In October, numerous regions across China are initiating a new wave of consumer vouchers designed to enhance the old-for-new exchange policy and maximize its positive economic impact.
For example, Henan Province is launching its “Golden Autumn Consumer Vouchers,” distributing them in four phases for use in dining, accommodations, entertainment, and more. The first batch of 50 million yuan was made available on October 2, with the second batch scheduled for release on October 11. Similarly, Hubei Province will distribute consumer vouchers worth 50 million yuan for 3C digital products over three rounds from October 1 to October 31. These vouchers will cover a range of items, including smartphones, digital cameras, smartwatches, learning devices, translation machines, and wireless Bluetooth headphones. In Shanghai, 30 million yuan in “Le Pin Shanghai” dining vouchers was issued on October 5 as part of a second batch, following an earlier release of 90 million yuan on September 28. Meanwhile, Sichuan Province aims to provide “Shu Li An Yi: Renewed Living” home improvement vouchers from October 10 to 19, which will encompass 12 types of home renovation products, nine categories of smart home devices, and six types of products designed for elder-friendly modifications.
In an interview, Hong Yong, an expert from the China Digital and Real Economy Integration Forum, emphasized that this round of consumer vouchers stands out because of its targeted approach and diversity. He explained that regions are crafting vouchers tailored to their unique industrial characteristics and consumer needs. For instance, Hubei is focusing on digital products, Sichuan is enhancing the old-for-new policy, and Shanghai is concentrating on the dining sector. Some regions are even creating vouchers specifically for elderly consumers.
The impact of these vouchers has been notable, with local economies reaping tangible rewards. For instance, data from Shanghai’s Municipal Commission of Commerce indicates a marked increase in restaurant bookings, customer traffic, and average spending due to the dining vouchers. During the Golden Week holiday, offline dining revenue in Shanghai soared to 8 billion yuan, reflecting substantial double-digit growth compared to the previous year.
Fu Yifu, a senior researcher at the Xingtu Financial Research Institute, discussed strategies for maximizing consumer engagement and enhancing the vouchers’ multiplier effect. He suggested optimizing the distribution mechanism to better align the design of the vouchers with residents’ purchasing preferences and the developmental needs of local industries. This approach would ensure precise targeting of various consumer groups. Fu also pointed out the importance of making the vouchers user-friendly to attract broader participation. Additionally, he recommended leveraging the internet and social media platforms to raise awareness and encourage usage, along with organizing themed activities to capture consumer interest.
Looking ahead, Hong Yong predicts that as consumer vouchers gain traction—particularly those focused on specific sectors like 3C digital products and the revitalization of the dining industry—sales in related fields are poised for significant increases. With the holiday shopping season approaching at the end of the year, these vouchers could further stimulate market activity and positively impact the overall economy, especially in sectors such as retail, tourism, and services, where a notable increase in consumer data is anticipated.
In conclusion, both experts are optimistic that the ongoing effectiveness of consumer stimulus policies, coupled with improved market sentiment, will likely bolster consumer confidence and potential. They foresee a rebound in the consumption market in October and throughout the fourth quarter.
