Trade-In Boosts Consumer Vitality
Under the dual benefits of the trade-in policy and the "Double 11" promotion, the markets for home appliances, home furnishings, and other goods in various regions continue to heat up. Data from some platforms show that since the promotion started, the orders for home appliance trade-ins have increased by over 100%. Local reports also frequently share good news, with the trade-in promotion activities showing significant effects. Industry experts point out that under the policy drive, the consumer goods market, including home appliances, home furnishings, and automobiles, is showing a steady growth trend. The trade-in policy has "changed" the market's new vitality and has become an important force in promoting positive consumer behavior.
"A 3P first-level energy-efficient air conditioner originally priced at 6099 yuan can now be purchased for just over 4000 yuan with trade-in subsidies and platform 'Double 11' billion-yuan subsidies, which is a great deal!" Ms. Xia from Beijing has just placed an order for an air conditioner on an e-commerce platform. She mentioned that recently, many people around her have been talking about trade-in subsidies and are preparing to buy home appliances and kitchen and bathroom products.
Information from several major e-commerce platforms shows that this "Double 11," trade-ins have become the main focus of promotional activities. For example, on Pinduoduo, in the billion-yuan subsidy 2600 yuan consumption voucher section, some home appliance products can enjoy both national trade-in subsidies and price benefits, achieving multiple discounts. JD.com and Tmall have also prominently featured trade-in activities on their pages and search results.
Advertisement
In terms of effectiveness, during the first hour of Tmall's "Double 11" sale on October 21st at 8 PM, nearly 20 home appliance and home furnishing brands such as Haier, Midea, Little Swan, Dyson, Ecovacs, Xilmoon, Lin's Home Furnishings, Quanyou, and Modern Era quickly broke the 100 million yuan mark. Data from Suning.com shows that since the "Double 11" promotion started on October 14th, orders for home appliance trade-ins have increased by over 100%, with notebook computer sales increasing by 673%, Gree upright air conditioners increasing by 188%, and both Boss and Fangtai range hoods increasing by over 135%. Meituan data shows that since October, the search volume for trade-ins on the platform has increased by over 240% year-on-year, with Shenzhen, Beijing, Zhengzhou, Shanghai, and Chengdu being the top 5 cities in search热度.
Not only are platform companies leveraging policy dividends to increase promotions, but relevant ministries and local governments are also actively promoting them. The reporter learned from the Ministry of Commerce that recently, the Ministry has seized important consumer opportunities such as "Golden September and Silver October" to hold a series of national consumer goods trade-in actions - local stations, trade-in supply and demand docking, and other activities, ensuring that "there are always consumer goods trade-ins in activities." For example, Anhui launched the National Thousand Counties and Ten Thousand Towns New Energy Vehicle Consumption Season during the Hefei International New Energy Vehicle Exhibition, achieving a car sales volume of 3.79 billion yuan during the exhibition; Hubei held the "Linking Thousands of Enterprises, Benefiting Ten Thousand Households" Good Goods Renewal Season activity, promoting the signing of trade-in supply and demand docking project amounts reaching 18 billion yuan.
Chen Lifen, a researcher at the Market Economy Research Institute of the Development Research Center of the State Council, told the reporter that the combination of the trade-in policy and "Double 11" and other promotional activities not only provides consumers with substantial economic benefits but also brings new growth points to the home appliance and home furnishing markets, significantly promoting the consumer market.
Chen Lifen further analyzed that the national trade-in policy, by providing financial subsidies and other means, effectively stimulates consumers' enthusiasm for renewal and significantly increases their willingness to purchase. During the "Double 11" period, the integration of online and offline channels is more apparent. The combination of online platform traffic advantages and offline store experience services provides consumers with a more convenient shopping experience.
In fact, since the implementation of the consumer goods trade-in policy, the market has been continuously warming up, especially recently, as various regions have implemented and refined consumer goods trade-in measures, driving the sales performance of automobiles, home appliances, and related products to improve. Data from the National Bureau of Statistics show that in September, the retail sales of automobiles by units above the designated size increased by 0.4%, reversing the downward trend for six consecutive months, with new energy vehicle retail sales growing rapidly; the retail sales of home appliances and audio-visual equipment increased by 20.5%, with the growth rate accelerating by 17.1 percentage points from the previous month, with both high-energy efficiency and smart home appliance retail sales showing double-digit growth.
Fu Yifu, a senior researcher at the Xingtu Financial Research Institute, stated that since September, relevant departments have introduced a package of incremental policies, coupled with the continuous emergence of effects from previous consumer goods trade-in measures, which has greatly helped to boost the consumer market. At the same time, the recovery of the capital market and the significant enhancement of residents' willingness and confidence to consume have also brought consumer increments, adding vitality to the market.
It is worth noting that with the expansion of the trade-in policy's influence and the support of promotional activities such as "Double 11," the industry maintains a positive attitude towards the market's future effects. Chen Lifen said that the trade-in policy not only promotes the growth of home appliance sales but also drives the upgrade of the consumption structure. Consumers are more inclined to purchase products with higher energy efficiency, which helps promote the green transformation and high-quality development of related industries.Fu Yifu anticipates that, as policy effects continue to manifest and the economic situation further warms up, residents' expectations and consumer confidence are expected to be enhanced. Concurrently, the positive trend in the consumer market is also expected to be sustained.