Consumers remain enthusiastic about 'trade-in programs'

Consumers' enthusiasm for "trade-in programs" remains high in China, reported Economic Information Daily website on Tuesday.

Gross merchandise volume (GMV) for relevant products rose 26.37 percent year-on-year, as a result of an early start in China's mid-year "618" shopping festival (China's major mid-year e-commerce promotion), which began at 8 pm on May 13 and ended on May 18, according to a report released by a shopping guide website smzdm.com on May 19.

GMV for a range of commodities such as audio-visual playback devices, home appliances, and mobile communication devices increased by 54.84 percent, 44.38 percent and 29.08 percent year-on-year, respectively.

"Judging from this year's 618 shopping festival presales, people's longing for a better life remains constant," said Zhang Yu'ang, e-commerce marketing head of the website.

Commodities that meet consumer demands and enhances their quality of life can effectively stimulate people's consumption potential, Zhang added.

Smartwatches have become a hit thanks to the country's modified subsidy program on digital products. On the mobile app of the website, GMV for smartwatches skyrocketed 129.12 percent year-on-year during the start of the shopping festival from May 13 to 18.

Interest-driven consumption has become a key driver for Chinese consumers, according to the website. Moreover, consumption on films, concerts and live shows surged 555.90 percent year-on-year, while GMV for game hardware, outdoor equipment, and photography equipment registered growth of 300.19 percent, 62.20 percent, and 18.01 percent year-on-year, respectively.

In addition, tourism-related products recorded a staggering growth since May 13. The GMV of "tourism ticketing", led by ticket sales and hotel consumption, increased by 139.16 percent year-on-year.

Universal Studios Japan and Shanghai Disneyland topped GMV in the travel category. Meanwhile, coupons for high-end hotels such as Senbo Tourism, Wanda Hotels & Resorts, and Rosewood also gained popularity on the platform.