A Strategy to Respond to the Decrease in Global Spending

Ever wondered why top electronics, automotive, and home appliances brands often run trade-in and trade-up campaigns? These promotions aren’t just sales tactics; they provide substantial benefits for both brands and consumers

But let’s start by taking a look at some stats.

According to McKinsey & Company, in the second quarter of 2024, consumers have been watching their budgets more closely. They’ve been hunting for bargains and only buying the essentials. This trend is expected to continue for the rest of the year, with 43% of shoppers planning to cut back on electronics spending and 48% looking to spend less on home-related products.

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And as people are becoming more careful with their money and often choose cheaper options, trade-in and trade-up deals are a smart way to make top-range products more affordable. These offers let shoppers grab the latest and coolest tech gadget, car, or smart home device with a sweeter deal.

But the benefits of trade-in and trade-up promotions don’t stop here. In this guide, we’ll look at when and how they can be a great asset to your marketing strategy. We’ll also delve into the dos and don’ts of running successful trade-in campaigns to make sure you’re ready to launch your next promotion.