2024
8
China Major Home Appliances Market Report 2024
2025-01-09T02:01:59+00:00
REP009F5B5B_9568_4FF1_90EE_B82BDDB56B3F
3695
178594
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Report
en_GB
This report looks at the following areas: The current market landscape of major home appliance categories Key factors affecting industrial development and consumer demand (macroeconomic conditions, demographic changes, policy, technology,…
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  6. China Major Home Appliances Market Report 2024

China Major Home Appliances Market Report 2024

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This report looks at the following areas:

  • The current market landscape of major home appliance categories
  • Key factors affecting industrial development and consumer demand (macroeconomic conditions, demographic changes, policy, technology, consumer trade-up and trade-down trends)
  • Performance of leading major home appliance companies, product innovation trends and emerging brands
  • Annual tracking of ownership rates and purchase interest in major home appliance categories
  • Information channels and marketing content/methods that influence consumers’ decisions
  • Our focus on TV: attractive features, brand preferences and perceptions of mainstream brands

Despite the implementation of stimulus measures, sustaining growth in the consumption of major home appliances remains a challenge. In a saturated market, focusing on both product development and brand building will become increasingly crucial.

Diana Shao, Director, China Insights

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  1. Executive summary

    • Key issues covered in this Report
    • Report Scope and Definition
    • What you need to know
    • The market
    • The major home appliances market in China remains under pressure
    • Companies and brands
    • Comprehensive major home appliance companies maintain steady growth, with opportunities remaining for brand breakthroughs in segmented markets
    • New product trends
    • The consumer
    • Key points of consumer insight
    • Issues and insights
    • What we think
  2. The market

    • Market overview
    • The market for major home appliances remains sluggish, with weak demand, while the trade-in programme has become a key driver of growth
    • Graph 1: growth rate of total retail sales of consumer goods and retail sales of *household appliances and audio/video equipment, 2018-2024
    • Market overview for each category
    • Market factors
    • Summary of market factors
    • While the national economy remains stable, the ongoing sluggishness of the real estate market continues to negatively impact household appliance consumption
    • Graph 2: 2024 Q1-Q3 gross domestic product and growth rate
    • Graph 3: growth rate of value sales and the sold floor space of newly built commercial housing nationwide, 2018-2024
    • Employment prospects and workplace pressures remain challenging, while per capita disposable income growth continues to slow, and efforts to boost consumer spending still face certain pressures
    • Graph 4: growth rate of per capita disposable income of residents nationwide (the actual growth rate after price adjustment), 2019-2024
    • There is still untapped potential in the rural major home appliances market
    • Graph 5: number of major home appliances owned per 100 urban households, 2019-2023
    • Graph 6: number of major home appliances owned per 100 rural households, 2019-2023
    • The trend of an ageing population continues, and the silver economy presents significant opportunities
    • Graph 7: number and proportion of population aged 65 and above, 2019-2023
    • China’s family structures are shifting towards smaller sizes, giving rise to the ‘one-person/two-person household’ economy
    • Graph 8: family structure changes*, 2002-2022
    • Generative AI has a profound impact on the technological and functional upgrades of major home appliances
    • The trade-in programme acts as a stimulus to boost consumer spending on household appliances
    • More than half of consumers are still inclined to maintain their current spending levels on major home appliances, but the desire to upgrade washer and dryer products is increasing
    • Graph 9: desire to trade up for white goods, 2022-2024
    • Despite a lack of clear inclination to trade up, consumers still ‘want it all’ when purchasing major home appliances, valuing performance, appearance, price and service equally
    • Graph 10: important factors when purchasing major home appliances, 2024
  3. Companies and brands

    • Key Players’ Performance
    • The three all-encompassing home appliance giants still maintain net profit growth in 2024
    • Major TV companies show mixed performance
    • Segmented markets offer brands opportunities for cross-category breakthroughs
    • New product trends
    • TV manufacturers are engaged in a fierce competition to leverage AI for superior picture quality
    • However, marketing methods that utilise AI to capture attention should be approached with caution
    • Smart remote controls have the potential to become the next ‘hit product’ in transforming the user experience with home appliances
    • A new design format has emerged for dual-drum washing machines
    • Breakthrough in drying technology directly addresses usage pain points
    • Mini all-in-one washer-dryer units are gaining popularity
    • Refrigerator compartmentalisation is becoming more refined
  4. The consumer

    • TV
    • There has been no significant change in the willingness to purchase TVs, with women aged 30-39 and large households with children driving replacements
    • Graph 11: planning to replace the TV at home, by gender, age and living situation, 2024
    • Graph 12: TV ownership rate and purchase interest, 2023-2024
    • Superior picture quality remains the key attraction for TV buyers, while enhanced control experiences serve as a strong driving factor
    • Graph 13: attractive features of TVs, 2024
    • With intense competition over picture quality, smart remote controls serve as a key factor in highlighting product advantages and differentiation
    • Clear details in dark scenes and smart functions can effectively drive replacements
    • Graph 14: TV features that attract buyers, by intention to upgrade, 2024
    • Consumers continue to trust and support domestic brands, but foreign brands targeting the premium market still hold a certain appeal
    • Graph 15: TV brand preference, 2024
    • Sony demonstrates relatively high brand loyalty, while domestic brands still need to improve brand stickiness
    • Graph 16: TV brand loyalty*, 2024
    • Gen Z prefers Xiaomi, post-1980s favour Skyworth, and post-1990s/post-1995 focus on Sony
    • Graph 17: previously purchased TV brands, by generation, 2024
    • Graph 18: the TV brand most likely to be chosen when replacing an existing one, by generation, 2024
    • Domestic brands still need to build a distinctive brand image
    • Graph 19: TV brand perceptions, 2024
    • White goods (refrigerators, washing machines, air conditioners)
    • Traditional double-door/triple-door refrigerators still dominate in popularity, while more innovative multi-door and door-to-door models continue to attract consumer attention
    • Graph 20: interest in replacing and purchasing refrigerators, by product format, 2024
    • Graph 21: refrigerator ownership rate, 2023-2024
    • Consumers’ willingness to replace refrigerators is not strong, while those interested in purchasing are relatively focused on door-to-door refrigerators
    • Graph 22: purchase interest among respondents who do not own the following refrigerators, 2024
    • Graph 23: replacement intentions of respondents who own the following refrigerators, 2024
    • Post-2000s favour multi-door refrigerators, while post-1990s tend to prefer door-to-door designs
    • Graph 24: consumers who do not own multi-door or door-to-door refrigerators but are interested in purchasing them, by generation, 2024
    • The air conditioner market is under pressure as consumer demand for standing air conditioners weakens
    • Graph 25: interest in replacing and purchasing air conditioners, 2024
    • Graph 26: ownership rate of air conditioners, 2023-2024
    • Tub washing machines still retain a certain audience, but demand and the market continue to shift towards drum models
    • Graph 27: interest in replacing and purchasing washing machines, 2024
    • Graph 28: washing machine ownership rate, 2023-2024
    • Demand for dryers and all-in-one washer-dryer units is strong
    • Graph 29: replacement and purchase interest in dryers and all-in-one washer-dryer units, 2024
    • Graph 30: ownership rate of independent dryers and all-in-one washer-dryer units, 2023-2024
    • Consumers are more inclined to purchase independent dryers
    • Graph 31: replacement intention among consumers who own independent dryers/all-in-one washer-dryer units, 2024
    • Graph 32: purchase interest among consumers who do not own independent dryers/all-in-one washer-dryer units, 2024
    • Older consumers demonstrate a strong interest in dryers and all-in-one washer-dryer units
    • Graph 33: consumers who do not own independent dryers or all-in-one washer-dryer units but are interested in purchasing, by generation, 2024
    • Families remain the target audience for dryers/all-in-one washer-dryer units, but brands should not overlook smaller household segments
    • Graph 34: consumers who do not own independent dryers or all-in-one washer-dryer units but are interested in purchasing, by living situation, 2024
    • Marketing channels and content
    • Targeting online and offline channels simultaneously is essential, with content platforms presenting opportunities for major home appliances
    • Graph 35: channels for obtaining information on major home appliances, 2024
    • Graph 36: channel distribution for obtaining information on major home appliances, % of consumers, 2024
    • A well-thought-out strategy centred on the brand’s offline stores can lead to the greatest increase in consumer reach
    • Mature consumers prefer one-stop channels that provide comprehensive information and value offline experiences, while younger consumers tend to favour online channels with strong social attributes
    • Graph 37: selected channels for obtaining information about major home appliances, by age, 2024
    • Professional content and user experience sharing hold the greatest marketing influence
    • Graph 38: marketing methods and content that influence purchasing decisions for major home appliances, 2024
    • Comprehensive ecommerce platforms still need to improve the provision of professional content
    • Graph 39: selected marketing content that influences purchase decisions, 2024
    • Brands can focus on investing in professional evaluations and usage experience sharing on short video platforms and Xiaohongshu, with influencers on Xiaohongshu having a greater impact than those on short video platforms
    • Graph 40: selected marketing content that influences purchase decisions, 2024
    • Brands’ official websites/apps should focus on professional content and showcase their technology
    • Graph 41: selected marketing content that influences purchase decisions, 2024
  5. Issues and insights

    • The next smart upgrades for major home appliances should focus on enhancing core performance
    • Intelligent upgrades and energy efficiency improvements are key directions for major home appliances
    • Graph 42: the most important factors when purchasing major home appliances, 2024
    • AI-powered enhancements in core performance and energy efficiency
    • Build a distinctive brand image and strengthen the emotional connection with consumers
    • Domestic home appliance brands still need to establish a strong and distinct brand image
    • Highlight brands’ identities and style through collaborations with the art world
    • Showcase humanistic care, fostering a deeper emotional connection with consumers
    • Enhance the narratives of brands’ history and ethos, fostering stronger emotional connections
    • Understand consumers’ garment care needs and seize the opportunities in the washing and drying sector
    • The washing and drying sector offers significant market opportunities
    • Consumers’ garment care needs are becoming more refined and diverse
    • Consumers’ use of laundry detergents and laundry care products is diversified
    • Graph 43: laundry and fabric care products used over the past 6 months, 2022-2024
    • Consumers show a significant preference for natural, skin-friendly and hypoallergenic claims in laundry and fabric care products
    • Graph 44: appealing claims featured on laundry and fabric care products, machine wash vs hand wash, 2024
    • The washing and care of outdoor wear has gained attention, and home appliance brands can partner with laundry brands to offer expert guidance
  6. Appendix – methodology and abbreviations

    • Methodology
    • Abbreviations

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