China is buzzing with excitement as over 20 million consumers have already applied for the latest electronic products trade-in subsidies! 🚀 Launched just three weeks ago on January 20, this pro-consumption program aims to boost spending by offering up to 500 yuan (about $69.7) per purchase of digital goodies like mobile phones.
According to the Ministry of Commerce, a whopping 25.41 million units of electronic products have been snapped up through the subsidies by Saturday. 📈
Card payment giant China UnionPay reported 6.27 million subsidized transactions, raking in a total of 20.58 billion yuan in sales during the reporting period. 💳💰
The impact is already visible! Mobile phone sales surged 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 consumer goods trade-in, supporting domestic consumption and economic growth. Last year alone, the trade-in scheme boosted automobile sales by 920 billion yuan and home appliances by 240 billion yuan! 🚗🏠✨
