China’s trade-in program for home appliances has ignited a remarkable surge in sales, with revenues soaring to 33.5 billion yuan (approximately $4.78 billion) since August, according to the Ministry of Commerce. Announced on Monday, the ministry highlighted the program’s success in boosting consumer spending and promoting energy-efficient products.
Since bolstering support for the initiative in August, the central government has provided over 6.4 billion yuan in subsidies, benefiting around 5.11 million consumers. The substantial financial incentives have encouraged many to upgrade their home appliances, contributing to the significant uptick in sales.
Green and smart appliances have been particularly popular among consumers. Data from the ministry revealed that products labeled with top-level energy efficiency accounted for a staggering 92.53% of sales revenues during this period. This trend reflects a growing consumer preference for environmentally friendly and technologically advanced home appliances.
Several regions, including Hubei Province and the municipalities of Shanghai and Chongqing, have expanded the categories of subsidized appliances to suit local conditions. The broadened list now includes green and intelligent products such as water purifiers, dishwashers, and cleaning robots, further stimulating consumer interest and sales.
Both online and offline markets are experiencing robust growth. Sales of eight major categories of home appliances have surged by 44.9% online and 47% offline year on year, as reported by third-party data companies cited by the ministry. This dual-channel boom indicates widespread consumer enthusiasm for the trade-in program across different shopping platforms.
Looking ahead, the Ministry of Commerce plans to continue encouraging regions to accelerate the implementation of subsidy policies. It aims to guide home appliance manufacturers and distributors to capitalize on upcoming consumption peak periods, such as the National Day holiday and the “Double Eleven” shopping festival, to further amplify consumption growth under the trade-in program.
The week-long National Day holiday, commencing on October 1, is traditionally marked by increased travel and a boost in retail sales. Similarly, the “Double Eleven” festival, also known as the “Singles’ Day” shopping festival, is China’s equivalent of Black Friday, offering consumers significant discounts and promotions in November.
Reference(s):
China reports surge in home appliance sales under trade-in program
cgtn.com
