As the New Year and the Spring Festival approach, a surge in consumer spending is anticipated in ChinaThe financial sector has been gearing up to respond to the call for "expanding domestic demand and promoting consumption". Various promotional activities are set to stimulate consumption during this peak seasonConcurrently, financial management authorities are poised to implement additional supportive policies to direct more financial resources towards the consumption sectorExperts project that by 2025, innovative consumption scenarios such as "old-for-new" trade-ins for consumer goods, service-oriented consumption, and the emergence of "first-release economy" and "ice and snow economy" will achieve significant breakthroughs.

Targeting this key consumer period, financial institutions are activating the holiday spending spreeThe consumption finance sector, encompassing credit cards, consumer loans, and installment platforms, is initiating promotions aligned with the festivities of the New Year and the purchase of traditional seasonal items.

On the banking front, several institutions have launched attractive consumer loan promotions

For instance, some banks are offering consumer loans at incredibly low rates, with Beijing Bank’s Jing E Loan presenting a minimum annualized interest rate of just 2.78%. This loan offers an amount up to one million yuan and is available until January 31, 2025. Moreover, Shanghai Pudong Development Bank's "Pu Flash Loan" has introduced limited-time offers starting from an annualized rate of 2.88%.

Furthermore, credit cards are being utilized strategically, particularly in the festive "food, drink, and entertainment" sectors, as banks collaborate with merchants and consumer platforms to offer random discountsFor example, Guangdong Development Bank’s credit card division is actively venturing into the ice and snow tourism market, launching products such as ski pass packages, hotel stays, and entry tickets to ski resorts, thus diversifying options for consumers.

In addition, consumer finance institutions are stepping up to complement traditional banks

They are enhancing their discount programs and expanding their offerings to invigorate household consumptionZhaolian Finance recently introduced a "Points Carnival" campaign on its app, creating a personalized point redemption systemMeanwhile, Le Xin's installment shopping platform has been hosting events like the "Double New Year Appreciation Season" and "New Year Goods Festival" to offer substantial savings to consumers.

The "old-for-new" trade-in policy for consumer goods is also gaining traction, infusing new vitality into the marketFor example, Haier Finance, a licensed consumer finance company, has rolled out a "zero down payment, zero interest, zero fees" smart home installment plan nationwide, allowing customers to purchase Haier appliances in 6 or 12 installmentsThis initiative lowers the barrier to entry and encourages the upgrade of home appliances.

With year-end celebrations, weddings, and home renovations in high demand, Industrial Bank is providing innovative solutions with its "Home Consumer Loan", which boasts rapid disbursement in as little as one day without needing collateral

Notably, Industrial Bank is also tapping into the digital yuan sector, integrating digital currency capabilities into its lending products, thereby enhancing repayment methods.

Looking ahead to 2025, financial policies are expected to bolster support for consumption even furtherAccording to Wang Xin, director of the Research Bureau of the People's Bank of China, the central government has emphasized the need to stimulate consumption robustlyFuture considerations may include strengthening support for consumer finance to transform economic growth models and enhance China's macroeconomic balance.

Experts, including chief researcher Dong Ximiao at Zhaolian, foresee the potential establishment of structural monetary policy tools aimed at boosting consumptionThese could provide low-cost funding support to financial institutions engaged in consumer lending, directing them to lower the actual interest and fee rates associated with consumer loans.

Many analysts agree that as the macroeconomy stabilizes and shifts upwards alongside improved market expectations, consumer finance will encounter promising opportunities

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Key areas of focus include the "two new" (significant equipment upgrades and the consumer goods "old-for-new" trade-in), service-oriented consumption, and innovative shopping scenarios.

According to Le Xin's CEO, Xiao Wenjie, there is strong confidence in the development potential of consumer financeHe indicated that enhancing scenario construction will be crucial for future growthConsumer finance platforms are connecting financial institutions with consumers and brands, aiming to create effective shopping experiences that make financial services more accessible in daily life, shifting from tedious, low-frequency niche demands to convenient, high-frequency services.

In line with this, a representative from Haier Finance, Dong Liuhuan, highlighted that sectors such as home appliances, education, and training would be key focus areas in both current and future consumer finance strategies.

Furthermore, Shao Ke, head of the commercial banking and integrated operations team at the Bank of China Research Institute, proposed that financial institutions should increase investments in key consumer sectors like automobiles, home appliances, and household items, while maximizing their impact on the “old-for-new” initiative