China is buzzing with excitement as more than 20 million consumers have jumped on the bandwagon for the country’s latest electronics trade-in subsidies since the program kicked off three weeks ago, according to data from the Ministry of Commerce.
So far, 20.09 million consumers have applied for subsidies to purchase a whopping 25.41 million units of electronic gadgets, including the latest mobile phones. 🚀
Launched on January 20, the pro-consumption initiative aims to boost spending by offering up to 500 yuan (around $69.7) per person for buying digital products. This move has clearly sparked a shopping frenzy!
Card payment giant China UnionPay reported 6.27 million subsidized transactions, with sales reaching a staggering 20.58 billion yuan in the recent period. 💳✨
The government’s incentives have paid off big time, with mobile phone sales soaring by 74% in volume and 65% in value in the week leading up to the Spring Festival on January 29. 📈🎉
Looking ahead, China plans to roll out an action plan in March 2024 to further promote large-scale equipment renewal and trade-in of consumer goods. This is part of a broader strategy to boost domestic consumption and support economic growth. Last year alone, the trade-in scheme boosted automobile sales by 920 billion yuan and home appliances by 240 billion yuan. 🚗🏠
Reference(s):
Over 20 million Chinese apply for electronics trade-in subsidies
cgtn.com
