growth in county-level markets, especially in air conditioning sales [5][6] - The "old-for-new" national subsidy policy has been effective in driving consumption upgrades and high-end sales, with an expansion of subsidized products and retail outlets [5][6] - Young consumers in county markets are increasingly demanding quality home appliances, aligning their preferences with those in first and second-tier cities [6] Sales Performance - Sales at Suining International Mall in Xinghua City increased by 200% year-on-year during the first two days of the "May Day" holiday, attributed to local wedding consumption and returning youth buying appliances for their families [6] - The sales of home appliances in Jiangxi during the "May Day" holiday are estimated to have grown by around 5% year-on-year, with significant contributions from third and fourth-tier markets [6] Air Conditioning Market - Air conditioning emerged as the best-selling product category during the "May Day" holiday, with sales revenue and volume increasing by 11.11% and 6.96% respectively [9] - The sales revenue of air conditioning units at Yongsheng increased by 70% year-on-year during the holiday, outperforming other categories like televisions and refrigerators [9][10] - Price competition in the air conditioning market intensified, with many affordable models emerging, benefiting from national subsidies and trade-in offers [10] Future Outlook - The market for quality-demanding home appliances, such as smart toilets and water purifiers, is expected to have greater potential compared to basic necessity items [11] - Price competition in the domestic home appliance market is anticipated to become more intense, with a trend of "the strong getting stronger" [11]