Ahead of the Spring Festival, nine government departments, including the Ministry of Commerce, jointly issued the "2026 'Happy Spring Shopping' Special Holiday Activity Plan." The plan emphasizes boosting trade-in programs by encouraging local governments to increase subsidies for consumer goods replacements during the holiday period. It also enhances financial support through initiatives such as consumption vouchers and instant discounts. According to the Ministry of Commerce, which diligently implemented subsidies for home appliance trade-ins and purchases of new digital and smart products in 2026, local authorities were guided to strengthen subsidy application safeguards and launch consumption promotion activities, leading to robust growth in related product sales.
Data from the Ministry's national verification system for home appliance trade-ins and subsidies on new digital and smart products shows that during the nine-day Spring Festival holiday, sales of six categories of home appliance trade-in products and four categories of subsidized new digital and smart products reached 5.106 million units. This represents a year-on-year increase of 21.7% compared to the previous Spring Festival period. Retail stores, particularly those selling mobile phones, experienced continuous customer traffic.
Su Jian, a professor at Peking University's School of Economics and director of the National Economic Research Center, stated that the measures outlined in the activity plan align with the characteristics of Spring Festival consumption. He noted that the relatively long holiday and family gatherings make it suitable for significant expenditures on items like large home appliances and automobiles. Influenced by tradition, consumers also have higher spending expectations during the festival for celebratory purposes compared to ordinary days.
Ministry of Commerce data indicates that offline channels accounted for 73.3% of the total sales value of home appliances, digital, and smart products. Data from China UnionPay showed that the policy encouraged more consumers to shop in person, stimulating surrounding commercial potential. In business districts with high policy participation, such as Nanjing's Bai Jia Lake and Guangzhou's Chimelong Wanbo, merchant sales saw a year-on-year increase of over 10% during the holiday.
Notably, smart products and quality consumption were particularly popular. In 2026, smart glasses were included in the subsidy program for the first time, quickly becoming a new favorite for Spring Festival shopping. Consultations and purchases of digital products saw significant growth in areas like Tianjin, Chongqing, and Sichuan. Furthermore, an optimization and upgrade in consumption structure was evident, with mid-to-high-end mobile phones comprising 65.0% of sales, according to Ministry data. China UnionPay data also indicated a substantial year-on-year increase in the average transaction amount for computers, air conditioners, and televisions.
Observations during the holiday revealed bustling activity at mobile phone manufacturer stores, where trade-in policies served as a major incentive for upgrades. Strong consumption of home appliances, digital, and smart products was recorded in Hebei, Guangdong, Jiangsu, and Shandong. Cities like Beijing, Shanxi, Jiangxi, and Chongqing ensured uninterrupted service during the holiday, keeping subsidy application channels open 24/7 with sufficient voucher reserves. Regions including Jilin, Yunnan, Qinghai, and Shaanxi promoted the "trade-in program going rural" by setting up service points in townships, offering one-stop services like home delivery, installation, debugging, and old appliance recycling, effectively bridging the "last mile" for policy implementation. In Tianjin, Zhejiang, Hubei, and Gansu, a model combining national subsidies, local vouchers, and merchant discounts allowed consumers to enjoy tangible policy benefits.
Yu Fenghui, a special invited researcher at a Chinese financial think tank, pointed out that enhanced trade-in programs and consumption vouchers reduce consumers' actual payment costs and boost purchase intentions. These policy measures work together to effectively stimulate domestic demand, promote consumption upgrades, create more sales opportunities for businesses, and aid the recovery and development of the real economy. Particularly under the current economic conditions, such a policy mix holds positive significance for stabilizing economic growth.