policy-driven “trade-in” stimulates new momentum for consumption growth
2024-09-19
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with the continuous expansion and strengthening of large-scale equipment renewal and consumer goods trade-in policies, the policy effects continue to be released.
liu aihua, spokesperson, chief economist and director of the department of comprehensive statistics of the national economy of the national bureau of statistics, said, "since the third quarter, the central government has stepped up its support for large-scale equipment renewal and the replacement of old consumer goods with new ones. local governments have successively issued detailed implementation rules. as these policies gradually take effect, the scale of market sales continues to expand, and the overall recovery trend continues."
in qingdao, shandong, consumers learn about the old-for-new exchange information at the home appliance exhibition area (photo taken on may 17, 2024). photo by xinhua news agency reporter li ziheng
the consumer goods trade-in campaign focuses on the trade-in of cars, home appliances and home decoration consumer goods. the "several measures on strengthening support for large-scale equipment renewal and consumer goods trade-in" issued on july 25 proposed that all regions should focus on supporting the scrapping and renewal of cars and the replacement and renewal of individual consumer passenger cars, the trade-in of home appliances and electric bicycles, the purchase of items and materials for the renovation of old houses, partial renovation of kitchens and bathrooms, and the renovation of homes for the elderly, and the promotion of smart home consumption.
liu aihua said, "at present, driven by the policy of increasing support for the replacement of old consumer goods with new ones, the consumption of some bulk commodities continues to pick up. according to the data from the ministry of commerce, in august, the retail sales of household appliances and audio-visual equipment of units above the designated size turned from decline to growth, which shows that the policy continues to work effectively."
in qingdao, shandong, consumers learn about the information on the old-for-new home appliance exchange (photo taken on may 17, 2024). photo by xinhua news agency reporter li ziheng
with the introduction and implementation of the "old for new" policy in various places, the home appliance market in many places has ushered in a peak of "new consumption". according to suning.com data, during the mid-autumn festival, the number of customers in stores across the country increased by 244%, "old for new" sales increased by 148%, and the number of package purchase orders increased by 298% year-on-year.
liu hongyan, a qingdao resident, said, "the 'trade-in' activity is very suitable. i chose a refrigerator, and also bought a tv and a washing machine. i replaced all the old appliances in my home, and i can get a subsidy of up to 16,000 yuan."
consumers experience and purchase home appliances at the hisense exhibition hall in qingdao, shandong.
it is understood that individual consumers who purchase eight types of household appliances, including refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves, and range hoods, with energy efficiency or water efficiency standards of level 2 or above, can enjoy the old-for-new subsidy. the subsidy standard is 15% of the product sales price. for products with energy efficiency or water efficiency standards of level 1 or above, an additional subsidy of 5% of the product sales price will be given.
feng tao, president of hisense group's china marketing headquarters, said, "the national policy of exchanging old products for new ones is very generous. the first-level energy-saving products are subsidized by 20%, and the second-level energy-saving products are subsidized by 15%, with a maximum subsidy of 2,000 yuan per unit. so the maximum subsidy for a single user of the eight categories of products is 16,000 yuan. hisense has also subsidized related models, and the maximum subsidy for a single model is also 2,000 yuan. in addition, for the purchase of hisense products in sets of two or more categories, the maximum subsidy for the package purchase can reach 6,000 yuan."
on september 17, at the jd mall super experience store in tianjin, staff introduced the subsidy policy to customers.
recycling has always been a bottleneck affecting the consumption of old-for-new, and it is also the key to smooth resource recycling. as various regions step up efforts to promote the implementation of the old-for-new policy, it has driven the government, enterprises, platforms and other forces to join the recycling field and work together to improve the construction of the waste home appliance recycling network, so that consumers can "get rid of old appliances more easily and be more willing to replace them with new ones."
fan min, director of the smoke, stove and fire extinguisher business of jd.com's refrigerator, washing machine, kitchen and bathroom business department, said, "the brands we selected this time are all regular and large brands with good products and good after-sales service. we have also made a lot of optimizations in service. from removing the old products to delivering the new products and then installing the new products, it is an integrated one-stop service, which can save users a lot of worry."
there is a constant stream of consumers in the 4s store of a certain car brand in cangzhou, hebei.
according to national policies, for individual consumers who scrap their old cars and buy new ones in accordance with the implementation rules of the subsidy for old car replacement, the subsidy standard will be increased from 10,000 yuan for new energy passenger cars and 7,000 yuan for fuel passenger cars to 20,000 yuan and 15,000 yuan respectively. in addition to scrapping and replacing, this policy will also include replacement and replacement in the subsidy scope, supporting local governments to independently carry out replacement and replacement.
the reporter found that the combination of government subsidies and corporate profit-sharing, as well as the new replacement and renewal subsidies, has increased consumers' willingness to buy new cars. mr. luo, a huizhou citizen, said, "it's good for us consumers. the subsidy was 10,000 yuan before, but now it has been increased to 20,000 yuan."
in a 4s store of a certain car brand in cangzhou, hebei province, staff are introducing relevant information to customers.
the reporter learned from the state administration of taxation that after the release of the "implementation rules for subsidies for old car trade-in" on april 24, invoice data showed that new energy vehicle sales increased significantly and second-hand car sales accelerated. from april to july, new energy vehicle sales increased by 34.8% year-on-year, an increase of 7.3 percentage points from march. from may to july, second-hand car sales increased by 7.2% year-on-year, a significant increase from the previous period.
ji wenhuan, business manager of byd dynasty huizhou huidi 4s store, said, "now there is a superimposed policy. the original price of a car of 79,800 yuan now only needs 59,800 yuan after the subsidy. consumers can directly feel the price reduction. in terms of customer flow into the store, the peak day has 300 customer flow into the store, and sales have exceeded 6,000 units from may to now. in the past, the recycling of scrapped vehicles in our group only accounted for about 3% to 5% of sales, but now it is close to 40% of scrapped vehicles."
a promotional board for trade-in subsidies at a 4s car store in huizhou.
data from the ministry of commerce showed that as of 00:00 on september 14, the number of registered users on the car trade-in information platform exceeded 1.5 million, and the number of applications for car scrapping and renewal subsidies exceeded 1 million. the car trade-in program has been steadily advancing, with positive progress and results.
feng wansong, head of the business office of the economic development bureau of cangzhou economic development zone in hebei province, said, "in the next step, we will seize the policy opportunity of old-for-new and launch various forms of automobile consumption promotion activities in a timely manner. at the same time, we will continue to increase policy publicity efforts, optimize service processes, fully stimulate citizens' enthusiasm for car purchases, and promote the rapid growth of the new energy vehicle consumer market."
on september 17, staff explained products to customers at the jd mall super experience store in tianjin.
according to the data of the national development and reform commission, the replacement of automobiles and home appliances in my country will create a trillion-yuan market. industry insiders believe that with the expansion of the old-for-new exchange of consumer goods, this trillion-yuan market will further expand and its potential will be released faster, thus making a greater contribution to promoting consumption growth.
co-ordinator: wu weiling
director: dong lina
reporter: wu feizuo, huo siying
produced by xinhua news agency audio and video department
