November 11 has become a major day for Chinese consumers, coming with big discounts each year. This year, the government and e-commerce platforms have introduced a trade-in subsidy program to further boost consumption. CGTN reporter GUO TIANQI has more.
Double Eleven has become a major shopping event for many households, offering an opportunity to purchase a wide range of products. We visited a home appliance store to observe the current sales trends of these products.
"Our refrigerator has been in use for 17 years now. We originally didn't plan to replace it, but now the product is 6,000 yuan cheaper, with free delivery and old refrigerator disposal included. So, we decided to buy it."
"I wanted to upgrade my old washing machine two months ago. Now it's much cheaper, and the government's subsidies really make a difference for ordinary people like us."
In July this year, the State Council of China earmarked 300 billion yuan in ultra-long-term special government bonds to support the "trade-in" programs for consumer goods such as home appliances and automobiles.
WANG ZHAOTONG Director of Consumer Electronics Sales and Procurement Suning, Beijing "Since October of this year, Suning in Beijing has seen an overall sales increase of 95 percent year-on-year. In Beijing, more than 200,000 consumers have received government subsidies, accounting for 90 percent of total orders. We have also partnered with factories and banks to provide additional subsidies to customers, with discounts of up to 50 percent or more."
GUO TIANQI Beijing "Large-screen TVs are also a hot-selling item right now, with many customers opting to buy them in person to get a feel for their vivid colors and screen quality. These TVs are 20 percent off, making their price point the most competitive all year."
The trade-in policy not only drives the sales of new products but also promotes the concept of green consumption. Recycling old items increases the utilization of materials such as metals and plastics, while also boosting the development of the second-hand market.
WANG ZHAOTONG Director of Consumer Electronics Sales and Procurement Suning, Beijing "We are cooperating with professional recycling companies to process the old ones in compliance with green standards."
This year marks the first time that the national "trade-in" subsidy program coincides with the "Double Eleven" shopping festival. According to data released by the Ministry of Commerce, as of October 24, a total of more than 13 million consumers purchased almost 20 million home appliances, generating total sales revenue of 19 billion yuan, or 2.7 billion U.S. dollars. GUO TIANQI, CGTN, Beijing.