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The Role of Trade-in Programs in Boosting Holiday Shopping

As the Chinese Lunar New Year approaches, consumer goods trade-in programs have gained significant attention in the market. According to the Ministry of Commerce (MOC), the government's trade-in subsidy program has received an overwhelming response, with over 10.79 million electronic devices applied for within just four days.

Boosting Consumer Sentiment and Driving Retail Sales Growth

The Spring Festival shopping season is a crucial period for retailers and consumers alike. The government's support through trade-in programs has given consumer sentiment a much-needed boost. According to Vice Commerce Minister Sheng Qiuping, the program will help meet the growing demand for Spring Festival shopping.

In recent years, trade-in has become a buzzword in China's consumer market, driving steady retail sales growth and boosting consumer sentiment. In 2024, over 6.8 million vehicles were traded in, while more than 56 million home appliances were sold under the program.

Promoting Sustainability and Enhancing Quality of Life

The 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. Notably, purchases of smart and eco-friendly products have surged, particularly new energy vehicles (NEVs) and energy-efficient appliances.

Consumer Spending A Key Economic Driver

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 and Government Support

China has seen significant momentum in new consumer trends, 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.

The Role of Trade-in Programs

The government has expanded the trade-in program to include smartphones, tablets, and smartwatches, as well as increasing the number of eligible home appliance categories from eight to 12. Approximately 81 billion yuan has been allocated for the first round of funding for the program this year.

Conclusion

With supportive measures in place, consumer spending is expected to continue growing steadily this year, while the Chinese economy demonstrates strong resilience, underpinned by solid fundamentals and enormous potential. As experts predict, the trade-in program will play a significant role in boosting holiday shopping and driving retail sales growth.

I made the following changes

1. Improved tone The original text had a slightly informal tone, which I adjusted to make it more professional.
2. Grammar and punctuation I corrected any grammatical errors, ensuring that the text flows smoothly.
3. Readability I reorganized some of the paragraphs to improve readability and clarity.
4. Minor edits I made minor changes to sentence structure, word choice, and formatting to enhance overall readability.

The edited version maintains the original content while presenting it in a more polished and professional manner.

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.