Holding onto the "bull's nose" of bulk consumption

As the largest and most industry driven part of consumption, bulk consumption is not only the main engine driving consumption growth, but also the main battlefield leading industry upgrading through consumption upgrading. To expand household consumption, we must grasp the "bull's nose" of bulk consumption.

The central government attaches great importance to boosting bulk consumption and has recently issued multiple positive policy signals. The Political Bureau meeting of the Communist Party of China Central Committee held on July 24th made important arrangements to boost bulk consumption in automobiles, electronic products, home furnishings, and other industries. The second plenary session of the State Council held on August 16th once again emphasized the need to boost bulk consumption. Mass consumption has become an important policy focus to promote consumption, and relevant functional departments have also introduced a series of policy measures to support the growth of mass consumption. For example, at the end of July, the General Office of the State Council forwarded the Measures for Restoring and Expanding Consumption issued by the National Development and Reform Commission, with stabilizing bulk consumption being the primary measure. With the continuous improvement of policy environment and institutional mechanisms, the conditions for the continuous release of bulk consumption potential are constantly improving. Promoting large-scale consumption of automobiles, household appliances, housing, and home furnishings not only promotes the recovery of consumption in various regions, but also lays a more solid foundation for the healthy development of related industries.

Automobiles are a key area for promoting bulk consumption and enhancing the competitiveness of domestic industries. In recent years, China's new energy vehicle industry has flourished, and the consumption of new energy vehicles has been in full swing. To further promote automobile consumption, major and medium-sized cities have guided automobile consumption by issuing automobile consumption vouchers, providing automobile replacement subsidies, and other means, driving the release of household automobile consumption potential and promoting consumption expansion and upgrading. Local auto shows have also provided a stage for automobile companies to promote their brands and promote new cars, driving car sales. The consumption performance of new energy vehicles is particularly impressive. In the first seven months of this year, the sales of new energy vehicles in China exceeded 4.5 million, a year-on-year increase of over 40%. The strong consumption momentum of new energy vehicles has injected new vitality into bulk consumption and the development of the automotive industry.

The consumption of household appliances is related to the change of residents' lifestyle and the improvement of living convenience, and is an important field for achieving green transformation of production and lifestyle. To promote home appliance consumption, major and medium-sized cities have jointly distributed energy-saving home appliance subsidies through online and offline platforms, held green and intelligent home appliance consumption seasons, home appliance consumption festivals, and other activities. Major home appliance brands have also held home appliance promotion activities. The pace of home appliance updates and upgrades is accelerating, and the popularity of home appliance consumption is not decreasing. Household appliances such as refrigerators and air conditioners continue to expand, especially the sales of green and intelligent home appliances are growing rapidly. According to data from the Ministry of Commerce, in the first half of this year, the sales revenue of green and intelligent home appliances from major e-commerce platforms in rural areas increased by 12.7% year-on-year, and the sales revenue of replacing old appliances with new ones increased by 67% year-on-year. The various policies promoting household appliance consumption have continued to show their effects, significantly enhancing their support for bulk consumption.

Housing consumption is related to the well-being of residents and also to economic development. Recently, the State Council and relevant departments have optimized the real estate regulation policies in combination with the market situation. Major cities have also made policy adjustments tailored to local conditions, better meeting the rigid and improved housing needs of residents by reducing the down payment ratio, lowering mortgage interest rates, and increasing the amount of provident fund loans. With the implementation of relevant policies, it is expected that there will be a significant improvement in housing consumption, which will also drive the gradual recovery of home consumption.

The rapid growth of bulk consumption can stabilize the basic foundation of household consumption growth and provide solid support for sustained economic growth. It is gratifying that while maintaining a growth in quantity, bulk consumption has also achieved a qualitative improvement. The digital, intelligent, and green transformation of consumption has become a trend, and the proportion of high-end and high-quality consumption continues to increase. With the continuous manifestation of the driving effect of bulk consumption on both demand and supply sides, it will effectively promote the coupling interaction between consumption upgrading and industrial upgrading, achieve mutual promotion and progress between consumption expansion and industrial upgrading, continuously stimulate new momentum, and promote the stable and far-reaching development of China's economy.