Tech Upgrades Fuel Consumption Surge
China's electronics trade-in program has sparked a consumer frenzy, with over 20.09 million applications since its January 20 launch. The initiative, offering up to 500 yuan ($69.70) per purchase, has generated sales for 25.41 million devices—from smartphones to home gadgets—as residents upgrade to greener tech.
Data-Driven Demand
Card processor China UnionPay recorded 6.27 million subsidized transactions worth 20.58 billion yuan. Mobile sales notably surged 74% in volume and 65% in value during Lunar New Year shopping weeks, signaling strong seasonal momentum amplified by government incentives.
Economic Revival Strategy
This success builds on China's 2024 action plan to boost consumption through equipment renewal programs. Last year's trade-in drives generated 920 billion yuan in auto sales and 240 billion yuan in appliance purchases, cementing circular economy strategies as key to economic growth.
Reference(s):
Over 20 million Chinese apply for electronics trade-in subsidies
cgtn.com
