China's Economy During Spring Festival: Car Trade-Ins Drive Over 100 Billion Yuan in New Vehicle Sales by 2026

Deep News
02/21

During the Spring Festival holiday, China's consumer market remained highly active. New business models and consumption scenarios continued to emerge, accelerating the release of market vitality and injecting strong momentum into the national economy.

Commercial districts across the country underwent upgrades and transformations, deeply integrating cultural traditions with immersive experiences. In Nanjing, Jiangsu province, the newly opened "Jinling Changle Square" allowed consumers to become part of interactive performances. Zhangzhou, Fujian province activated its commercial sector through premiere events and first-run shows.

Cultural and tourism consumption continued to gain momentum. In the first three days of the holiday, rental car orders on major platforms increased by 26%, while cross-regional travel between northern and southern China surged by 196%. The film industry underwent comprehensive upgrades, creating integrated models combining cinema entertainment with full-spectrum consumption activities.

Trade-in programs further stimulated consumer demand. As of February 19, the 2026 consumer goods trade-in initiative had benefited 28.88 million participants, generating total sales of 198.02 billion yuan. Within this total, automobile trade-ins reached 612,000 vehicles, driving new car sales worth 100.53 billion yuan.

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