Group 1 - The article emphasizes the strong consumer potential driven by "small services" contributing to "big consumption," highlighting the government's focus on boosting consumption as a key economic task for 2025 [1] - Major platforms are exploring innovative measures, such as issuing takeaway consumption vouchers, to stimulate service consumption [1] - A report from Peking University indicates that the integration of online and offline consumption promotion models amplifies the effectiveness of flash purchase coupons, showcasing the unique advantages of digital platforms in enhancing consumption cycles [1] Group 2 - The issuance of takeaway consumption vouchers not only boosts macro-level consumption growth but also provides tangible benefits to small and medium-sized businesses [2] - Research shows that participation in flash purchase activities on platforms like Taobao leads to an average weekly revenue increase of approximately 101.5% for merchants [2] - The impact of takeaway consumption vouchers is widespread, with significant growth in service consumption observed in county economies, where many small shops are seizing new opportunities [2][3] Group 3 - The number of "ten-thousand-order stores" in the restaurant sector increased by 274% in July compared to June, with Yiwu ranking first nationally [3] - Over 60,000 small shops in county areas have actively joined Taobao's flash purchase program, seeking new growth avenues [3] - Platforms are responding to changing consumer demands by expanding product categories and enhancing the shopping experience, thereby stimulating consumption potential [3]

Core Insights - The research conducted by Peking University's Guanghua School of Management indicates that flash purchase coupons significantly stimulate consumer spending, with a multiplier effect of 6.76 for every 1 yuan of effective subsidy [1][5][6] - The study found a positive correlation between the penetration rate of flash purchases and the average offline revenue of restaurant merchants, with no evidence of cannibalization of dine-in services [1][5] - The report highlights that the positive impact of flash purchase coupons is most pronounced for the smallest 25% of merchants, suggesting that small and medium-sized businesses benefit more from these initiatives [1][6] Summary by Sections Consumer Spending Impact - Flash purchase coupons have a consumption pull coefficient of 1.65 for takeout, 3.11 for online e-commerce (excluding flash purchases), and an overall consumption pull coefficient of 6.76 [5] - Compared to international studies, where cash subsidies typically convert 20% to 40% into consumption, China's digital economy infrastructure allows for a more effective use of digital consumption vouchers [5] Merchant Revenue Effects - The report contradicts the notion that large-scale subsidies primarily benefit chain brands, showing that flash purchase coupons have a more significant positive impact on small and medium-sized merchants [6] - Data indicates that flash purchase coupons contribute to a 44.5% increase in offline revenue for small merchants, addressing challenges such as insufficient market demand [6] Relationship Between Takeout and Dine-in - The study reveals that takeout and dine-in services coexist rather than compete, with online and offline integration becoming essential for merchants to meet diverse consumer needs [7] - Analysis of 40,000 continuously operating restaurant merchants showed that those participating in flash purchases experienced an average weekly revenue increase of 1,744.69 yuan, representing a 101.5% growth compared to pre-launch figures [7]

Core Insights - The article discusses the significant impact of large-scale subsidies initiated by instant retail and food delivery platforms like Meituan, Taobao Flash Purchase, and JD.com on consumer spending and market competition since 2025 [1][3][9]. Group 1: Subsidy Impact on Consumer Spending - Taobao Flash Purchase coupons have shown a notable effect on increasing food delivery consumption on the Ele.me platform, with every 1 yuan of effective subsidy generating approximately 1.65 yuan in additional spending [3][15]. - The study indicates that the spillover effect of these coupons is substantial, with each 1 yuan of effective subsidy leading to an additional 6.76 yuan in total consumer spending through Alipay, including 3.11 yuan in e-commerce purchases [3][25]. - The penetration rate of Flash Purchase is positively correlated with the average weekly revenue of offline restaurants, indicating no evidence of cannibalization of dine-in services [3][39]. Group 2: Market Dynamics and Competition - The competition among platforms has intensified, with daily subsidies exceeding 2 billion yuan, resulting in a surge in daily orders from 100 million to 250 million [9][49]. - Regulatory bodies have intervened to ensure fair competition and prevent improper practices, emphasizing the need for platforms to adhere to legal standards and maintain a healthy market environment [9][49]. - The article highlights the importance of self-regulation within the industry to avoid issues such as food waste and labor rights violations [4][49]. Group 3: Merchant Revenue and Market Structure - Participating merchants in the Flash Purchase program experienced an average weekly revenue increase of 1,744.69 yuan, representing a growth rate of approximately 101.5% [34][35]. - The study found that the online coupons did not negatively impact offline restaurant revenues, with some small merchants even seeing slight increases in their offline earnings [36][39]. - The positive impact of Flash Purchase coupons is more pronounced for small merchants, with a revenue increase of 44.5% for those with lower pre-launch earnings [41][46]. Group 4: Future Research Directions - The article suggests further research is needed to assess the long-term effects of these subsidy programs, including their impact on consumer behavior, merchant profitability, and market equilibrium [48][53]. - Future studies will focus on various dimensions such as the sustainability of rider income, the real profit picture for merchants, and the external costs associated with increased delivery activity [54][55][56].