Beijing, China — China’s home appliance market witnessed a remarkable surge in 2024, with sales surpassing the 1 trillion yuan mark for the first time. According to the Ministry of Commerce (MOC), retail sales of home appliances and audio-visual equipment under the government’s trade-in scheme reached an impressive 1.03 trillion yuan (approximately $143.29 billion), marking a year-on-year growth of 12.3%.
The National Bureau of Statistics reported that over 37 million consumers benefited from subsidies on their home goods purchases. The program gained rapid momentum, attracting one million participants in just 33 days and reaching five million in the following 17 days.
Energy-efficient products were especially popular, with items at the highest energy-efficiency level accounting for over 90% of total sales revenue. This shift towards eco-friendly appliances reflects a growing consumer consciousness about environmental sustainability.
In an effort to stimulate consumer spending and drive economic growth, China launched an action plan in March 2024 to implement large-scale equipment upgrades and consumer goods trade-ins. This initiative comes nearly 15 years after the last such renewal campaign.
Looking ahead, China plans to expand the number of home appliance categories eligible for government subsidies from eight in 2024 to 12 in 2025. The new additions include microwaves, water purifiers, dishwashers, and rice cookers, further encouraging consumers to upgrade their home appliances.
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China's home appliance sales surge in 2024 under trade-in scheme
cgtn.com
