BEIJING: China’s consumer goods trade-in program remained highly popular at the start of the year, especially during the Spring Festival shopping season.
The Ministry of Commerce (MOC) reported receiving subsidy applications for 10.79 million electronic devices over a four-day period starting Jan. 20, following the inclusion of mobile phones, tablets and smartwatches in the trade-in subsidy program, marking a significant expansion of the initiative launched in March last year.
Moreover, automobile and home appliance trade-ins had reached 34,000 and 1.04 million units, respectively, as of Jan. 23, according to the ministry.
The Spring Festival, or the Chinese Lunar New Year, is the most important holiday in China and an occasion for family reunions, and it falls on Jan. 29 this year.
The strong participation in the trade-in program boosted consumer sentiment in the holiday market. According to Sheng Qiuping, vice commerce minister, the program, along with a series of shopping promotion events, will help meet the growing demand for Spring Festival shopping.
Since last year, “trade-in” has become a buzzword in China’s consumer market, driving steady retail sales growth and boosting consumer sentiment.
In 2024, more than 6.8 million vehicles, including gasoline-powered and electric cars, were traded in, while over 56 million home appliances, such as refrigerators, washing machines and computers, were sold under the program. –Agencies
