160 million units of household electrical appliances in China are expected to reach the end of safe service life in the current year, as announced by China Household Electrical Appliance Association (CHEAA), including around 51 million air conditioners, 58 million refrigerators and over 18 million electric water heaters. Accordingly, there is expected to be a renewal of demand for household electrical appliances in the current year.
Confidence of consumers of household electrical appliances recovered in May this year amid the effective control of the Covid-19 virus, especially in first-tier cities, rebounding from 59 percent in February to 66 percent in May. E-commerce channels contributed in the first quarter this year to 55.8 percent of overall retail sales of household electrical appliances which totaled RMB 62.6 billion ($8.8 billion).
$1 = RMB 7.1167