Source: Yicai Global April 12 2022
Online sales of cold storage equipment have risen in China as cities, including Shanghai and Guangzhou, have tightened their Covid-19 restrictions amid new cases.
Food storage needs have boosted refrigerator and freezer sales quite substantially, Peng Xiandong, general manager at China Market Monitor's white goods division, said to Yicai Global.
Residents are preparing for worsening Covid-19 outbreaks as Shanghai has entered its third week of phased lockdown while the southern city of Guangzhou suspended in-person classes at primary and middle schools on April 11.
One Hangzhou resident and an owner of a double door fridge said they had ordered a 103-liter freezer online for less than CNY1,000 (USD157) last weekend to have additional space for chilled foods on the balcony.
Home appliance retailers could use the boost. Last month, online sales of freezers climbed almost 7 percent from a year ago while the figure for refrigerators rose nearly 2 percent, according to another market research firm All View Cloud. Meanwhile, color TV, AC unit, washing machine, and dryer sales all declined.
However, physical stores must have been quiet as the whole market was shrinking. Major manufacturers logged declining sales in March, according to China Market Monitor. Refrigerator sales decreased by 27 percent from a year ago while freezer sales fell 17 percent. Sales of television sets slid 41 percent while the tally of air conditioners dropped 43 percent.
Southern Guangdong province was No. 1 in refrigerator orders placed on JD.Com over the past week, followed by Shandong, Sichuan, Jiangsu, and Zhejiang, the e-commerce platform said to Yicai Global yesterday. Meanwhile, the top five cities were Beijing, Guangzhou, Chengdu, Chongqing, and Shenzhen.
An increasing number of households bought second fridges, favoring big-volume storage units featuring bacterial and odor filters, JD.Com added.