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Increased domestic spending drives Chinese home appliances market

Press release September 2, 2014 Chinese home appliance, home appliances china

Chinese market from January to June 2014 declined year-on-year except air conditioner which still managed to keep steady growth compared to the same period of 2013.

As per research, Chinese consumers spend more on high-end home appliances and products. Volume and value growth of the Chinese home appliance market picked up slightly in 2013, fuelled by the Green Household Appliances Subsidy that ensured energy efficient appliances and manufacturers’ aggressive promotions in terms of product launches and price discounts. The growth rates of 2013 outperformed that of 2012, especially with China's consumers wanting home appliances with high efficiency, and a long life. Other factors like state policies that have prompted industrial upgrading and transformation, promotion of eco-friendly products and accelerating urbanization are boosting the demand in the high-end segment of home appliances.

This report, Chinese Home Appliance Industry and Market, June 2014, covers the following key players of the sector: Aux, Bosch, Changhong, Chigo, Daikin, Electrolux, Galanz, Gree, Haier, HF-Sanyo, Hisense, Kelon, Konka, LG Panda, Littleswan, MeiLing, Midea, Mitsubishi, New-fly, Panasonic, Ronshen, Samsung, Sanyo, Sharp, Siemens, Skyworth, Sony, TCL, Tongfang, XiaoYa, Xingxing and Xinle.

Market overview

Chinese consumers were estimated to have bought about 380,000 flat-panel televisions in 2013 with screens larger than 60 inches, almost double the number that was sold in 2011. Moreover, as many as 270,000 refrigerators costing about USD 1,600 each were sold and washing machines with capacity of 8kg saw record sales of 360,000. However, the market share of home appliances that cost USD 1,140.20 and above was less than 5% in 2004, which increased to 15% in 2012. All these came with the increased purchasing power of consumers who looked for appliances with ergonomic designs. Secondly, consumers now have more knowledge about the quality of household appliances, and the market found that it is consumers who now requested for technology-enabled devices that would make the marketing energy-efficient appliances easy.

Most Chinese appliance producers are fledglings in the market and proper distribution channels are still lacking in proper infrastructures. Moreover, the consumers, even if more aware, remain price-sensitive. Even if the high-end home appliances are sold only through retail channels at exclusive realty projects and up-market departmental stores, the number of brands is still very limited. These brands, moreover, cooperates with exclusive realty developers to help maintain their deluxe brand image. However, market experts are hopeful that with time, as more brands are introduced to China, a mature market for home appliances will emerge.

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Chinese home appliance, home appliances china