The retail sales value of household appliances and consumer electronics in China in August 2024 amounted to more than 71 billion yuan.
Electrical appliances in China
The household appliance industry in China has grown into a multi-billion dollar industry. In 2022 alone, market volume of the Chinese electrical household appliances sector had amounted to about 1.75 billion yuan. As the Chinese home appliance industry flourishes, Chinese household electronics companies play an increasingly important role in the global market. Since 2014, Chinese company Midea Group had been the world’s largest household appliance company with a total sales value of approximately 53 billion U.S. dollars in 2023. Another Chinese company, Gree Electric Appliances, ranked second with a total sales value of about 20 billion U.S. dollars.
Per capita expenditure of private households on household appliances and consumer electronics in China had skyrocketed from approximately 110 yuan in 1990 to 1,800 yuan in 2022, and continues to grow. Market growth of the Chinese household appliances market was mainly driven by rising individual income levels and growing urbanization.
Retail trade revenue of household appliances and consumer electronics in China from August 2020 to August 2024
(in billion yuan)
According to the source, figures for January and February have been grouped together to curb the influence of the Chinese New Year on the statistic. Chinese New Year falls between January and February.
One yuan equals approximately 0.14 U.S. dollars and 0.13 euros (as of October 2024).
According to the source, retail sales refer to the trade revenue of tangible goods not intended for business use traded from wholesale and retail companies to individuals or non producing social organizations. During the survey, only wholesale companies with an annual revenue of 20 million yuan and above as well as retail companies with an annual revenue of five million yuan were questioned.
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National Bureau of Statistics of China. (October 4, 2024). Retail trade revenue of household appliances and consumer electronics in China from August 2020 to August 2024 (in billion yuan) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/234045/trade-revenue-of-appliances-and-consumer-electronics-in-china-by-month/
National Bureau of Statistics of China. "Retail trade revenue of household appliances and consumer electronics in China from August 2020 to August 2024 (in billion yuan)." Chart. October 4, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/234045/trade-revenue-of-appliances-and-consumer-electronics-in-china-by-month/
National Bureau of Statistics of China. (2024). Retail trade revenue of household appliances and consumer electronics in China from August 2020 to August 2024 (in billion yuan). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/234045/trade-revenue-of-appliances-and-consumer-electronics-in-china-by-month/
National Bureau of Statistics of China. "Retail Trade Revenue of Household Appliances and Consumer Electronics in China from August 2020 to August 2024 (in Billion Yuan)." Statista, Statista Inc., 4 Oct 2024, https://www.statista.com/statistics/234045/trade-revenue-of-appliances-and-consumer-electronics-in-china-by-month/
National Bureau of Statistics of China, Retail trade revenue of household appliances and consumer electronics in China from August 2020 to August 2024 (in billion yuan) Statista, https://www.statista.com/statistics/234045/trade-revenue-of-appliances-and-consumer-electronics-in-china-by-month/ (last visited November 21, 2024)
Retail trade revenue of household appliances and consumer electronics in China from August 2020 to August 2024 (in billion yuan) [Graph], National Bureau of Statistics of China, October 4, 2024. [Online]. Available: https://www.statista.com/statistics/234045/trade-revenue-of-appliances-and-consumer-electronics-in-china-by-month/
