Since the launch of Shenzhen's new round of consumer goods trade-in incentives Sept. 6, sales quantity and revenue have increased, Shenzhen Evening News reported yesterday.
Approximately 149,000 home appliances valued at 751 million yuan (US$106.73 million) were sold between Sept. 6 and 22, with consumers benefiting from 114 million yuan of government subsidies. Additionally, consumers traded in 5,330 old vehicles for new ones valued at roughly 1.55 billion yuan, benefiting from 70.51 million yuan of subsidies.
Retailers such as Suning, JD.com, and Sundan are participating in the subsidy program in their brick-and-mortar stores, with covered products including computers, mobile phones, refrigerators, washing machines, televisions, and air conditioners.
"Since the subsidy program was announced, an increasing number of customers who were previously hesitant have completed transactions to take advantage of the favorable discounts," said a staff member of the Suning store in Huaqiangbei on Sept. 19.
Since Sept. 6, sales at Suning's stores in Shenzhen have surged by 168%, with sales of AI smartphones up by 100% and computers by 199.61%. Air conditioner sales have risen by 119.74% year on year.
The policy has also stimulated vehicle trade-ins. Over the weekend, Chinese new energy vehicle company NIO’s store in the UpperHills shopping mall was bustling with customers.
"The new policy has attracted a large number of customers to our store. An increasing number of customers are asking us about the trade-in policy both online and in-person," said a NIO staff member.
At BYD's Bagualing store, a customer named Zheng Tao was looking for a new electric vehicle to replace his old gas-powered car. "We compared car brands like Huawei, NIO, Li Auto, and BYD. We will place an order today since we can enjoy the subsidy right now," said Zheng.