68.8% Opt for Online Trade-Ins, 95.5% Engage with Short Videos in H1 2024

China’s digital landscape continues to evolve rapidly, with a marked shift in consumer behavior and digital service adoption. The latest report by the China Internet Network Information Center (CNNIC) highlights several key trends in the first half of 2024, focusing on consumer demand, mobile payment convenience, and the burgeoning online video industry.

Growing Popularity of Trade-In Programs and Online Service Consumption

The report reveals a significant trend towards trade-in programs and online service consumption, driven by initiatives to stimulate domestic demand.

In the first half of 2024, e-commerce platforms in China actively supported trade-in policies by offering substantial subsidies, streamlining processes, and enhancing logistics capabilities. These efforts have effectively facilitated consumer conversion and consumption upgrades.

According to the CNNIC report, 68.8% of internet users who participated in trade-in activities chose to do so online.

Among these, the most traded items included smartphones, digital devices, and large household appliances such as washing machines.

Specifically, 28.8% of users traded in smartphones and digital devices, while 23.7% opted for large household appliances. This shift underscores a growing preference for online transactions in the trade-in market, reflecting consumers’ increasing comfort with digital platforms for such activities.

In addition to trade-ins, online life services have seen a significant uptake, thanks to the expanding range of online service scenarios.

By June, a notable proportion of internet users had used online platforms to access various services: 50.3% had purchased takeout, 20.7% had booked in-store dining experiences, and 17.3% had engaged in online entertainment services like movie tickets and leisure activities.

This growing reliance on online services indicates a broader digital integration into daily life.

Enhanced Mobile Payment Accessibility: Catering to Seniors and Foreign Nationals

The CNNIC report also highlights the strides made in enhancing mobile payment accessibility for both seniors and foreign nationals in China. The first half of 2024 saw significant advancements in the convenience of mobile payments, supported by targeted initiatives aimed at improving user experience across demographics.

For the elderly population, the mobile payment industry has made concerted efforts to adapt services to better suit their needs.

These adaptations include simplifying payment processes and incorporating features like voice prompts to enhance usability.

As a result, by June 2024, the rate of internet payment use among Chinese netizens aged 60 and above had reached 75.4%, demonstrating substantial progress in digital inclusivity for older users.

Foreign nationals in China have also benefited from improved mobile payment services. Innovative solutions such as “overseas cards linked domestically” and “foreign usage for domestic payments” have been implemented to simplify transactions for this group.

In the first half of 2024, over 5 million foreign visitors used mobile payment services in China, a fourfold increase from the previous year. This demographic conducted more than 90 million transactions worth over 14 billion yuan, reflecting a sevenfold year-on-year increase in both transaction volume and value.

These statistics indicate a robust growth in mobile payment adoption among international visitors, highlighting China’s efforts to accommodate diverse user needs in its digital economy.