China's ongoing trade-in program for home appliances has sparked a remarkable surge in sales, reaching a staggering 33.5 billion yuan (approximately $4.78 billion) since August, according to the Ministry of Commerce.
Since the program received enhanced support from the ministry in August, over 5.11 million consumers have taken advantage of the initiative. The central government has allocated more than 6.4 billion yuan in subsidies to support these consumers, fostering a significant boost in the market.
Data reveals a strong consumer preference for green and smart home appliances. An impressive 92.53 percent of sales revenues during this period came from products labeled with top-level energy efficiency, highlighting a shift towards more sustainable living.
Regions such as Hubei Province, Shanghai, and Chongqing have expanded the range of home appliances eligible for subsidies. This expansion includes green and intelligent products like water purifiers, dishwashers, and cleaning robots, tailored to local conditions and consumer needs.
The surge isn't limited to one market channel. Both online and offline sales of eight major categories of home appliances have skyrocketed, growing by 44.9 percent and 47 percent year on year, respectively. This growth is supported by robust data from third-party companies, indicating a widespread consumer enthusiasm.
Looking ahead, the Ministry of Commerce plans to encourage various regions to accelerate the implementation of subsidy policies. Additionally, home appliance manufacturers and distribution companies are being guided to capitalize on upcoming consumption booms during events like the National Day holiday and the "Double Eleven" shopping festival. These periods are expected to further drive consumption growth under the trade-in program.
China's week-long National Day holiday, starting on October 1, is anticipated to see increased travel and retail activity. Meanwhile, the "Double Eleven" festival in November, often referred to as "Singles' Day," functions similarly to Black Friday, offering consumers significant discounts and sales promotions.
Reference(s):
China reports surge in home appliance sales under trade-in program
cgtn.com
