The Chinese mainland witnessed a significant surge in home appliance sales in 2024, driven by its policy-backed trade-in program. According to the Ministry of Commerce (MOC), retail sales of home appliances and audio-visual equipment under the scheme reached 1.03 trillion yuan (approximately $143.29 billion) this year. This marks the first time the figure has surpassed the 1 trillion yuan threshold, reflecting a robust year-on-year growth of 12.3 percent.
More than 37 million consumers benefited from subsidies for their home goods purchases, the MOC reported. The program gained rapid traction, taking just 33 days to reach one million participants and an additional 17 days to hit five million. This swift adoption underscores the effectiveness of the trade-in scheme in stimulating consumer engagement and spending.
Energy-efficient products were particularly favored, with items at the highest energy-efficiency levels accounting for over 90 percent of total sales revenue. This preference not only highlights consumer awareness of sustainability but also aligns with broader environmental goals.
The trade-in initiative is part of a larger action plan announced in March 2024 aimed at boosting consumer spending and driving economic growth. This plan involves large-scale equipment upgrades and consumer goods trade-ins, marking nearly 15 years since the last major renewal campaign.
Building on the program's success, the Chinese mainland has decided to expand the number of home appliance categories eligible for government subsidies. In 2025, the scheme will include four additional categories: microwaves, water purifiers, dishwashers, and rice cookers, increasing the total from eight to twelve categories. This expansion is expected to further enhance consumer participation and sustain the momentum of the trade-in program.
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China's home appliance sales surge in 2024 under trade-in scheme
cgtn.com
