A staff member introduced consumers to a trade-in program for smart home appliances at a home appliance store located in Chongqing's Shapingba district on July 11, 2024. Photo: VCG

 
China's consumer durable goods trade-in program, aimed at spurring consumption, unleashed pent-up demand over the just-concluded Golden Week holidays, as official data indicated notable growths in home appliance and passenger vehicle sales.

Air conditioner sales hit 4.519 billion yuan ($639 million), those of refrigerators totaled 3.797 billion yuan, and those of computers stood at 2.624 billion yuan, making them the top trade-in items during the seven-day holiday, China Media Group reported on Wednesday, citing data from the Ministry of Commerce (MOFCOM).

Since the launch of the trade-in policy, more than 8.24 million consumers have purchased nearly 11.8 million units of the eight big-ticket appliances, resulting in more than 55.8 billion yuan in sales, according to the ministry.

Data from Chinese home appliance retail giant Suning showed a 132 percent year-on-year rise in trade-in orders at its stores during the holidays, indicating a sustained rise in demand driven by accelerated upgrades of major home appliances.

As for vehicles, the MOFCOM received more than 1.27 million subsidy applications as of Monday, boosting new car sales above 160 billion yuan. Notably, new-energy vehicles made up more than 60 percent of the applications, showing a growing trend for green transportation in China.

To further drive this momentum, localities  across China have rolled out a fresh round of consumption vouchers amid the golden holidays. 

Central China's Henan Province unveiled "Golden Autumn" vouchers, which will be disbursed in four batches starting from October, to spur local spending. 

Central China's Hubei Province also launched a three-phase campaign, allocating 50 million yuan worth of vouchers specifically targeting six popular digital product categories. 

Shanghai released an additional 30 million yuan dining vouchers on Saturday, following an earlier 90 million yuan distribution in September.

Analysts noted that this round of consumer voucher giveaways represents precise targeting and is diversified, with each region crafting tailored programs to match local industries and consumer preferences.

Global Times