On March 13th, “2024 China Home Appliance Innovation Retail Summit” was held in Shanghai under the guidance of China Home Appliance Association and hosted by China State Grid.
China’s home appliance retail has developed from a single format to a hundred flowers, showing more tenacious innovation and vitality.
Emerging business forms are booming. Among them, the global interest e-commerce, represented by TikTok e-commerce, has shown a strong growth momentum in recent years. Meituan expects the instant retail consumer electronics market to exceed 100 billion yuan by 2026. At the same time, JD supply chain fintechnology also officially launched the whole link 100 million yuan subsidy plan “every family subsidy”, aiming to further ignite the home appliance consumption boom.
It is also important to stimulate the new vitality.”The implementation of the old trade-in policy shows the national and policy level of great importance to the home appliance industry as an important driving force of the consumer market. The majority of home appliance enterprises also hope that with the help of the policy, the home appliance market can return to the growth track.”Said Xu Dongsheng, vice chairman of the China Association of Home Appliances.
Wen Jianping, chairman of OweCloud, believes that the overall production and sales of the home appliance industry are booming, but the growth of the momentum is significantly insufficient, which is expected to have a slight growth of 0.6% in 2024.”Finding the correct positioning, seizing the real estate home decoration market, doing a good job in offline experience, and paying attention to the sinking market are the four major opportunities in the current home appliance retail industry.”
Lu Shenghua, editor-in-chief of China State Grid, said that after more than 40 years of development in China’s home appliance market, the goods are abundant enough, and consumer demand is the key. Brand owners and sales channels should study consumers, provide consumers with emotional value above functional value, and create new demand.
