China’s consumer goods trade-in program is making waves, leading to a massive boost in home appliance sales this year. Over 109 million home appliances have been purchased so far, engaging more than 66 million consumers, according to the Ministry of Commerce.
The program isn’t just about home appliances. It’s also driven the sales of more than 74 million digital devices and nearly 9.06 million electric bicycles. With the nation stepping up efforts to stimulate domestic demand, these numbers reflect a significant upswing in consumer engagement.
Earlier data from the ministry revealed that in the first five months of this year, the trade-in program generated a staggering 1.1 trillion yuan (about $153.93 billion) in sales. This program allows consumers to trade in old products for new ones, encouraging them to upgrade and spend.
Thanks to this initiative, China’s retail sales of consumer goods—a key indicator of consumption strength—expanded by 5% year-on-year in the first half of this year. This growth rate is 0.4 percentage points faster than that of the first quarter, showcasing a steady momentum in the country’s economic recovery.
