As a private banking customer, why does Lin Caiyi’s monthly credit card bill only cost 11.4 yuan? She herself explained it in this Weibo post. Since home furnishing and freight logistics are not smooth during the COVID-19 epidemic, daily online shopping and other expenses have of course been reduced. This 11.4 yuan was her consumption on Tencent Music.
Public information shows that Lin Caiyi has a PhD in economics from Fudan University and has been engaged in economic and financial research for a long time. He is currently a distinguished expert at the Shanghai New Finance Institute and an expert at the China CEO Economist Forum and the China International Financial Forum Expert Advisory Committee Committee. She served as the president researcher of China UnionPay in the early years, and then entered the financial industry. She was the president economist of Guotai Junan Securities and Huaan Fund. She retired from Huaan Fund in August 2020.
Beijing Youth Daily reporter found that some more serious netizens also put forward different opinions on Lin Caiyi’s monthly credit card bill of 11.4 yuan. Some people say that during the COVID-19 epidemic, many Shanghainese still spend a lot on group purchases. Group purchases are usually transferred through Alipay, and most of them use debit cards. Therefore, bank statements cannot reflect the full picture of personal consumption.
A large number of professionals believe that Lin Caiyi’s bank statement of 11.4 yuan is a microcosm of the recent decline in China’s consumption. According to data from the China Bureau of Statistics, in April, the total retail sales of social consumer goods was 2,948.3 billion yuan, a year-on-year decrease of 11.1%. Among them, retail sales of consumer goods other than vehicles were 2,691.6 billion yuan, a decrease of 8.4%.
The performance in Shanghai is even more obvious. According to the Shanghai Municipal Bureau of Statistics, from January to April, Shanghai's total retail sales of social consumer goods reached 509.925 billion yuan, a decrease of 14.2% compared with the same period last year.
In terms of enterprise types, from January to April, the wholesale and retail industry of manufacturers completed retail sales of 474.543 billion yuan, a decrease of 13.4% from the same period in previous years; the hotel, accommodation and catering industry completed retail sales of 35.382 billion yuan, a decrease of 24.0%. In terms of product categories, the retail sales of food, clothing, use and burning products from January to April were RMB 118.617 billion, RMB 123.959 billion, RMB 253.996 billion and RMB 13.354 billion respectively, down 9.2%, 15.4%, 15.6% and 17.3% respectively. %, respectively accounting for 23.3%, 24.3%, 49.8% and 2.6% of the total retail sales of consumer goods in society.
Wang Qing, a macroeconomic investment analyst at Oriental Jincheng, emphasized that social consumer goods retailing is the industry with the most obvious impact of the new coronavirus epidemic. In April, the decline in optional consumption such as jewelry and skin care products expanded significantly. Only consumption of necessities such as grain, oil, food, and medicine continued to maintain positive growth, which is in line with the general rules of the impact of the new coronavirus epidemic.
In addition, many parties are already promulgating relevant stimulus measures for the recovery of consumption. For example, China UnionPay, in collaboration with the Ministry of Culture and Tourism and cultural tourism industry authorities across the country, has continuously carried out a variety of holiday tourism convenience and promotional activities to help release consumption development potential and enhance the charm of the tourism economy.
It is understood that China UnionPay has collaborated with cultural and tourism industry authorities across the country to distribute consumer coupons related to the "Hundred Cities and Hundred Districts" culture and tourism to assist enterprises and facilitate people in 12 provinces and autonomous regions including Guangdong, Guangxi, and Fujian. Since the implementation of the "Hundred Cities and Hundred Districts" cultural and tourism consumption assistance plan for business convenience and convenience, China UnionPay has promoted the distribution of "Hundred Cities and Hundred Districts" government department consumption vouchers in many places, covering tourist attractions, amusement parks, hotels, restaurants, Multi-scenario businesses such as urban public transportation, catering, and diagnosis and treatment, while focusing on improving local people's livelihood and well-being, are also promoting the resumption of work and production of cultural and tourism companies across the country. In addition, various preferential promotions covering the cultural and tourism industry, such as "China UnionPay Special Offer Day" and "China UnionPay Illuminating the Holidays? May Thanksgiving Season" are also ongoing.
The 2022 “618” pre-orders will be opened at the end of May. As the largest e-commerce carnival in the first half of the year, it is also the first major promotion after the new coronavirus epidemic gradually stabilizes. , the store has tried its best. A new research report from CICC Securities has sorted out the promotion plans currently released by major cosmetics brands. Overall, the attention paid by well-known brands has increased to a certain extent, the discounts have further increased, and the discounts of Chinese brands still exceed those of foreign countries.
Since the beginning of 2022, some areas have stimulated the consumption of household appliances. For example, Beijing distributed more than 300 million yuan in environmental protection and energy-saving consumer vouchers, which can be used to purchase more than 1,800 products on the JD.com platform, with a subsidy limit of 10%. The Guangdong Provincial Government will reward cities that have made significant achievements in promoting consumption of home appliances based on sales performance; it will encourage municipal agencies across the country to conduct home appliance manufacturing and sales companies to launch price concessions to promote consumption activities, which will mainly encourage increased investment in green smart homes. The price concession range of products promotes the upgrading of household appliances. Zhengzhou will carry out a "new and old replacement" theme activity for household appliances from April 1 to June 30, 2022, with a subsidy of 20% based on the specific selling price of new household appliances, with a subsidy limit of 500 yuan; for old appliance recycling companies participating in the event, 10% subsidy of the recycling price of old home appliances.
The China Merchants Credit Card Program launches rebates on mobile payments and major promotions in business circles across the country. It effectively connects supply and demand through the combination of online and offline consumption, helps connect merchants, and also contributes to the economy. Contribute to the development of continuous repair of automobile internal circulation and consumption.
Wang Qing believes that after the epidemic, there is no foreshadowing for the recovery of positive growth in consumption data, but in order to maintain the steady development of macroeconomic policies, the situation of slightly lower consumption growth will receive further attention.