China's home appliance sales skyrocketed in 2024 thanks to a policy-backed trade-in program, the Ministry of Commerce (MOC) reports. 📈
Retail sales for home appliances and audio-visual equipment reached a staggering 1.03 trillion yuan (approximately $143.29 billion) — the first time exceeding the 1 trillion yuan mark, marking a 12.3% year-on-year growth.
Over 37 million consumers took advantage of subsidies for their purchases, with the program gaining a million participants in just 33 days and five million in 50 days total. 🛍️
Energy-efficient products were 🔝 in demand, making up over 90% of total sales revenue.
To further boost consumer spending and economic growth, China introduced an action plan in March 2024 for large-scale equipment upgrades and consumer goods trade-ins, nearly 15 years after the last similar campaign.
Looking ahead, China plans to expand the trade-in eligible home appliance categories from eight in 2024 to 12 in 2025, adding microwaves, water purifiers, dishwashers, and rice cookers to the list. 🏠✨
