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January edition宏
Overview of any government movements affecting end consumers and brands.
Much has been written about the Chinese consumer stimulus package introduced by the Beijing government in October and many eyes are keen to see how this plays out in terms of consumer behaviour.
An example of government subsidies on Double 11. Screen recorded via Taobao
Below we go beyond the topline numbers and show the stimulus in action first-hand:
Since 2009, China has subsidised consumers trading in old automobiles and home appliances to stimulate upgrades, expand consumer demand and promote energy conservation.
This year, for the first time, these subsidies extend online, with a government-backed discount of up to RMB 2,000 ($277.64) per item available on electronics and home appliances purchased, on top of Double 11 discounts. Unlike offline trade-ins, consumers can buy new products directly without trading in old ones.
After real-name verification (already completed for most Tmall or Alipay users), consumers simply access the government subsidy page, claim coupons, select their products and the discounts are applied at checkout.
As of 30 October, Double 11 sales across platforms reached RMB 845 billion, with home appliances leading at RMB 132.4 billion.
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