Since the government launched its pro-consumption program three weeks ago, more than 20 million consumers in China have applied for electronic products trade-in subsidies, according to data released by the Ministry of Commerce on Sunday.
As of Saturday, a total of 20.09 million consumers have taken advantage of the subsidies, purchasing 25.41 million units of electronic products, including mobile phones. The initiative, which began on January 20, aims to boost consumption by expanding the scope of the consumer goods trade-in program. Under this scheme, consumers can receive up to 500 yuan (approximately $69.7) for each digital product they purchase.
China UnionPay, a leading card payment provider, reported 6.27 million subsidized transactions, with the total sales value reaching 20.58 billion yuan during the reporting period. This surge in consumer activity has had a significant impact on the electronics market. Mobile phone sales in China saw a weekly increase of 74 percent in volume and 65 percent in value in the week leading up to the Spring Festival on January 29.
Looking ahead, China plans to further stimulate domestic consumption through an action plan set to launch in March 2024. This plan focuses on large-scale equipment renewal and the trade-in of consumer goods, aiming to support economic growth. Official data from last year indicates that the trade-in scheme contributed to a 920 billion yuan boost in automobile sales and a 240 billion yuan increase in home appliance sales.
These measures reflect China's ongoing efforts to sustain economic momentum by encouraging consumer spending and modernizing the market for electronic and household products.
Reference(s):
Over 20 million Chinese apply for electronics trade-in subsidies
cgtn.com
