In 2024, the policy of exchanging old appliances for new ones has had a significant effect, greatly boosting consumption. In terms of consumer demand, the trade in program has greatly stimulated consumers' purchasing enthusiasm, making many consumers who were originally hesitant due to price factors make up their minds to purchase new home appliances. According to the National Household Appliance Trade in Data Platform of the Ministry of Commerce, as of December 19, 2024, 33.3 million consumers purchased 52.1 million units of eight major categories of household appliances, driving sales of approximately 239.09 billion yuan.
At the beginning of 2025, China's home appliance industry will continue with the old for new policy, and the amount of national subsidy funds is expected to be significantly increased to around 300 billion yuan. The Ministry of Commerce has explicitly requested that all regions continue to use the 2024 policy before the introduction of the trade in policy for consumer goods in 2025.
The trade in policy promotes consumption upgrading, and under the guidance of subsidy policies, consumers are more inclined to choose energy-saving, intelligent, and high-end home appliances, which has driven the trend of consumption upgrading in the home appliance industry. It is reported that the proportion of energy efficiency and home appliance sales will significantly increase in 2024. This has guided the development of green and intelligent consumption from both the manufacturing and consumption sides, effectively promoting the substitution of high-quality energy-saving products for high-energy consumption products.
Although the specific national implementation rules for the trade in policy in 2025 have not yet been issued, according to current reports, the intensity of trade in will be further strengthened in 2025. It is expected that the amount of funds for trade in in in the new year will increase to about 300 billion yuan, and mobile phones and more home decoration categories may be included in the scope. This will help the Chinese home appliance industry usher in a broader growth space in 2025.