A "trade-in deals" consumption promotion event, jointly organized by the Jingjiang municipal bureau of commerce and Chaoyang community was held recently in Jingjiang, a county-level city in Taizhou, Jiangsu province.
Residents were able to exchange their old household appliances for consumer subsidies provided by the government and household appliance retailers, which they can then use to purchase new items. This attractive subsidy policy has sparked a surge in consumer spending.
"It is so generous that we can exchange old appliances that we haven't used for a long time. Today, I exchanged a microwave oven and a multi-functional all-in-one pot," said resident Li Min.
An employee of the Jingjiang municipal bureau of commerce explained that the discount for this "trade-in deals" event is the best ever, offering direct subsidies of 15 percent to 20 percent for 17 categories of household appliances based on their energy efficiency levels.
This kind of event helps to improve the quality of life for residents while also unleashing consumption potential and stimulating consumer spending.
Since the launch of the new round of "trade-in deals" consumption promotion events, the number of new appliance purchases in the city has exceeded 8,000, driving over 30 million yuan ($4.22 million) in household appliance consumption.
In addition, there have been nearly 500 subsidy applications for purchasing cars, boosting car consumption by over 50 million yuan, with more than 75 percent of the consumption going toward new energy vehicles.