In July 2024, the National Development and Reform Commission, alongside the Ministry of Finance, unveiled the “Several Measures on Further Supporting Large-Scale Equipment Update and Consumer Goods Trade-in.” This policy explicitly supports the trade-in of household appliances. By the end of August, the Ministry of Commerce, along with three other departments, released a notice aimed at enhancing household appliance trade-ins, increasing subsidy efforts, and optimizing methods to promote durable, high-quality appliances.
During the 2024 National Day holiday, 2.5188 million consumers purchased trade-in products across eight major appliance categories—refrigerators, washing machines, TVs, air conditioners, computers, water heaters, household stoves, and range hoods—totaling 3.745 million units and generating sales of 17.835 billion yuan. The leading categories included air conditioners, refrigerators, and computers, with revenues of 4.519 billion yuan, 3.797 billion yuan, and 2.624 billion yuan, respectively.
The new home appliance trade-in policy expands the subsidy scope and increases amounts, significantly backed by central financing. This allows consumers to enjoy greater subsidies, lowering their costs. Furthermore, the government has rolled out initiatives promoting the recycling and reuse of old appliances. For example, the Shandong Dongying Development Zone has introduced a “Work Plan for Promoting Large-Scale Equipment Upgrading and Consumer Goods Trade-ins,” actively establishing green consumer goods trade-in centers, creating an integrated consumption experience.
Since the policy’s implementation, over 8.238 million consumers have purchased 11.7798 million appliances, driving sales exceeding 55.793 billion yuan. Song Xiangqing, Vice President of the China Commercial Economics Association, noted that local responses to the trade-in program have simplified consumer processes, invigorating the appliance market and highlighting holiday sales.
Appliance consumption is a key component of household spending. By facilitating the replacement of old appliances, the government not only ignites consumer desire for upgrades but also encourages a shift towards greener and smarter appliances, fostering quality improvements and supporting the national economy’s growth.
