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Data from the General Administration of Customs showed that China exported 383.6 million household appliances in December 2024, a year-on-year increase of 16.1%; the cumulative exports from January to December were 448.144 million units, a year-on-year increase of 20.8%.
6.36 million refrigerators were exported, a year-on-year increase of 10.7%; the cumulative exports from January to December were 80.32 million units, a year-on-year increase of 19.7%.
In December, 2.82 million washing machines were exported, up 18.3% year-on-year; from January to December, the cumulative exports reached 32.86 million units, up 14.2% year-on-year.
China started 2025 with a fresh consumer stimulus plan that analysts believe could significantly boost certain stocks. Instead of direct cash payments, the government is providing subsidies for home appliances through a trade-in program. Recently, they expanded the list of eligible products to include microwaves and dishwashers, offering up to 20% off the retail price.
Morningstar analyst Jeff Zhang predicts that this initiative will primarily benefit leading home appliance manufacturers like Midea, Gree, and Haier. He has increased his revenue forecasts for these companies by 2% to 5% for the coming years. Midea’s shares surged nearly 38% last year and could rise another 26% based on Morningstar’s price target. Haier’s shares also performed well, with a potential upside of 48% from their current price.
Citigroup analysts are also optimistic, maintaining their buy ratings for these three stocks following the stimulus announcement. They have set even higher price targets than Morningstar. However, they cautioned that price wars and a weak real estate market could negatively impact stock prices. Consumer demand in China has been sluggish since the pandemic, with home appliance prices falling 3.3% in December compared to the previous year.
China is expected to release retail sales and GDP figures soon. The new policy allows consumers who received subsidies last year to benefit again this year. The government has allocated a substantial 81 billion yuan for these trade-in subsidies through the Spring Festival.
China’s home appliance trade-in policy has boosted consumer spending, generating over 200 billion yuan (about 27.8 billion U.S. dollars) in sales and facilitating the purchase of over 45 million products by Friday.
The Ministry of Commerce’s home appliance trade-in platform reveals that around 30 million consumers have purchased subsidized products from eight designated categories, including refrigerators, televisions and computers, since the policy took effect.
An average incentive of 160 euros (20% of the average market price) led to a 45% growth in sales of refrigerators and washing machines From August to the end of September, 5.1 million families received incentives worth 6.4 billion yuan (830 million euros), according to data from the Chinese Ministry of Commerce reported by the state agency Xinhua,sales of household appliances in China rose to 33.5 billion yuan (4.34 billion euros). The incentive was therefore worth 19% of the average list price of the goods purchased.
Growth compared to the same months of last year was 45% in the categories involved (mainly air conditioners, washing machines and refrigerators).
It should be noted that some local governments such as Hubei Province and the cities of Shanghai and Chongqing have participated in the program by expanding the categories covered at their own expense and incorporating dishwashers, water purifiers and floor cleaning robots.
The total scheduled production of China’s three most popular home appliances – air-conditioners, refrigerators and washing machines – is estimated to total 26.62 million units in September, according to the latest survey
Midea Group, the world’s biggest maker of home appliances, has pared its stake in Chinese electronics giant Xiaomi to raise funds for its ongoing overseas expansion, according to investment industry experts, who noted that it is a normal part of corporate activity.
In a significant push to stimulate consumer spending, China has rolled out an expansive trade-in policy across multiple sectors.
From automobiles and home appliances to real estate, the initiative aims to encourage the replacement of outdated goods with newer and more advanced options.
In the home appliance sector, the trade-in program has been well-received.
Beijing resident Yu Qian recently purchased a new refrigerator. “My old refrigerator was outdated. When I learned about the trade-in policy, I decided to upgrade. The model I wanted was originally priced at 8,999 yuan, but with the trade-in subsidy and various discounts from the store, I ended up paying only 7,020 yuan, saving quite a bit of money.”
Zhang Haibo, a sales supervisor at Suning, a major home-appliance retailer in China, echoed that many customers are attracted to the trade-in program, combined with government subsidies, store discounts and brand promotions.
Suning’s data reveals that nearly 40 percent of its consumers have chosen to purchase new home appliances through trade-in programs this year, including air conditioners, washing machines and large-screen TVs.
Askoll China recently completed the relocation of its facility to a more modern and efficient location. With a 30% increase in production capacity, the company is now poised to expand its product range, including high-efficiency BPM motors and fan solutions for the local market. Strategically situated in the economic heart of Qingdao, our new facility will meet customer needs more quickly and efficiently while maintaining our high quality standards. This milestone reflects our commitment to proactively address market challenges and foster continued growth in the sector.
Groupe SEB announces the construction of its first-ever Professional Equipment Hub in Shaoxing, China. This ambitious project marks a significant step in strengthening its global leadership position in the professional coffee equipment sector and lays the foundation for our future expansion into new product categories.
China, being the largest market for sales in the full-auto professional coffee machine industry and the fastest-growing market, presents a fertile ground for innovations. Amidst intensifying competition, Groupe SEB’s strategy focuses on cutting-edge innovation and collaboration with influential trendsetters to meet the unique needs of local markets.
With a 60 million euros investment, this new state-of-the-art hub epitomizes Groupe SEB’s commitment to a long-term growth in Asia. It will enable significant expansion into new categories.
