The “Trade-In Program for Chinese Consumer Goods” effectively activates domestic demand and revitalizes the market, while innovative consumption scenarios drive consumption upgrades and create new growth drivers.
In 2024, the large-scale equipment renewal and the “trade-in of old for new” initiative are expected to drive more high-quality durable goods into households and efficiently stimulate consumption. According to data from the Ministry of Commerce, in 2024, the national consumer goods trade-in market is projected to exceed 1.35 trillion yuan. Among this, trade-ins for automobiles are expected to reach 680 billion yuan; for home appliances, 500 billion yuan; and for home furnishings, 600 billion yuan effectively creating massive room for new product entry.
In addition, to adapt to diversified Chinese consumer demands, China’s cultural tourism, sports, and other emerging sectors are also accelerating the launch of new products, services, and experiences. This effort is aimed at meeting Chinese consumers’ evolving expectations and creating new momentum for high-quality consumption expansion.
E-commerce and short video ads remain the two largest segments by market share
There is a clear trend of differentiation and specialization in China’s online advertising market by media type, with certain formats showing strong growth. In 2023, e-commerce and short video platforms continued to dominate the market in terms of advertising spending share, accounting for 36.3% and 26.5% respectively.
E-commerce platforms, due to their direct conversion advantage, remain the top choice for performance-based advertising. Meanwhile, short video platforms offer broader user reach and high engagement, benefiting from strong user stickiness and content consumption habits making them a popular channel for advertisers.
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