Core Insights - The retail home appliance industry is experiencing a new promotional model as Su Ning Yi Gou integrates the National Day and Double 11 shopping events, launching a 44-day "Home Appliance Benefit Day" starting from September 30 [1][7] - Su Ning Yi Gou's strategy aims to shift consumer focus from price wars to value wars by enhancing supply chain integration and experiential upgrades [1][7] Promotional Strategy - The "Home Appliance Benefit Day" features multiple subsidy strategies, including "Super Subsidy" and "True Benefit Subsidy," in collaboration with over 100 major brands [1][3] - The event includes a "Flash Sale" for 48 hours, offering over 100,000 discounted products across key categories such as air conditioners, televisions, refrigerators, and washing machines [1][2] Consumer Trends - Data from Aowei Cloud Network indicates that sales of televisions larger than 75 inches accounted for over 40% of total sales in the first half of 2025, while new first-level energy-efficient air conditioners reached a 95% offline market share, reflecting strong consumer demand for large, high-efficiency, and smart products [2] Product Matrix - The "Super Subsidy" plan includes three product matrices: "Essential Choices," "Smart Selections," and "Home Decoration Selections," with subsidies ranging from 10% to 20% to ensure competitive pricing and product quality [3][5] - Examples of discounted products include a 430-liter four-door refrigerator priced at 2,999 yuan and a 10-kilogram heat pump washing and drying set available for as low as 4,999 yuan, both setting new industry price lows [5] In-Store Experience - Su Ning Yi Gou is enhancing the in-store experience by opening six new Max stores during the National Day period, featuring sections for trending categories and interactive spaces [6] - The company plans to host immersive events such as the "SUPL Su Ning Yi Gou Cup King of Glory League" and "I Am the Chef" cooking competition to increase user engagement and conversion rates [6] Long-Term Promotional Trends - Extending the Double 11 event to 44 days alleviates supply chain and logistics pressures while providing consumers with a more relaxed decision-making period [7] - The integration of National Day and Double 11 signifies a shift in retail strategies from "event bursts" to "periodic operations," enhancing overall sales stability [7] - The establishment of long-term subsidy mechanisms like "Super Subsidy" encourages a transition from short-term price competition to deeper competition based on product innovation and user experience [7]

据悉，湖南苏宁易购"家电超级补"计划围绕"刚需必选""新智严选""家装优选"三大品类，设置 10%-15%-20%梯度补贴。刚需必选品类涵盖一级能效空调、大容量冰箱、75英寸4K电视等高性价比品 质家电；新智严选品类包括嵌入式冰箱、多筒分区洗衣机、AI零嵌除菌冰箱等前沿趋势新品；家装优 选品类则包括中央空调、净水系统、嵌入式厨电等整家解决方案，全面覆盖从基础焕新到品质升级的多 样需求。 9月30日起，苏宁易购还将开启"闪购48小时"模式，消费者可在线上线下同步进入"真惠补・一补到 底"专区，以更普惠的价格入手更高品质、更多功能、更好体验的家电3C产品。活动期间，1.5匹大牌变 频空调低至1399元，85英寸超高清量子点电视低至3999元，430升平嵌四门冰箱低至2999元，10公斤双 擎热泵式洗烘套装低至4999元。 9月26日至10月8日，五一广场苏宁易购PRO超级旗舰店将推出"整点抽黄金""认筹翻倍省""套购满额 赠"等超值福利，同时举行王者荣耀电竞大赛、闻香品鉴沙龙、美食互动课堂以及小红书打卡赢好礼等 多元活动，全力打造一场集购物、娱乐、社交于一体的金秋消费嘉年华。 长沙晚报掌上长沙9月26日讯（全媒体 ...

Group 1: Policy Impact on Consumer Market - The "old-for-new" policy has significantly boosted consumer spending, with over 2.9 trillion yuan in sales generated and approximately 400 million people benefiting from subsidies as of mid-year [1][3] - The policy is part of a broader strategy to enhance domestic demand and promote green and intelligent consumption, leading to industry innovation and efficiency improvements [2][3] Group 2: Growth in Appliance Sales - Suning's report indicates a remarkable 81% year-on-year increase in "old-for-new" orders for home appliances, with high-end appliances priced over 8,000 yuan seeing a 96% sales increase [3] - The share of first and second-tier energy-efficient appliances in sales has exceeded 90%, with first-tier products accounting for 73.8% [3] Group 3: Service Consumption Trends - Service consumption in China has been growing rapidly, with per capita spending on services increasing by an average of 9.6% annually from 2020 to 2024 [4] - By 2024, service consumption is expected to account for 46.1% of total per capita consumption expenditure, contributing 63% to the growth of overall consumer spending [4] Group 4: Market Size and Economic Contribution - China's retail market is projected to exceed 50 trillion yuan this year, solidifying its position as the second-largest consumer market globally [6][7] - The final consumption's contribution to economic growth averaged 56.2% over the past four years, indicating a significant increase compared to the previous five-year period [6][7]

Group 1: Policy Impact on Consumer Market - The "old-for-new" policy has significantly boosted consumer spending, with approximately 4 billion people benefiting from subsidies, leading to a sales increase of 2.9 trillion yuan [1][6][9] - The retail sales of social consumer goods are projected to grow from 39.1 trillion yuan in 2020 to 48.3 trillion yuan in 2024, reflecting an annual growth rate of 5.5% [1][9][10] - The policy has enhanced the green and intelligent levels of the overall consumer market while promoting self-innovation and efficiency improvements in industries [2][5] Group 2: Industry Performance - Sichuan Changhong has upgraded its production line for high-efficiency televisions, achieving a production capacity of over 2,000 units per day, with 70% of its shipments being first-level energy efficiency products [2][5] - Suning.com reported an 81% year-on-year increase in "old-for-new" orders for home appliances, with high-end appliances priced above 8,000 yuan seeing a 96% increase in sales [5][6] - The penetration rate of new energy vehicles reached 50.2% in the first half of the year, with a projected growth of 5.4 times in ownership by 2024 compared to 2020 [6][9] Group 3: Market Dynamics and Future Outlook - The domestic market is characterized by a large scale and significant growth potential, with consumer spending contributing an average of 56.2% to economic growth over the past four years [10][11] - The service consumption sector is also expanding, with service consumption per capita expected to reach 46.1% of total consumption by 2024, contributing 63% to the growth of consumer spending [7][8] - The overall economic growth is projected to reach around 140 trillion yuan this year, with a contribution rate of approximately 30% to global economic growth [10][11]

Group 1 - The central government has allocated a third batch of 69 billion yuan in subsidies to stimulate consumer spending, with a total of 2.8 billion people expected to benefit from this initiative [1][4] - The urgency of the subsidy program is highlighted by the rapid depletion of previous funds, with 70% of the first batch of 162 billion yuan consumed within five months, leading to a temporary halt in many regions [4][11] - The subsidy program is set to last for 154 days, with a focus on encouraging consumers to upgrade their appliances and vehicles before the end of the year [1][11] Group 2 - Specific subsidy amounts include up to 2,000 yuan for energy-efficient home appliances and 500 yuan for mobile devices priced under 6,000 yuan [2][5] - Consumers are advised to utilize various online platforms and apps to maximize their benefits, including searching for specific codes to access additional discounts [2][7] - The program includes a significant push for vehicle upgrades, offering 20,000 yuan for replacing old vehicles with new energy models [8][11] Group 3 - The government emphasizes the importance of consumer vigilance against potential price manipulation by retailers, urging buyers to verify prices before making purchases [8] - There are strict requirements for documentation to qualify for subsidies, including the need for invoices to have personal headers and specific serial numbers [8][9] - The overall goal of the subsidy program is to activate market demand and stimulate economic growth, with previous consumption vouchers reportedly generating 1.6 trillion yuan in spending [11]

Group 1: Consumer Market Activity - The combination of the Dragon Boat Festival and Children's Day has led to a vibrant consumer market in Changsha, with various activities attracting significant foot traffic [1][5] - The Heisong Plaza in the Wuyi shopping district reported over 40,000 visitors on May 31, a 30% increase compared to last year's Dragon Boat Festival [1] - The "Super Young" music festival and other themed events in shopping centers have contributed to a record-breaking foot traffic of over 120,000 during the holiday period [5] Group 2: Retail Performance and Trends - The holiday season has accelerated the demand for home appliances and 3C products, driven by government subsidies and promotional offers [7] - The Changsha market has seen significant sales in green and smart home appliances, with a focus on large-screen TVs, refrigerators, and washing machines [7] - The "old-for-new" consumption policy has led to 168.7 million transactions in Changsha, accounting for 51.64% of the province's total, generating sales of 50.36 billion yuan [8] Group 3: Economic Impact - The retail sales in Changsha reached 1,792.40 billion yuan in the first four months of the year, reflecting a year-on-year growth of 4.1% [8] - The government's "old-for-new" policy has effectively boosted consumer spending and contributed to a positive trend in retail sales [8]

Group 1 - The consumption upgrade policy in Changsha has significantly boosted sales, with over 2.83 million people benefiting from subsidies, leading to a sales increase of 17.127 billion yuan [1] - The promotion of the "old for new" program has resulted in a 30% year-on-year increase in overall sales for Tongcheng Electric, with nearly 90% of consumers opting for first-level energy-efficient products [2] - The inclusion of digital products like smartphones and tablets in the subsidy program has sparked a "replacement" trend in the mobile phone market, enhancing consumer activity [2] Group 2 - The automotive market in Changsha has also seen a surge, with a special fund of 10 million yuan allocated for car purchase subsidies, allowing consumers to receive up to 22,000 yuan per vehicle [3] - As of May 23, the government has disbursed 2.005 billion yuan in subsidies for the "old for new" program, with over 40% of claims coming from the automotive and home appliance sectors [3] - Retail sales of home appliances, furniture, and communication equipment have shown significant growth, with year-on-year increases of 53.5%, 28%, and 57.2% respectively from January to April 2025 [3]