Move over, Black Friday—China's electronics trade-in program is rewriting the rules of consumer hype! Over 20 million shoppers have flooded applications for cash subsidies to upgrade gadgets since the initiative launched three weeks ago, according to the Ministry of Commerce.
The program, offering up to 500 yuan ($70) per device, has fueled sales of 25.4 million phones and gadgets. Payment giant China UnionPay reported 6.27 million transactions worth 20.58 billion yuan—proof that Gen-Z and millennials aren’t sleeping on discounts.
Mobile phone sales skyrocketed 74% in volume during Lunar New Year shopping week, blending holiday gifting with tech FOMO. Analysts call this a 'double win': consumers score affordable upgrades while China’s economy gets a 920-billion-yuan boost from last year’s similar auto and appliance trade-ins.
With the government expanding 'green consumption' efforts, could your next phone upgrade come with a side of eco-conscious swag? Stay tuned.
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while China’s economy gets a 920-billion-yuan boost from last year’s similar auto and appliance trade-ins. 
Stay tuned.
