According to a report released on the 3rd, in 2021, China’s home appliance market fully recovered, and the retail scale reached 881.1 billion yuan (RMB, the same below), with a year-on-year increase of 5.7%, basically returning to the level of 2019 before the epidemic.
The report on China’s home appliance market in 2021 released by China Electronic Information Industry Development Research Institute shows that in 2021, the vast majority of home appliance categories regain growth, and the market scale of all major categories, except color TV and air conditioner, has reached or exceeded the pre epidemic level. Among them, the refrigerator was 104.2 billion yuan, a year-on-year increase of 7.2%; Washing machine 78.8 billion yuan, an increase of 7.1%; Kitchen appliances amounted to 166.3 billion yuan, a year-on-year increase of 5.0%.
The epidemic continues to have a profound impact and reshape life and consumption patterns. In 2021, China’s online channel retail sales accounted for 52.9% of the overall home appliance market, accounting for more than 50% for two consecutive years. The online penetration rate of color TV sets, washing machines, household appliances and other important household appliances has exceeded 50%, and the online contribution rate of household appliances is close to 80%.
According to the report, in 2021, the sinking market will grow rapidly and consumption upgrading will activate the high-end market, which will become the two engines driving China’s home appliance market out of the trough quickly. In 2021, China’s sinking home appliance market reached 277.5 billion yuan, accounting for 31.5%, with a year-on-year increase of 8.9%, which is much higher than the overall market.
In addition, in 2021, the growth power of traditional household appliances was insufficient, and the sales of high-end household appliances rose against the trend. For example, the retail sales of game TVs increased by more than 600% year-on-year, and the retail sales of clothes dryers increased by 124% year-on-year. The “post-80s”, “post-90s” and younger “post-00s” account for more than 60% of all household appliance consumption in the market, and 45% of high-end household appliance consumption comes from the “post-80s”. Young consumer groups bring new growth impetus to high-end household appliance consumption.
