China is witnessing a significant boost in consumer growth as technological innovation intertwines with supportive government policies. This synergy is reshaping how consumers interact with everyday products, particularly in the realms of home appliances and smart home renovations.
In Shanghai, a resident known as Ms. Zou recently embarked on a home renovation journey. Signing a contract worth 140,000 yuan (approximately $19,713), she managed to save over 20,000 yuan thanks to a combination of government subsidies and seasonal discounts. “I never imagined I could upgrade my home so affordably,” said Ms. Zou. This story is becoming increasingly common as home improvement markets across the city offer subsidies ranging from 15 to 20 percent on products like home appliances and renovation materials, including cabinets and bathtubs.
The introduction of home appliance trade-in services exemplifies how service innovation, propelled by governmental support, is making a tangible difference. In communities such as Songjiang District in Shanghai, residents benefit from one-stop services that allow them to exchange outdated appliances for energy-efficient models. These initiatives not only promote sustainable consumption but also ensure that new installations seamlessly integrate into residents’ homes.
These local efforts are bolstered by a broader national policy introduced in March, aimed at encouraging equipment renewal and the trade-in of consumer goods. This policy outlines 20 key tasks across multiple sectors, focusing on expanding the recycling of used goods, improving industry standards, and increasing fiscal support to drive sustainable consumption. By 2027, the plan aspires to double the recycling volume of scrapped vehicles and boost the trade-in of used household appliances by 30 percent compared to 2023 levels.
Following the national initiative, regions such as Hubei, Chongqing, and Shenzhen have expanded the range of products eligible for subsidies. The categories now include items like dishwashers, air purifiers, and unmanned aerial vehicles, reflecting a commitment to enhancing consumer access to innovative and energy-efficient products.
The fusion of technological advancement and policy support is not only invigorating consumer markets but also fostering economic growth. As these trends continue, consumers across China stand to benefit from more accessible upgrades and a more sustainable approach to consumption.
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Technological innovation and policy synergy boost consumption growth
cgtn.com
