More Chinese Provinces Launch Own Subsidies to Refine National Home Appliance Trade-In Program
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More Chinese provinces, including Shanghai and Chongqing, have introduced local subsidies for home appliances to support the national trade-in program, which aims to boost sales. These subsidies, ranging from 10% to 20% of product prices, have already led to a 183% increase in sales of certain appliances. However, the national program's coverage has narrowed, leading to a 10% decline in retail sales of kitchen and bathroom appliances in Q1. Experts predict that the new local subsidies will help stabilize the market in the second quarter.
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