Boosting Holiday Shopping China's Trade-in Program Sees Surge in Participation and Sales This title effectively captures the main idea of the blog post, which highlights the success of China's trade-in program in boosting holiday shopping sales during the Spring Festival season. The use of Boosting and Surge adds a sense of excitement and momentum to the title, while China's Trade-in Program provides context and specificity.

Boosting Holiday Shopping China's Trade-in Program Sees Surge in Participation and Sales

The Future of Trade-in Programs Boosts Holiday Shopping

China's consumer goods trade-in program has remained a driving force behind holiday shopping, particularly during the Spring Festival season. According to the Ministry of Commerce (MOC), the program received subsidy applications for 10.79 million electronic devices over a four-day period starting January 20, following the inclusion of mobile phones, tablets, and smartwatches in the trade-in subsidy program.

Moreover, automobile and home appliance trade-ins reached 34,000 and 1.04 million units, respectively, as of January 23, according to the ministry. The Spring Festival, or Chinese Lunar New Year, is a significant holiday in China, falling on January 29 this year, and an occasion for family reunions.

The strong participation in the trade-in program has boosted consumer sentiment in the holiday market, driving steady retail sales growth and enhancing consumer confidence. As Vice Commerce Minister Sheng Qiuping noted, 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 significant retail sales growth and boosting consumer sentiment. In 2024, more than 6.8 million vehicles were traded in, while over 56 million home appliances were sold under the program. Additionally, electric bicycle sales surpassed 1.38 million units.

The total sales value of eligible products under the program topped 1.3 trillion yuan (approximately $180 billion) last year, highlighting strong market vitality and immense potential. Notably, purchases of smart and eco-friendly products surged, particularly new energy vehicles (NEVs) and energy-efficient appliances.

China's trade-in program has revitalized consumption momentum, promoted a more sustainable economy, and enhanced the quality of life for consumers, according to MOC official Li Gang. In recent years, consumer spending has become an increasingly important economic driver. In 2024, final consumption expenditure accounted for 44.5 percent of economic growth, boosting gross domestic product by 2.2 percentage points.

Consumption now plays a more pivotal role than investment or exports in shaping the economic landscape. New consumer trends in China have gained significant momentum, including a resurgence in tourism and rapid growth in digital entertainment, online education, and livestreaming e-commerce. Green products, such as energy-efficient appliances and NEVs, have also emerged as new growth areas.

In 2025, supporting consumption will remain a top priority for the government. At the Central Economic Work Conference in December 2024, China's policymakers highlighted the need to vigorously boost consumption and expand domestic demand on all fronts.

As part of its ongoing efforts to boost consumption, China has expanded the trade-in program. In addition to including smartphones, tablets, and smartwatches, the government has increased the number of eligible home appliance categories from eight to 12 and added a wider range of passenger vehicles to the program. Approximately 81 billion yuan has been allocated for the first round of funding for the program this year.

Vice Commerce Minister Sheng noted that the government will ensure subsidies are delivered to consumers quickly and conveniently. Experts predict that with such supportive measures in place, consumer spending will continue to grow steadily this year, while the Chinese economy demonstrates strong resilience, underpinned by solid fundamentals and enormous potential.

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Keywords trade-in program, China, holiday shopping, consumption growth, economic growth, consumer sentiment, smart products, eco-friendly products, new energy vehicles

Edward Lance Arellano Lorilla

CEO / Co-Founder

Enjoy the little things in life. For one day, you may look back and realize they were the big things. Many of life's failures are people who did not realize how close they were to success when they gave up.