Summary of Key Points
In the first half of 2026, the consumer trade-in policy achieved remarkable results: it drove cumulative sales of related products amounting to 1.1 trillion yuan, benefiting 150 million people (including 3.707 million car exchanges, 63.266 million household appliance exchanges, and 79.098 million purchases of digital and smart products, with 992,000 units sold under local subsidy programs in 19 regions). The policy focused on four main areas: promoting green consumption, accelerating intelligent upgrades, supporting new industries, and revitalizing the county and rural markets. It not only stimulated current consumer demand but also provided momentum for industrial transformation and growth in these underserved areas.
Detailed Analysis
Green Products Become the Mainstream, with New Energy Vehicles Accounting for Over 60%
The trade-in policy has encouraged consumers to opt for eco-friendly and energy-efficient products, especially new energy vehicles. Data shows that since 2026, the proportion of new energy vehicles receiving trade-in subsidies has been on the rise, reaching 65.4% as of June—meaning that 65 out of every 100 cars exchanged with subsidies were new energy vehicles. This led to a record-high retail penetration rate of new energy vehicles in the second quarter (62.4%). In other words, the majority of car buyers this year chose electric vehicles, indicating that the policy has shifted consumer preferences towards greener options and accelerated the transition from fossil fuel to electric vehicles.
Smart Consumption Is on the Rise, with Smart Glasses Becoming a Hot Topic
Driven by the policy, sales of digital and smart products have increased significantly. Overall sales from January to June grew by 13.4%, with a particularly strong increase of 32% in June (an additional one-third compared to last year). Among these products, smart glasses have stood out, with monthly sales growing by 30.6% in June, making them a new favorite among consumers. This reflects the growing demand for more advanced and intelligent products. The policy has made it easier for ordinary people to try out these new technologies, thus expanding the market for smart products.
Local Governments Have More Autonomy in Selecting Subsidy Programs
This policy has given local governments more flexibility to determine which products to subsidize. Regions like Jiangsu and Shanghai have included “embodied intelligent robots” (robots that can walk and interact like humans) in their subsidy programs. This not only satisfies consumers' desire for new technology but also opens up markets for these emerging industries. Previously, such robots might have been too expensive or unaffordable, but with subsidies, more people are willing to try them, providing a fertile ground for growth.
The County and Rural Markets Are Flourishing
The trade-in policy is now extending its reach beyond urban areas, with participation in these markets increasing by 28.1% year-on-year. For example, the number of household appliance exchange stores in rural areas of Fujian has increased by 15% compared to the beginning of the year. The Ministry of Commerce and the Ministry of Industry and Information Technology have jointly launched initiatives to promote new energy vehicles in rural areas, providing models suitable for rural use (such as those with longer ranges and more spacious interiors) and improving charging infrastructure and after-sales services (e.g., installing charging stations and repair points). As a result, rural residents no longer face difficulties in finding charging facilities or accessing repairs when purchasing new cars or appliances, unlocking the potential for consumption in these areas.
Conclusion
The trade-in policy is not just about clearing inventory; it aims to drive consumer upgrades and industrial transformation. It enables ordinary people to access better products at more affordable prices (green, smart, and innovative) while opening up new markets for businesses in rural and emerging industries. The results are promising, and it is likely that more regions will adopt similar subsidy programs in the future, leading to even more new consumption trends.