Since December, consumer coupons have been issued in many places to promote the recovery of the consumer market. Since the beginning of this year, insufficient aggregate demand has been a prominent contradiction faced by my country's economic operation, and it is also the pain po

html Since December, consumer coupons have been issued in many places,

promoting the recovery of the consumer market.

Since the beginning of this year, insufficient total demand has been a prominent contradiction faced by my country's economic operation, and it is also the most direct pain point and difficulty experienced by market entities. Efforts to expand domestic demand, especially boosting consumption, are regarded as an important part of current economic work.

At the Central Economic Work Conference held recently, it was particularly emphasized that “restoring and expanding consumption must be given priority” and proposed measures such as “enhancing consumption capacity, improving consumption conditions, and innovating consumption scenarios” to point out the path for restoring and expanding consumption.

A new round of consumer voucher "gift packages" is coming

According to incomplete statistics, since December, more than 40 places across the country have announced the launch of consumer voucher issuance-related activities to promote the recovery of the consumer market.

For example, Fujian Province has arranged 200 million yuan to support the issuance of consumer coupons in various places; Guangzhou, Guangdong Province has launched the "Yangcheng Happy Shopping·Winter Promotion" activity. The consumer coupons cover department stores, supermarkets, e-commerce, catering, accommodation, etc., with face values ranging from 10 yuan to Ranging from 100 yuan, the total amount reaches 30 million yuan. Shenzhen Nanshan District will issue 200 million yuan in consumer vouchers from December to the 2023 Spring Festival. Futian District will issue 20 million yuan in consumer vouchers, and Longhua District will issue 30 million yuan in consumer vouchers.

Talking about the positive effects of consumer vouchers, Chief Economist of CITIC Securities Ming Ming said that compared with the direct payment of cash to supplement residents' income, full reduction of consumer vouchers has a certain leverage effect. According to statistics from the National Development Research Institute of Peking University on the issuance of consumer vouchers, the ratio of the total write-off amount of consumer vouchers to the total amount issued across the country (the write-off rate) is about 68%, and the ratio of related consumption to the write-off amount reaches more than 9, which means that the consumer vouchers issued at this stage can leverage consumer demand that is 9 times its own amount.

Experts generally believe that setting limited time consumption by issuing consumer coupons will play an important role in boosting the consumer market in the short term. But in the long term, expanding consumption also involves deep-seated issues such as reforming the income distribution system and optimizing the fiscal expenditure structure.

Oriental Jincheng chief analyst Wang Qing believes that the current factor restricting consumption is mainly the large distribution gap among residents, and it is necessary to vigorously increase the proportion of low- and middle-income groups with high marginal consumption propensity in national income distribution. In the short term, in order to alleviate the impact of the epidemic on residents' consumption, we can focus on tax reductions and exemptions, promoting employment, and issuing consumer vouchers and consumption subsidies. In the future, we will mainly tap consumption potential by deepening the reform of the distribution system and accelerating the pace of urbanization.

Sports consumption will recover rapidly in the post-epidemic era

Reporters noticed that in the new round of consumer voucher issuance in many places, sports consumption vouchers account for a considerable proportion. In the context of the country's implementation of the national fitness strategy , the issuance of sports consumption coupons not only effectively promotes the improvement and expansion of sports consumption, but also plays a leading role in expanding domestic demand and accelerating the release of consumption.

Hubei will launch general sports consumption coupons and skiing sports consumption coupons in the province from December 20th and 21st; Xinjiang will issue more than 50,000 ice and snow tourism consumption coupons with a total amount of 4 million yuan from late December to February next year; Huhe Hot will also issue 5 million yuan in sports consumption coupons from December 21 to February 20 next year; Shandong Jining’s sports consumption coupon benefit activity will be launched on December 29, and 1 million yuan in consumption coupons will be used to play the role of sports in stabilizing the economy, promoting consumption, and activating power, increasing the supply of sports products, and subsidizing residents’ daily consumption.

In fact, the "Strategic Plan for Expanding Domestic Demand (2022-2035)" issued on December 14 clearly stated that it is necessary to promote mass sports consumption, including promoting ice and snow sports to "expand southward, westward, and eastward" to drive the masses to "enjoy ice and snow."In November, the release of the "Outdoor Sports Industry Development Plan (2022-2025)" and "Guiding Opinions on Promoting the Healthy and Orderly Development of Camping, Tourism and Leisure" also brought policy benefits to the development of the outdoor sports and camping industries.

Data also shows that my country's sports consumption market has been booming in recent years. From 2016 to 2019, my country's sports industry has maintained rapid growth, and the total scale has grown to reach one trillion yuan, an increase of 55.1%, which is much higher than the growth rate of GDP in the same period. Some analysts believe that the four major tracks in the sports industry that deserve most attention are sports equipment, sports venues, sports event operations, and leisure and fitness. Especially since this year, consumption of outdoor sports such as skiing, flying disc, cycling, and camping has continued to rise.

In this regard, Wang Yuxiong, director of the Sports Economics Research Center of the Central University of Finance and Economics, analyzed that before the epidemic, my country's sports industry had achieved rapid growth, but this process was temporarily interrupted due to the sudden outbreak of the epidemic. In the post-epidemic era, the sports industry will recover faster. Reflected in the capital market , the amount of financing of the sports industry in the capital market in 2021 has exceeded that in 2020, and there is a trend of entering a new growth cycle.

Especially during the epidemic, leading local sports brand companies have well seized the opportunity of the era of rapid growth in domestic sports consumption demand, successfully transformed to cater to the needs of young consumers, and continuously enriched product lines targeting different market segments. There will be a lot of room for development in the future.