Trade-in consumer goods to bolster consumption

China's latest efforts to promote the trade-ins of consumer goods, especially within household appliances, will further stimulate consumer spending appetites and bolster consumption recovery, industry experts said.

Guo Meide, president of Beijing-based market consultancy All View Cloud or AVC, said the latest policy measures to support consumer goods trade-ins will give a strong boost to the high-end consumption as shoppers could get steep discounts and subsidies when they replace old household appliances with new ones.

The recent trade-in program will not only promote the upgrading of home appliance consumption, but also bolster the green and low-carbon development and inject new impetus into the sustainable development of the home appliance industry, said Wang Qing, deputy director of institute of market economy at the Development Research Center of the State Council.

According to a report released by AVC, environmentally friendly and energy-saving home appliance products, such as air conditioners and gas stoves, are increasingly favored by Chinese consumers, while the sales of intelligent household appliances that integrate artificial intelligence-powered large language models have witnessed robust growth.

In addition, the demand for high-quality consumer goods is rising, with small household appliances becoming popular among tech-savvy consumers, who are pursing exquisite lifestyles.

As consumers pay more attention to health and hope to eat healthier, products such as stainless steel rice cookers without Teflon coating, electric steamers and air fryers have seen a significant increase in sales in the first half of the year, according to AVC.