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].