The automobile consumption index in June 2022 was 80.7 From China Automobile Circulation Association

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On July 1, 2022, the China Automobile Circulation Association released the latest “automobile consumption index”: the automobile consumption index in June 2022 was 80.7, which continued to improve compared with the previous month.

Recently, in order to alleviate the plight of the car market affected by the epidemic, relevant national departments and local governments have intensively introduced policies to promote car consumption. On May 31, the Ministry of Finance and the State Administration of Taxation issued the announcement on the reduction of vehicle purchase tax on some passenger cars, which halves the vehicle purchase tax on passenger cars with a displacement of 2.0 liters and below whose purchase date is from June 1, 2022 to December 31, 2022 and whose single vehicle price (excluding value-added tax) does not exceed 300000 yuan. Provinces and cities across the country have also successively introduced local incentive policies such as subsidies for new vehicle purchases, trade in of old vehicles and relaxation of purchase restrictions. The high-level vigorously promoted, and the local government responded positively. This round of policies has unprecedented strength, and the stimulating effect on the automobile market is obvious. At the same time of policy development, the overall development of epidemic prevention and control in China, as well as the half yearly impulse of dealers and other factors, promoted the car sales in June to have a significant increase, releasing the car purchase demand suppressed by the epidemic in the early stage.

In addition, the vehicle purchase tax reduction policy continues until the end of the year, and customers will not be eager to purchase cars in the early stage of the policy implementation. In addition, due to the economic downturn, the decline in residents’ income, more rational residents’ consumption and other reasons, the improvement of vehicle sales will have a certain impact. Combined with the above factors, it is expected that the vehicle sales in July will be the same as that in June or increase slightly.

Trend chart of automobile consumption index

From the sub index that constitutes the automobile consumption index, the sub index of demand in June 2022 was 78.2, basically unchanged from the previous month. With the easing of the epidemic, the car purchase demand suppressed by the epidemic was gradually released in May and June. At the same time, due to the sustainability of the phased reduction of some passenger car purchase taxes and other policies, the car purchase demand in July will return to the normal trend and be released steadily.

Automobile consumption index – sub index of demand

The store entry sub index in June 2022 was 84.7, higher than that of the previous month. With the effective implementation of epidemic prevention and control measures, the overall situation of epidemic prevention and control across the country has improved, the production and living order has been speeded up, the freedom of consumers to travel has been improved, and the overall consumer market has warmed up, resulting in an increase in terminal store passenger flow.

Automobile consumption index – trend chart of the store entry sub index

The purchase sub index in June 2022 was 91.0, higher than that of last month. It is expected that the automobile market will continue to develop well in July. Under the role of the national and local governments’ consumption promotion policies, combined with the mitigation of the epidemic, some regions have carried out large-scale auto shows and other promotional activities, resulting in an increase in car sales in July.

Auto consumption index – purchase sub index trend chart

The vehicle purchase tax reduction policy is stronger than expected, which can effectively stimulate the consumption of the car market, stimulate the strong recovery of the auto industry, resist the downward pressure of the economy, and is of great significance to the recovery of China’s auto market.

The survey this month also showed that nearly 80% of dealers believed that the policy of reducing vehicle purchase tax could boost consumer confidence, promote consumers to stores and improve car sales. According to the trend of policy promotion volume over the years, at the beginning of the implementation of the policy, car sales will have a steady growth, and by the fourth quarter of the policy exit period, the effect of promotion volume improvement will be significantly strengthened. Therefore, on the whole, car sales will usher in a new round of growth in the second half of the year. More reading: China Automobile Circulation Association: the automobile consumption index in May 2022 was 79.2. China Automobile Circulation Association: the automobile consumption index in September 2020 was 77.8. China Automobile Circulation Association: the automobile consumption index in February 2020 was 28.3. China Automobile Circulation Association: the automobile consumption index in March 2020 was 63.0. China Automobile Circulation Association: the automobile consumption index in November 2019 was 84.1. China Automobile Circulation Association: the automobile consumption index in August 2020 The fee index is 76.6 China Automobile Circulation Association: the automobile consumption index in December 2021 is 71.4 China Automobile Circulation Association: the automobile consumption index in October 2019 is 67.7 China Automobile Circulation Association: the automobile consumption index in October 2020 is 71.6 China Automobile Circulation Association: the automobile consumption index in September 2021 is 64.6 China automobile circulation Association: the automobile consumption index in October 2021 is 66.1 China Automobile Circulation Association: the automobile consumption index in May 2021 The consumption index is 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. China Automobile Circulation Association: the automobile consumption index in March 2021 was 71.3

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