“以旧换新‘国补’政策在短期内对家电销售的提振作用显著。”头豹研究院分析师李卿云对财联社记者表示，家用电器“双十一”期间的累计销售额高涨，折射出家电市场对于房地产行业的增长依赖已逐渐减弱，家电产品的存量替换将成为市场扩张的重要动力。预计第四季度家电销售将保持增长态势。①This year's singles' day sales, household appliances topped the category sales list with a sales volume of 152.6 billion yuan. ②The 'national subsidy' policy of trading in old for new had a significant boosting effect on appliance sales in the short term. ③Analysis believes that based on the strong demand in the current home appliance market and the continuous promotion of policies, home appliance sales are expected to maintain a growth trend in the fourth quarter.
On November 13th, Caixin learned (Reporter Lu Tingting) The 'longest ever' and the first time the large-scale 'trade-in old for new' policy overlapped with the singles' day sales ended, making home appliances the 'most eye-catching' on the entire Internet. Data released by Xingtu shows that this year's singles' day, household appliances ranked first in category sales with a sales volume of 152.6 billion yuan, occupying 15.6% of the market share.
Against the backdrop of further release of consumption potential, industry manufacturers have significantly benefited. The clean appliance brand Yunjing's omnichannel sales on singles' day exceeded 1.7 billion, a year-on-year increase of 200%, and the sales target was exceeded by over 160%. As of zero o'clock on November 11th, 139 home appliance and home furnishing brands, including Haier, Midea, Zuimei, Dyson, Genie Wood Language, Lin's home, Mercury, and others, achieved a turnover of over one billion yuan on Tmall.
"The 'national subsidy' policy of trading in old for new had a significant boosting effect on appliance sales in the short term." Li Qingyun, an analyst at Head Bo Research Institute, told Caixin reporters that the cumulative sales of household appliances during the 'singles' day' period surged, reflecting that the dependence of the home appliance market on the real estate industry has gradually weakened, and the stock replacement of home appliance products will become an important driving force for market expansion. Home appliance sales are expected to maintain a growth trend in the fourth quarter.
This year's singles' day lasted nearly a month from October 14th to the end, with a significantly longer promotion period compared to previous years. At the same time, for the eight major categories of electrical appliances such as color TVs, refrigerators, air conditioners, washing machines, the 'national subsidy' provides up to 20% subsidy for first and second-level energy-efficient products, further demonstrating the policy effect.
Regarding suning.com co.,ltd. (002024.SZ), as the main channel for the exchange of old for new appliances, Suning Easy Buy increased product supply, increased subsidy intensity, and upgraded the 'national subsidy, factory subsidy, Suning subsidy' triple subsidy.
Suning Easy Buy's data shows that this year's 'singles' day' sales of exchange of old for new appliances increased by 247% year-on-year, with air conditioners, refrigerators, audio-visual equipment exchanges increasing more than twice, with multiple brand categories hitting a nearly five-year sales peak. At the same time, the sales of new-quality household appliances grew rapidly, with built-in refrigerators, 85-inch large-screen televisions, and embedded steam baking machines increasing by 89%, 155%, and 230% year-on-year.
Caixin reporters learned from Midea Group Co., Ltd. (000333.SZ) that from October 1st to November 11th, Midea's exchange of old for new generated a retail turnover of over 10 billion yuan, driving a total retail turnover year-on-year growth of over 30%.
What impact will the "national subsidy" policy have on the home appliance industry chain, product market pricing, and industry structure?
Li Qingyun believes that household appliances, as durable consumer goods with rigid demand, still have a large market increment space and stock replacement space. The "national subsidy" policy for replacing old with new encourages consumers to buy higher energy-efficient level 1 and level 2 products, actively guiding green smart consumption from the supply and demand sides, which will effectively promote the substitution of high-energy consumption products by high-quality energy-saving products. The penetration rate of level 1 energy-efficient products will also continue to increase.
The market for green and healthy home appliances is also rapidly gaining momentum. Data from Suning.com Co., Ltd. shows that during the singles' day sales period, sales of level 1 energy-efficient gas water heaters with zero cold water, healthy fresh air conditioners, and energy-saving washing and drying machines increased by 96%, 194%, and 261% respectively.
"Large e-commerce platforms' core customer groups can enjoy new and popular products at more favorable prices." Li Qingyun mentioned that the "national subsidy" policy for replacing old with new directly reduces consumers' purchase costs, enabling more consumers to afford mid-to-high-end product prices. This is beneficial for industry enterprises to transform towards high quality and high-end products. In the long run, the policy helps stabilize consumers' expectations for home appliance product prices and promotes healthy and orderly market development.
It is noteworthy that home appliance companies are increasingly focusing on product innovation based on market consumer demand upgrades. For kitchen scenarios, there are multifunctional kitchen appliances combining cooking, cleaning, and storage into one unit; for bedroom scenarios, there are air conditioners with smart temperature control, air purification, and other functions.
"In the national support for the real economy and the promotion of consumption in a warming environment, the 'national subsidy' policy for replacing old with new is expected to be further adjusted and continued, with the continuous boosting effect on home appliance sales." Li Qingyun's analysis suggests.
