China's home appliance sales revenue reach USD28.11 billion
Date
12/9/2024 2:43:21 AM
(MENAFN) China's home appliance sales revenue under the government-backed exchange program reached 201.97 billion yuan (USD28.11 billion) as of Friday, according to official data from the Ministry of Commerce. This initiative, aimed at boosting domestic consumption, has contributed significantly to the growth of the home appliance sector in China.
The data reveals that products with the highest energy efficiency have played a key role in driving sales, accounting for over 90 percent of the total revenue. The focus on energy-efficient products is part of China’s broader efforts to promote sustainable consumption and reduce environmental impact.
The program has also benefited millions of consumers, with 29.64 million people receiving subsidies for purchasing home appliances. This has led to a significant surge in sales, with an increase of 45.85 million units being sold. The appliance replacement initiative is an integral part of China’s strategy to stimulate domestic demand and support economic growth.
By the end of 2023, it is projected that China will have approximately 336 million civilian vehicles and more than 3 billion major household appliances, such as refrigerators, washing machines, and air conditioners. This modernization push is expected to generate market demand worth over USD1 trillion, signaling significant growth opportunities for both domestic and international companies.
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