随着2025年补贴在下半年减弱，中国消费者转向更便宜的选择并推迟非必需购买。一名北京上班族用约70美元的补贴给母亲买手机，把价格降到4,500元（640美元），但因工资前景平淡而跳过11月的“双11”。双11销售额仍同比增长14.2%，但增速较2024年的26.6%放缓。

北京为2025年项目安排了3,000亿元，并在1月将范围扩大到智能手机和平板电脑，但上海和安徽等地从夏季起改为抽签发放，且一些地区已结束补贴。该计划把需求提前：摩根士丹利对约2,000名消费者的调查发现，约70%将购买最多提前6个月。需求被透支后，IDC称7—9月季度智能手机出货量同比下降0.6%。

在消费疲弱之际，低价高性价比商家表现强劲。12月6日，寿司郎在上海开出两家门店，开门前已发出697张取号票，等待时间最长达14小时。寿司盘价格为10—28元；一户三口之家吃了将近30盘。Food & Life计划到2026财年将大中华区门店数提高30%以上（以2025财年末的160家为基数），海底捞也已进入回转寿司市场。

As 2025 subsidies faded in the second half, Chinese shoppers shifted toward cheaper options and delayed discretionary buys. One Beijing worker used a roughly $70 subsidy to buy a phone priced down to 4,500 yuan ($640), but skipped November’s Singles Day because wages looked flat. Singles Day sales still rose 14.2% year on year, yet that growth slowed from 26.6% in 2024.

Beijing allocated 300 billion yuan for the 2025 program and expanded it in January to smartphones and tablets, but places such as Shanghai and Anhui moved to lottery distribution from summer and some ended payments. The scheme pulled demand forward: a Morgan Stanley survey of ~2,000 consumers found about 70% brought purchases forward by up to six months. After the pull-forward, IDC said July–September smartphone shipments fell 0.6% year on year.

With consumption tepid, low-price value players are thriving. On Dec. 6, Sushiro opened two Shanghai sites and issued 697 seating tickets by opening, with waits up to 14 hours. Plates cost 10–28 yuan; one family of three ate nearly 30 plates. Food & Life plans to lift Greater China stores by more than 30% by fiscal 2026 (from 160 at fiscal 2025 end), and Haidilao has also entered conveyor-belt sushi.