China’s Mid-Year 618 shopping festival ended, with the sales reports from various distribution channels and some home appliance companies released one after another. saw a record-setting growth rate that is higher than expected during the 618 shopping festival as of 23:59 on June 18 2023, of which the transaction value from its instant delivery & installation service for home appliances up more than 200% YoY, the transaction value from 3C digital, and home appliances & home furnishing products sold through “old for new” campaign up 150% YoY. saw its one-stop home appliance orders that include the purchase and installation doubled by volume of which orders of packages above 50,000 RMB up 153% YoY, and orders from “old for new” campaign up 128% YoY. It is learned that energy efficient products graded 1 are more preferred by consumers with sales volume of energy efficient refrigerators up 18% YoY and “air-wash” water-saving washing machines up 29% YoY. Pinduoduo reported an overall growth of 113% YoY of home appliance sales. The trend of younger consumer demographics in home appliance consumption is further highlighted, with the proportion of consumers from the “post-90s” and “post-95s” generations increasing by 11% YoY. The younger generation shows a preference towards smart, high-end products.

Besides, major enterprises also released their reports for the “618” shopping festival successively. As of 24:00 June 18, Haier Smart Home made a significant omni-channel growth of 61% with four categories including refrigerators, washing machines, water heaters and freezers securing the first by market share, and its high-end brand Casarte rising by 60%. Midea Group ranked first by combined sales value from all online platforms, of which sales value of products under the Midea brand up nearly 40% YoY, the number of consumers buying COLMO’s products up more than 30% YoY, and sales value of products under the TOSHIBA brand grew by more than 120% YoY. From May 31 to June 18, Gree Electric Appliances reported an omni-channel sales value of more than 9 billion Yuan, of which the overall sales value from Tmall rose by 40% YoY, retail sales value from rose by 28% YoY, and its air conditioner sales ranked first by cumulative sales revenue on Douyin platform.

As the first big promotional festival following the recovery of China’s economic life, this year’s “618” shopping festival has played a very positive role in boosting consumer confidence and revitalizing the home appliance market, effectively stimulating consumer market vitality.