A Xiaomi flagship store in the Optics Valley of China is filled with people after the subsidy program is implemented. [Photo/WeChat account of Optics Valley of China]

Four government departments in Central China's Hubei Province recently released implementation details for a subsidy program, allocating 350 million yuan ($49.35 million) to support the trading in of old home appliances and furniture for the new green and smart version.

In the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC), consumers can enjoy immediate discounts of 200 yuan, 400 yuan, 600 yuan, and 800 yuan when purchasing single items worth 2,000 yuan, 4,000 yuan, 6,000 yuan, and 8,000 yuan, respectively. The promotion will run until June 30.

Since its launch on May 18, nearly 5,000 consumption vouchers have been redeemed in the valley, with a redemption amount exceeding 2 million yuan and leading to total sales of over 20 million yuan.

A mother surnamed Xu used a consumption voucher to purchase an iPad Pro as a birthday gift for her daughter; retired teacher surnamed Wang bought the latest Apple phone for herself; while another resident, who was on a business trip at the time, convinced his family to get a voucher and eventually purchased a Midea range hood and stove set.

Several home appliance and electronics stores have seen a simultaneous increase in foot traffic and sales. "Sales have almost doubled compared to usual, which has also boosted the sales of products priced below 2,000 yuan," said Yu Zhangbo, manager of a Xiaomi's flagship store. Some stores' weekly sales have even surpassed the total monthly sales for the same period last year.