Expert Young people cannot support the car market, middle-aged and elderly people have enough ability to drive the car market

Middle-aged and elderly people are more capable of driving the car market than expert young people

【PhoneAuto News】Recently, the 15th China Automobile Blue Book Forum was held in Wuhan from June 15th to 17th, 2023, and received widespread attention from the industry. At this high-end dialogue platform with the theme of “No Disappointment” in the automotive industry, Cui Dongshu, Secretary-General of the National Passenger Car Joint Conference, shared some views on the industry: young people cannot support the Chinese car market, but middle-aged and elderly people have sufficient ability to drive the market.

At the meeting, Cui Dongshu stated that the real estate consumption is facing downward pressure, while automotive consumption is the core focus of future consumption. He also analyzed that replacement demand will be the main force of the future automotive consumption market.

At the same time, Cui Dongshu said that Generation Z young people cannot support the Chinese car market, “don’t rely on young people, we must rely on middle-aged and elderly people.” In his opinion, the main force is middle-aged and elderly people, with a total population of 330 million and 34% of the wealth. In comparison, middle-aged and elderly people already have a lot of wealth, while young people are under greater pressure. What is your opinion on this point of view?

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The latest data shows that the retail sales of passenger cars in May 2023 reached 1.742 million units, a year-on-year increase of 28.6% and a month-on-month increase of 7.3%. The cumulative retail sales since the beginning of this year were 7.632 million units, a year-on-year increase of 4.2%. Among them, the retail sales of new energy vehicles in May this year were 580,000 units, a year-on-year increase of 60.9% and a month-on-month increase of 10.5%. The cumulative retail sales since the beginning of this year were 2.421 million units, a year-on-year increase of 41.1%.

The Joint Association pointed out that the car market’s retail sales from January to May this year showed a good trend of continuous monthly and month-on-month growth. The heat of promotional prices since March has gradually subsided, but promotions are still at a high level. Consumer wait-and-see sentiment has eased, and coupled with a large number of new products and low-priced new models launched recently, consumer demand has been released to some extent.

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