"Incentives for Trade-ins Enhance Consumption at Double 11 Festival"
China's trade-in incentive scheme provided a significant boost to consumption during this year's Double 11 shopping extravaganza, which concluded on Monday.
TroibNews 
China's trade-in incentive scheme has made a significant impact on consumption during this year's Double 11 shopping festival, which concluded on Monday.
This year marked the first time the trade-in program was integrated with discounts offered by e-commerce platforms for the major annual shopping event. Tmall collaborated with various brands, funneling a total of 6 billion yuan into efforts to encourage spending. The initiative featured category-specific coupons and official brand discounts. In parallel, Pinduoduo introduced an extensive incentive campaign aimed at boosting sales in key categories such as mobile phones, electronics, and home appliances.
The trade-in scheme resulted in a remarkable year-on-year sales increase of over 80 percent on Suning.com since the Double 11 event began on October 14, according to He Xiaowei, general manager of Suning’s Shanghai region, in an interview with Shanghai Security News. Additionally, on JD.com, over 90 percent of consumers from county-level and rural areas in China engaged with the trade-in program, leading to record sales in categories like 3C digital products and home appliances.
The effective synergy between trade-in incentives and Double 11 promotions has been vital for boosting consumption, offering advantages to consumers while also fostering new opportunities within the home appliances sector, as noted by Chen Lifen, a researcher at the Development Research Center of the State Council, China's cabinet.
China has actively been advocating for extensive equipment upgrades and trade-in initiatives for consumer goods to enhance domestic demand and support economic growth. By early November, these programs had attracted over 30 million participants and yielded more than 400 billion yuan in sales, as reported by the Ministry of Commerce.
Sophie Wagner for TROIB News
This year marked the first time the trade-in program was integrated with discounts offered by e-commerce platforms for the major annual shopping event. Tmall collaborated with various brands, funneling a total of 6 billion yuan into efforts to encourage spending. The initiative featured category-specific coupons and official brand discounts. In parallel, Pinduoduo introduced an extensive incentive campaign aimed at boosting sales in key categories such as mobile phones, electronics, and home appliances.
The trade-in scheme resulted in a remarkable year-on-year sales increase of over 80 percent on Suning.com since the Double 11 event began on October 14, according to He Xiaowei, general manager of Suning’s Shanghai region, in an interview with Shanghai Security News. Additionally, on JD.com, over 90 percent of consumers from county-level and rural areas in China engaged with the trade-in program, leading to record sales in categories like 3C digital products and home appliances.
The effective synergy between trade-in incentives and Double 11 promotions has been vital for boosting consumption, offering advantages to consumers while also fostering new opportunities within the home appliances sector, as noted by Chen Lifen, a researcher at the Development Research Center of the State Council, China's cabinet.
China has actively been advocating for extensive equipment upgrades and trade-in initiatives for consumer goods to enhance domestic demand and support economic growth. By early November, these programs had attracted over 30 million participants and yielded more than 400 billion yuan in sales, as reported by the Ministry of Commerce.
Sophie Wagner for TROIB News
