China's consumer goods trade-in initiative has emerged as a powerhouse for domestic demand, with over 109 million home appliances purchased through the program this year. New data reveals 66 million consumers participated in the scheme, signaling robust market activity amid efforts to stimulate economic growth.
The Ministry of Commerce reported Tuesday that sales included 74 million digital devices and 9.06 million electric bicycles, demonstrating broad-based consumer engagement across product categories. First-half retail sales of consumer goods grew 5% year-on-year, accelerating by 0.4 percentage points from Q1 growth rates.
Key program impacts:
Generated 1.1 trillion yuan ($153.93B) in sales during first five months
Supported 5% H1 retail growth in consumer goods sector
Created momentum for sustainable consumption patterns
Analysts suggest the program's success reflects strategic alignment with China's dual circulation development strategy, which emphasizes domestic demand alongside global engagement. The initiative particularly benefits urban households upgrading appliances and rural residents accessing modern home technologies.
