JD.com-backed gadget platform ATRenew banks on China’s trade-in subsidy to spur volume
ATRenew, China’s largest online platform for pre-owned electronics, is set to benefit from Beijing’s new subsidy program aimed at boosting consumer spending. The initiative offers a 15% subsidy on new smartphones, tablets, and smartwatches, encouraging consumers to trade in their old devices. This program is part of a broader effort to stimulate consumption and support the manufacturing sector amid economic challenges.
To capitalize on this opportunity, ATRenew has partnered with JD.com to launch promotions aligned with the Lunar New Year holiday. Jeremy Ji Zixiao, ATRenew's general manager of international business, emphasized their commitment to providing attractive product offerings and incentives for consumers. The subsidy program, which began on January 20, allows consumers to receive up to 500 yuan per item when purchasing new devices valued at up to 6,000 yuan.
Despite these efforts, Chinese consumers remain cautious due to concerns over employment and wage stability in a slowing economy. A recent UBS report predicts that real consumption growth will stagnate around 3.8% in 2025-26, a significant decline from the 5.5% growth seen in 2019. This reflects a broader trend of tightening consumer spending, which has been exacerbated by the impacts of the Covid-19 pandemic.
via SCMP Full Text Feed
ATRenew, China’s largest online platform for pre-owned electronics, is set to benefit from Beijing’s new subsidy program aimed at boosting consumer spending. The initiative offers a 15% subsidy on new smartphones, tablets, and smartwatches, encouraging consumers to trade in their old devices. This program is part of a broader effort to stimulate consumption and support the manufacturing sector amid economic challenges.
To capitalize on this opportunity, ATRenew has partnered with JD.com to launch promotions aligned with the Lunar New Year holiday. Jeremy Ji Zixiao, ATRenew's general manager of international business, emphasized their commitment to providing attractive product offerings and incentives for consumers. The subsidy program, which began on January 20, allows consumers to receive up to 500 yuan per item when purchasing new devices valued at up to 6,000 yuan.
Despite these efforts, Chinese consumers remain cautious due to concerns over employment and wage stability in a slowing economy. A recent UBS report predicts that real consumption growth will stagnate around 3.8% in 2025-26, a significant decline from the 5.5% growth seen in 2019. This reflects a broader trend of tightening consumer spending, which has been exacerbated by the impacts of the Covid-19 pandemic.
via SCMP Full Text Feed
