Golden Week holidays used to be a perfect time to buy a car, with many consumers in holiday mood and ready to spend. But sales have been nothing short of dismal this year, despite promotional deals and special discounts.
With soaring oil prices and a sliding economy, customers are hesitating to make car purchases. Car dealers have come out with various promotions, such as discounts, gifts, free car insurance and lucky draws, only to find their holiday sales numbers trailing those of previous years.
A car dealer said, "We have promotions every year, but this year's are the biggest."
But consumers say they anticipate auto prices will continue falling, with the stock market and real estate market both in a downturn. Many people are interested in attending auto shows, but few are actually buying.
A Guangzhou resident said, "If you look at the macro-economy, the stock market and property market are still in a recession. I don't think car prices will bottom out until the end of the year."
On average, a car dealer at an auto show in Fuzhou city sells five vehicles a day. And those at Guangzhou's auto show during this holiday season have had no better luck. Some are even offering ten thousand yuan off a one hundred thousand yuan car. But it seems they have to try harder in this last major buying season of the year to jumpstart sales before the end of the year.
(CCTV October 5, 2008)
