The automobile consumption index in May 2022 was 79.2 From China Automobile Circulation Association

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On June 1, 2022, China Automobile Circulation Association released the latest issue of “automobile consumption index”: the automobile consumption index in May 2022 was 79.2.

Recently, with the alleviation of the epidemic situation, Jilin, Shanghai and other places have entered the normal epidemic management, and local production and life have been gradually restored. Affected by the epidemic, the logistics blocked in the early stage is also gradually unblocked, and the demand for car purchase suppressed by the epidemic will be released to a certain extent. While the automobile market is gradually recovering, relevant state departments and local governments have actively issued favorable policies to boost the market and promote consumption. On May 23, Premier Li Keqiang chaired a State Council executive meeting to further deploy a package of measures to stabilize the economy, relax restrictions on automobile purchase, and gradually reduce the purchase tax of some passenger vehicles by 60billion yuan. Local governments have also introduced policies such as subsidies for automobile consumption, which has improved automobile consumption. In addition, dealers will carry out a series of promotional activities in June in order to achieve the sales targets in the second quarter and the first half of the year. To sum up, it is expected that the automobile market will improve in June and the automobile sales will increase.

Trend chart of automobile consumption index

From the sub index constituting the automobile consumption index, the sub index of demand in May 2022 was 78.1, higher than that of the previous month. It is expected that the market demand will increase in June. At this stage, the overall situation of national epidemic prevention and control is improving, and the demand for car purchase restrained by the epidemic in the early stage will be gradually released. At the same time, with the implementation of a series of policies to promote consumption, consumers’ demand for cars will also be promoted.

Automobile consumption index – demand sub index

In May 2022, the store entry sub index was 83.7, higher than that of the previous month. With the effective implementation of epidemic prevention and control measures, the epidemic situation in most parts of the country has eased, the number of people living in isolation at home has decreased, and the pace of production and life has gradually returned to normal. Although in some areas, due to the needs of epidemic prevention and control, some personnel still need to be isolated at home, and some dealers have also suspended business, which is not conducive to customers’ entering the store to buy cars. However, the overall situation of national epidemic prevention and control is developing well, so the number of people buying cars in stores will increase in June.

Trend chart of automobile consumption index – in store sub index

The purchase sub index in May 2022 was 89.7, higher than that of the previous month. With the growth of car purchase demand and the stimulation of consumption promotion policies, as well as the impulse promotion activities carried out by dealers to achieve the quarterly and semi annual sales targets, the car sales in June will achieve growth.

Trend chart of automobile consumption index – purchase sub index

From the trend of automobile sales over the years, June is the traditional off-season for automobile sales, and the number of customers buying cars will decrease. At this stage, the repeated outbreaks in some regions and the rise in oil prices and vehicle prices have caused customers to have a wait-and-see mood. In addition, under the influence of the epidemic, consumers’ purchasing power decreased and consumer confidence was insufficient, which restrained the demand for cars and affected the rise of car sales.

In order to stabilize economic development and boost market confidence, relevant state departments and local governments have successively issued some policies to promote consumption. Recently, the executive meeting of the State Council announced that the purchase tax of some passenger vehicles would be reduced by 60billion yuan. The strength of the policy exceeded market expectations, which will accelerate the recovery of terminal consumption. At the local level, local governments have stimulated the recovery of the automobile market by issuing “huge” automobile consumption vouchers and increasing car purchase indicators. At the same time, due to the overall positive development of the epidemic at the national level, with the adjustment of Jilin, Shanghai and other places to normal epidemic management, the recovery of the automobile industry chain in the two places will be accelerated, and the problem of new car supply will be effectively alleviated. On the whole, it is expected that the automobile market will return to normal level in June, and the automobile sales volume will achieve a significant increase compared with May. More reading: China Automobile Circulation Association: the automobile consumption index in August 2020 was 76.6 China Automobile Circulation Association: the automobile consumption index in April 2022 was 71.8 China Automobile Circulation Association: the automobile consumption index in February 2020 was 28.3 China Automobile Circulation Association: the automobile consumption index in November 2019 was 84.1 China Automobile Circulation Association: the automobile consumption index in March 2020 was 63.0 China Automobile Circulation Association: the automobile consumption index in October 2019 China Automobile Circulation Association: the automobile consumption index in March 2022 was 70.5. China Automobile Circulation Association: the automobile consumption index in September 2020 was 77.8. China Automobile Circulation Association: the automobile consumption index in December 2021 was 71.4. China Automobile Circulation Association: the automobile consumption index in October 2021 was 66.1. China Automobile Circulation Association: the automobile consumption index in September 2021 was 64.6. China Automobile Circulation Association: the automobile consumption index in November 2020 The cost index is 80.0. China Automobile Circulation Association: the automobile consumption index in May 2021 was 69.7. China Automobile Circulation Association: the automobile consumption index in August 2021 was 74.6. China Automobile Circulation Association: the automobile consumption index in December 2020 was 78.9

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