China has seen rising sales of products such as cars and home appliances, during the week-long National Day holiday, which started on Oct.1, thanks to the ongoing trade-in program for consumer goods.
Shanghai has offered substantial subsidies for consumers replacing old appliances with newer, greener models, further fueling the buying frenzy amid the holiday.
The city's initiative expands upon the national trade-in program by including a wider range of eligible products.
In addition to the eight major appliance categories like refrigerators, washing machines, televisions, and air conditioners, the program now covers 60 additional product types, including robot vacuums, air purifiers, and hearing aids. Subsidies cover 15 percent of the sales price, up to a maximum of 2,000 yuan (around 285 U.S. dollars).
"There has been at least a 50 percent to 60 percent increase in customer flow compared to the previous promotional period," said Zhang Xiaoliang, operation director of a home appliance store.
The first three days of October witnessed a total sales revenue of home appliances reaching nearly 300 million yuan (roughly 42.74 billion U.S. dollars) in the city.
Meanwhile, consumer goods trade-in program rolled out by the Shanghai government has spurred rising sales of vehicles.
The subsidy for consumers in Shanghai who scrap old cars and buy new ones has increased to 20,000 yuan (about 2,850 U.S. dollars) for purchasing a new-energy vehicle (NEV) and 15,000 yuan (around 2,137 U.S. dollars) for a fuel vehicle.
"The current sales volume, sales turnover and the number of customers who come for a test drive, have all increased by some 30 percent respectively compared with the same period last year," explained Mr. Zhu, a sales representative at a dealership.
Hefei City in east China's Anhui Province held an auto show from Sept. 29 to Oct. 5, attracting many potential purchasers following the implementation of trade-in programs.
In addition to trade-in subsides of up to 20,000 yuan (about 2,850 U.S. dollars), the city has issued auto vouchers worth 37 million yuan (roughly 5.27 U.S. million dollars) to boost auto sales during the consumption boom period.
"The vehicle trade-in policy introduced by Anhui Province has effectively stimulated consumers' purchase intentions. It's a good news for our company. During this auto show, we offered discounts of up to 70,000 yuan (around 9,974 U.S. dollars)," said Yu Dongming, general manager of NIO's regional branch in Hefei.
From Sept. 29 to Oct. 4, about 447,000 visitors attended the exhibition, and a total of 18,807 vehicles were sold.
China's trade-in program spurs consumer market vitality during National Day holiday
China's trade-in program spurs consumer market vitality during National Day holiday
