China’s home appliance sales surged in 2024 under a policy-backed trade-in program, the Ministry of Commerce (MOC) announced on Saturday. Retail sales of home appliances and audio-visual equipment under the scheme reached a record 1.03 trillion yuan (approximately $143.29 billion), surpassing the 1 trillion yuan threshold for the first time. This milestone represents a year-on-year growth of 12.3 percent, according to data from the National Bureau of Statistics.
The trade-in program has significantly benefited consumers across the nation. More than 37 million consumers received subsidies for their home goods purchases, the MOC reported. The program witnessed rapid participation growth, taking just 33 days to reach one million participants and only an additional 17 days to hit the five million mark.
Energy-efficient products were particularly in high demand, with items at the highest energy-efficiency level accounting for over 90 percent of total sales revenue. This trend reflects a growing consumer preference for environmentally friendly and cost-effective appliances.
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, nearly 15 years after the last such renewal campaign. As part of recent efforts to bolster the program, the government has decided to expand the number of home appliance categories eligible for subsidies from eight in 2024 to twelve in 2025. The newly added categories include microwaves, water purifiers, dishwashers, and rice cookers.
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China's home appliance sales surge in 2024 under trade-in scheme
cgtn.com
