Near the end of the year, another batch of coupons began to be distributed intensively.
Recently, Sichuan, Jiangxi, Beijing, Sanya, Wuhan and other provinces and cities have successively issued coupons for cultural tourism or automobile appliances, and some provinces and cities have also announced that they will issue coupons in the near future. Not only that, these places have also introduced various policies and measures to boost and expand consumption.
Intensive distribution of consumer vouchers
On November 27th, Sanya issued the third tax-free coupons for tourists from all over the country, with a maximum reduction of 1,600 yuan. Previously, the Sanya Municipal Bureau of Commerce issued "Several Measures to Further Promote Consumption Growth in Sanya in 2023", demanding that tax-free promotion be vigorously carried out, tax-free coupons be issued, and tax-free business entities be encouraged and guided to hold tax-free promotion activities.
In recent days, Sichuan, Guangdong, Jiangxi, Wuhan, Beijing and other provinces and cities have also intensively issued coupons or announced that they will issue coupons in the near future. These coupons are basically based on cultural tourism consumption and automobile household appliances consumption.
For example, Guangdong will issue 100 million yuan coupons for cultural tours to residents and tourists who spend money in Guangdong, provide 1 million discount tickets for scenic spots, distribute 1 million special discount air tickets and launch 10,000 discount rooms.
On December 1st, Jiangxi will begin to issue the "2023 Jiangxi Provincial Automobile Voucher" with a total amount of 19.53 million yuan to the whole province. There are 6,510 car coupons for this activity, and the amount of each car coupon is set to 3,000 yuan regardless of the car purchase price.
The 2023 "Shu Li An Yi, Warm Winter and Enjoy" coupons issued by Sichuan Province are mainly aimed at supermarkets, home appliances, restaurants and other key areas of consumption. Among them, the provincial finance contributed 100 million yuan, the supporting funds of each issuing platform are expected to exceed 300 million yuan, the merchants discounted and promoted 100 million yuan, and the expected profit-making amount exceeded 500 million yuan.
Zeng Junlin, deputy director of the Sichuan Provincial Bureau of Statistics, said that the consumer market in Sichuan performed well in the first three quarters, but there was still a gap from normal growth. The total retail sales of social consumer goods only increased by 4.4% on average in two years, which was 5.9 percentage points lower than the same period in 2019. Traditional retail sales are under pressure, the retail sales of convenience stores only increased by 1.5%, and the retail sales of supermarkets decreased by 0.1%.
Chang Yang, chief analyst of Zhongtai Securities Research Institute, told CBN that from the CPI data of 31 provinces recently released by the National Bureau of Statistics, we can observe the differentiation among different provinces. Judging from the data of chain growth rate, 17 of the 31 provinces saw a decline in chain growth rate in October, reflecting that demand in most provinces was weak compared with supply in the short term.
With the continuous efforts of this year’s consumption promotion policy and the National Day Golden Week, the consumption data in October this year showed an accelerated recovery. In October, the total retail sales of consumer goods nationwide reached 4,333.3 billion yuan, up 7.6% year-on-year, and the growth rate was 2.1 percentage points faster than that in September. After deducting the price factor, the total retail sales of social consumer goods actually increased by 8.4%, 2.3 percentage points faster than that in September.
However, Fu Jiaqi, a statistician of the Department of Trade and Economics of the National Bureau of Statistics, interpreted the data of the consumer market in October and thought that although the consumer market maintained a good recovery momentum, we should also see that the acceleration of the growth rate of total retail sales of social consumer goods in October was due to the low base in the same period of last year. At present, the consumption power and willingness of residents still need to be improved, the recovery of residential goods is lagging behind, and the operating pressure of some commercial enterprises is still relatively high.
Sprint in the fourth quarter to achieve the annual goal
In fact, in comparison, the recovery of consumption, especially contact consumption, is more obvious and has become the main driving force for economic growth. Especially from November to December last year, under the serious influence of the epidemic, consumption declined, so there was a low cardinal utility. Stimulating consumption in the last two months of this year will be of great help to promote economic growth and accomplish this year’s goals and tasks.
The data shows that in November 2022, the total retail sales of social consumer goods was 3,861.5 billion yuan, down 5.9% year-on-year. Among them, the retail sales of consumer goods other than automobiles reached 3,482.8 billion yuan, down 6.1%. In December 2022, the total retail sales of social consumer goods was 4,054.2 billion yuan, down 1.8% year-on-year. Among them, the retail sales of consumer goods other than automobiles reached 3,543.8 billion yuan, down 2.6%.
On October 27th, Sichuan Province held a teleconference on the province’s economic operation scheduling in the fourth quarter of 2023. In response to the sprint in the last two months of this year, the meeting requested that in terms of scheduling strategy, precise policies should be made by industry, agriculture should make up the gap as much as possible and tie the country, industry should overcome difficulties and consolidate the momentum of recovery, and service industry should carry a heavier burden and gallop.
Since the beginning of this year, due to the influence of multiple factors, the downward pressure on some local economies has continued to increase. Therefore, it is necessary to make up for the shortcomings and make the consumption and service industries "pick a heavier list" and "Dora Run" become a breakthrough for local shocks in the fourth quarter.
On November 24th, the website of Guangdong Provincial Government published "Several Measures to Further Boost and Expand Consumption in Guangdong Province", which put forward 27 specific measures from eight aspects, including stabilizing automobile consumption, promoting household appliances and electronic products consumption, stabilizing housing consumption, and promoting the expansion and upgrading of service consumption.
Before the meeting in Sichuan Province mentioned above, in order to further take effective measures to stimulate market vitality, sprint this year’s objectives and tasks, promote a good start next year, and promote the sustained improvement of economic operation, the General Office of the Sichuan Provincial Government issued a number of policies and measures on further stimulating market vitality and promoting the sustained improvement of current economic operation.
Among them, the boosting policy includes not only issuing consumer vouchers, but also implementing measures such as financial discount on consumer credit, with real money to support it. During the period from September 1, 2023 to March 31, 2024, the banking institutions issued one-year and above off-line consumer loans to residents in the province, which were used for four categories of goods, such as automobile purchase, electronic products, housing decoration, household appliances, furniture and durable goods. The financial department gave the residents a one-year one-time discount at an annualized interest rate of 1.5% with a single amount not exceeding 3,000 yuan.
In addition, Sichuan has also implemented measures such as subsidies for new flight routes in winter, incentives for travel agencies to attract customers into Sichuan, and reduction of tolls for small passenger cars from outside Sichuan. During the "Winter Tour in Sichuan Consumption Season", travel agencies that organize tourism teams to come to Sichuan will be rewarded according to each person’s trip to 30 yuan; In addition to the existing ETC preferential policies, a 50% discount will be given to the tolls of small passenger cars (Class I passenger cars) with license plates outside the province.
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