In a time marked by increasing economic resilience, boosting consumer spending and expanding domestic demand have emerged as pivotal factors in the shift towards a high-quality economic transformationGovernments and financial institutions alike recognize that stimulating consumption is crucial for sustaining economic growth and improving overall well-being.

Amid this backdrop, consumer finance agencies play a crucial role as driving forces for unlocking potential in consumer spendingThese organizations have seen significant growth, both in scale and the breadth of services they provideBy the end of 2023, the total assets of 31 consumer finance companies across the nation surged past the milestone of one trillion yuan, reaching an impressive 1.208 billion yuan, reflecting a growth rate of over 36.66% year-on-year, greatly surpassing market forecasts.

Concurrently, financial regulatory bodies have introduced a suite of policies aimed at fostering long-term growth within the consumer finance sector

These measures are designed to enhance the stability and reliability of financial offerings, thereby encouraging greater consumer confidence and expenditure.

In August 2024, directives were issued to reinforce taxation and financial supportFinancial institutions were urged to refine lending products and offer more customized services while adhering to principles of manageable risk and commercial sustainabilityThis approach aims to enhance credit support for essential consumer service sectors.

By September, regulatory bodies were further motivating consumer finance companies to actively lend a hand in facilitating the green renovation of durable consumer goods, such as enhancing appliances' intelligence or renewing home kitchen and bathroom equipmentThese initiatives not only provide financial backing but also aim to simplify consumer access to reliable financial credit.

With policies firmly in place, the consumer finance sector has been poised for stable and enduring development, playing an instrumental role in promoting consumer spending and expanding domestic demand.

The highly anticipated "Double 11" shopping festival has emerged as a catalyst for unleashing consumer potential

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During this year’s event, consumer finance companies were active participants, rolling out a multitude of promotional offers designed to stimulate spending.

Industry leaders like Zhaolian Consumer Finance, Ant Consumer Finance, and Zhongyou Consumer Finance employed digital platforms and innovative offerings to inject vigor into the “Double 11” festivitiesNotably, Zhaolian Consumer Finance launched a continuous “Loan Benefits Enjoyment” program through their app, providing users with preferential interest rates and interest-free couponsWithin the app's installment shopping mall, consumers found opportunities to take advantage of enticing discounts.

Zhongyou Consumer Finance embraced a celebratory spirit with its "Youle Club" marketing event during “Double 11" which coincided with its ninth anniversary

The festivities included zero-interest promotions, the distribution of loyalty points, and cash prize drawsCompany representatives indicated their commitment to enhancing consumer satisfaction through tangible financial benefits.

Among the plethora of promotional activities, interest-free installments gained immense popularity this yearData released by Ant Consumer Finance revealed that amongst brands achieving sales exceeding one billion yuan on platforms like Taobao and Tmall, over 80% provided interest-free installment servicesHigh-instalment plans were in particularly high demand, showcasing a marked increase in consumer participation.

During the initial peak of this year’s "Double 11", many consumers obtained twelve-month interest-free vouchers, leading to a staggering 60% rise in the number of orders utilizing interest-free installments compared to last year’s figures

This surge clearly illustrates the effectiveness of consumer finance companies in invigorating spending.

Data showed that such interest-free offerings have not only made significant contributions to consumer spending but have also rejuvenated market activityThe 3C digital products sector on Taobao and Tmall witnessed the highest rates of interest-free installment offerings, and it was also among the top ten fastest-growing categories in terms of sales growth, illustrating the shifting consumer habits in preference towards tech and digital devices.

The programs put forth by consumer finance companies, offering real discounts and incentives, are not merely transactional efforts; they are pivotal to breathing new life into the market, enhancing consumer experience and engagement.

As digitalization continues to gain momentum, it has become a central competitive advantage for consumer finance institutions

This year has been marked by a stronger emphasis on leveraging technology and innovation to facilitate efficient operations and enhance customer experiences.

For example, Zhaolian Consumer Finance has deeply integrated its products and services within shopping and travel scenariosUsing a continually evolving big data smart platform, they manage the entire business process while providing personalized financial services 24/7. As large datasets are mined, potential clients who previously fell outside traditional financial service offerings are now backed with tailored financial solutions.

With advancements in technology such as artificial intelligence, Zhaolian Consumer Finance is strategically pushing towards a self-service model, focusing on continuous innovations in big data, cloud computing, and AI

This endeavor aims to deliver safe and convenient online consumer finance services while advancing the goals outlined in central financial work meetings regarding inclusive and digital finance.

Their creative deployment of a digital collection system not only elevates operational efficiency but also assists over eighty institutions in their digital transformations post-loanThis collaborative approach fosters cost reduction and enhances industry-wide operational efficiencies.

Zhaolian Consumer Finance is committed to promoting ESG (Environmental, Social, and Governance) development through their digital capabilities, focusing on facilitating the digital transformation of industries aligned with environmental sustainability and food safety.

Meanwhile, Zhongyuan Consumer Finance develops their mobile app to continuously refine online customer experiences, gaining insights into clientele preferences and financial needs while enhancing customer retention and maximizing lifecycle value, all integral components of their core competitive strategy.

Meanwhile, Xingye Consumer Finance is paving the way in product innovation across sectors, including household spending, rural revitalization, and services for new urban residents

To date, they have served over 21 million clients, thus significantly extending the reach and convenience of financial services.

Consumer rights protection has ascended to the top of the agenda for consumer finance institutionsIn this context, Zhaolian Consumer Finance leverages its accumulation of fintech expertise to advance an all-encompassing digital process in consumer rights protection, which covers not just preventative measures but also control and closed-loop management.

The organization has also produced a collection of original videos covering topics such as personal credit, anti-fraud measures, and the fundamentals of consumer finance, presenting financial literacy and risk management skills through engaging mediums.

Zhongyuan Consumer Finance takes a proactive stance by promoting rational borrowing, particularly with their introduction of a "7-day no-reason refund" policy for first-time borrowers, which provides customers with breathing space, nurturing both peace of mind and safeguarding consumer rights.

Looking ahead, Zhongyuan Consumer Finance plans to undertake various educational activities aimed at enhancing financial knowledge, utilizing their tech advantages to reach communities, schools, and enterprises through continuous online and offline initiatives.

Ant Consumer Finance, through the Financial Literacy Car project, collaborates with banks, insurance firms, and securities and futures companies to innovate a comprehensive educational model, collectively enhancing consumers' financial literacy and online financial acumen.

Overall, the protection of consumer rights constitutes a vital element of sustainable financial development