格隆汇8月22日｜据沈阳发布，为稳妥有序推进消费品以旧换新活动，满足广大消费者购物需求，综合 研判沈阳市当前工作开展情况，定于8月22日至10月8日期间，恢复开展2025年手机、平板、智能手表 (手环)购新补贴活动。 ...

Group 1: Consumption Growth and Policies - In May 2025, retail sales grew by 6.4% year-on-year, significantly exceeding the market expectation of 4.85%[1] - The government has prioritized "restoring and expanding consumption" as a key task for 2025, with over 20 specific measures introduced to stimulate consumption[1] - The "old-for-new" subsidy policy for consumer goods has been expanded, with the subsidy amount increasing from 150 billion yuan in 2024 to 300 billion yuan in 2025[2] Group 2: Impact of Subsidy Policies - The "old-for-new" policy has driven sales of five major categories of consumer goods to reach 1.1 trillion yuan, with approximately 175 million subsidies issued to consumers by the end of May 2025[2] - Retail sales of household appliances and audio-visual equipment saw a year-on-year increase of over 30%, indicating strong demand driven by the subsidy policies[5] - The tourism sector experienced a record high during the Dragon Boat Festival, with 119 million domestic trips and total spending of 42.73 billion yuan, reflecting a 5.9% increase year-on-year[10] Group 3: Long-term Consumer Confidence Challenges - Despite short-term stimulus effects, consumer willingness remains low, with only 24.9% of residents inclined to spend more, while 61.4% prefer to save[15] - Structural issues such as housing, education, and healthcare costs continue to suppress consumer spending, necessitating deeper policy interventions[15] - To enhance long-term consumption capacity, policies must focus on stabilizing income expectations and reducing rigid expenditure pressures[19] Group 4: Future Policy Directions - The government aims to improve income distribution and social security systems to stabilize residents' income expectations and strengthen consumption capacity[23] - Enhancements to vacation policies are essential for activating long-term service consumption potential, with new regulations increasing holiday days starting January 1, 2025[20] - Coordinated policy measures are necessary to create a sustainable consumption environment, moving beyond short-term incentives to long-term structural improvements[23]

Core Viewpoint - Shanghai's government has launched a comprehensive action plan to boost consumption, which is expected to positively impact the city's consumer market [1][2]. Group 1: Consumption Support Policies - The action plan outlines six major initiatives aimed at enhancing consumer spending, including income growth for residents, support for consumption capacity, upgrading service consumption, promoting large-scale consumption updates, fostering new consumption types, and improving the consumption environment [2][3]. - The plan emphasizes the cultivation of new consumption types, particularly through the integration of technologies like artificial intelligence and virtual reality, as well as expanding offerings for senior consumers and enhancing self-care consumption [2][3]. Group 2: Employment and Income Measures - The action plan includes measures related to employment, skills training, and income growth, addressing consumer confidence and reducing concerns about spending [3]. - These measures are expected to significantly boost local consumption by providing a safety net for consumers [3]. Group 3: Trade-in Policies - The plan promotes a "large-scale consumption update action," which includes expanding trade-in programs for consumer goods, particularly in the automotive sector, and implementing subsidies for vehicle replacements [4][5]. - The trade-in policies have shown positive results, with significant increases in automotive sales and consumer engagement in the trade-in programs [4][5]. - In 2024, the trade-in policies are projected to stimulate over 6.8 million vehicle exchanges, with an expected total vehicle sales of around 32 million in China [4]. Group 4: Home Appliances and Digital Products - The action plan also supports the home appliance sector through trade-in incentives, with optimistic projections for domestic sales in 2025 [5]. - The implementation of trade-in policies in Shanghai has resulted in substantial financial support, with over 1.8 billion yuan in subsidies leading to approximately 12 billion yuan in related product sales [5].