Retail sales value of China’s home appliance market came to 833.3 billion RMB in 2020 with online channels accounting for more than 50% for the first time, according to a home appliance market report released by China Center for Information Industry Development (CCID).
According to the report, retail sales value of China’s home appliance market shrank by 35.8% year-on-year in Q1 2020 due to the outbreak of the pandemic, but gradually recovered with retail sales value of Q4 reaching 294.1 billion Yuan. The combined retail sales value of home appliances posted 833.3 billion Yuan, down by 6.5% year-on-year.
During the outbreak, online sales acted as a strong booster in home appliance sales, accounting for 50.4% of the whole home appliance market, up from the 41.17% of 2019, which was the first time online sales had hit the 50% milestone, according to the report.