The home appliance industry is entering the peak sales season of "Golden September and Silver October".

The home appliance replacement policies implemented in various regions this year have become an important engine to promote the consumption of home appliances.

Industry insiders believe that the growth of China's home appliance market has shifted from being driven by new demand to being driven by both new demand and stock updates in the stock era.

This year,China's home appliance replacement policy has been further upgraded,which is expected to inject new vitality into the industry and drive the upgrade of home appliance consumption.

Shanghai Implements a New Round of Home Appliance Replacement Policies with the Largest Subsidy Scale in History.

In August this year,the Ministry of Commerce and other four departments issued the "Notice on Further Doing a Good Job in Home Appliance Replacement",proposing to provide replacement subsidies for eight types of home appliance products such as refrigerators,washing machines,televisions,air conditioners,computers,water heaters,household stoves,and range hoods that meet the level 2 and above energy efficiency or water efficiency standards purchased by individual consumers.

Encourage localities to combine local residents' consumption habits,the actual situation of the consumer market,industrial characteristics,etc.,to provide subsidies for other home appliance varieties and clarify related subsidy standards.

The Shanghai Municipal Commission of Commerce and other departments recently issued the "Notice on Shanghai's Further Support for Green and Intelligent Home Appliance and Home Consumption Subsidy Policies" and the "Notice on Shanghai's Consumer Goods Replacement Special Action",clarifying that consumers who purchase home appliances,home decoration materials,furniture,and aging products within the scope of subsidies will be subsidized at 15% of the sales price per order,with a maximum subsidy amount per order not exceeding 2,000 yuan.

The subsidy method is that consumers can enjoy a one-time immediate deduction subsidy when purchasing products within the scope of subsidies through payment service organizations.

The subsidy policy for home appliances will be implemented from September 7,2024,and other categories will be implemented from September 15,2024,with a validity period until December 31,2024.

It is reported that Shanghai will follow the national policy and provide a subsidy of 20% (2,000 yuan) of the sales price for each single product of level 1 energy-efficient products such as refrigerators and washing machines,and a subsidy of 15% (2,000 yuan) of the sales price for each single product of level 2 energy-efficient products.

In addition to the national policy,Shanghai has also superimposed local support policies,expanding the category range of home appliance product subsidies and increasing subsidies for home decoration,building materials,home and aging products.

Consumers can enjoy purchase subsidies through corresponding payment channels.

To cooperate with a series of subsidy policies for home appliance replacement,the Shanghai Electrical Appliances and Home Appliances Business Association,Home Decoration and Building Materials Industry Association,and Furniture Industry Association have recently actively organized enterprises to carry out consumer promotion activities.

Han Jianhua,Secretary of the Party Committee of the Shanghai Electrical Appliances and Home Appliances Business Association,said that Shanghai had implemented two rounds of home appliance replacement subsidies in the past two years.

The first round of subsidies pioneered by Shanghai created a precedent for related models,categories,and amounts,which strongly promoted the sales of first-level energy-saving home appliances.

The second round of subsidies had a positive impact on some leading enterprises and overall social retail indicators.

The introduction of the new round of subsidy policies is not only to drive the economy by expanding domestic demand but also to promote the transformation and upgrading of enterprises and high-quality development.

Ge Sen,Secretary-General of the Shanghai Electrical Appliances and Home Appliances Business Association,said that based on the experience of the implementation of the two rounds of subsidy policies in Shanghai,this round of Shanghai replacement in addition to the eight categories of home appliances covered by the national policy,also increased subsidies for home appliances,home decoration,home and aging products such as sweeping robots,vacuum cleaners,and air purifiers,at 15% of the sales price.

This not only enriches the consumer's choice but also reflects the forward-looking and innovative nature of the policy.

At the same time,through the integration of online and offline sales channels,consumers can enjoy a more convenient and diverse shopping experience.

The dual benefits of "policy subsidies + business concessions" help replace consumption.

Since the implementation of the new round of home appliance replacement subsidy policies in Shanghai,many consumers with purchase needs have truly enjoyed the benefits of subsidies.

Suning,as one of the main channels for this round of Shanghai home appliance replacement,took the lead in launching the home appliance replacement subsidy carnival in early September.

He Xiaowei,General Manager of Suning in the Shanghai area,said that from the first day's data,the average customer order price has increased significantly under the subsidy.

"Suning in the Shanghai area will also take this opportunity of the new policy of home appliance replacement subsidies to comprehensively improve the scene experience,optimize the product structure,and improve service efficiency,fully activating the consumption potential."

Suning in Shanghai has also joined hands with brand parties,and both parties have increased the enterprise replacement subsidy on the basis of the government's 15% to 20% subsidy,and have also carried out resource investment in conjunction with banks,forming a joint force of multiple subsidies to promote replacement consumption.

The person in charge of Suning said that since this year,the consumer goods replacement subsidy policy has gradually extended to the "everyone decoration home" industry chain,supporting residents to replace or purchase green and intelligent home appliances and home products,and carry out old housing renovation.

The policy is highly consistent with the current trend of integrated consumption of home appliances and home decoration among residents,which will help to drive a larger increase in consumption.

Shanghai Red Star Macalline,as a store implementing the "2024 Green and Intelligent Home Appliance and Home Consumption Subsidy",has recently launched home appliance replacement and green and intelligent home appliance and home consumption subsidies in all eight of its shopping malls.

Zhu Jiagui,Executive President of Red Star Macalline Home Furnishing Group,said that replacement will become an important measure in the daily operation of the future home furnishing industry.

Red Star Macalline will actively respond to the call of the "replacement" policy,and start home appliance and mattress replacement in many cities across the country to activate the demand for replacement.

As one of the main home appliance retail channels in China,JD.com is also actively participating in replacement.

In order to stimulate consumers' willingness to replace,at the 2024 AWE summit held in Shanghai in March this year,the person in charge of JD Retail Home Appliance and Home Furnishing Division said that JD will invest 3 billion yuan in 2024 to continue to increase subsidies for replacement and service upgrades.

It is expected that in 2024,the number of users participating in home appliance and home replacement on JD will exceed 20 million,and the number of old home appliances and home items recovered through replacement will exceed 30 million.

The home appliance industry has entered the stage dominated by replacement demand,and replacement has stimulated market vitality.

At present,the growth of the home appliance market has shifted from being driven by new demand to being driven by both new demand and stock updates in the stock era.

Looking at the ownership of various categories of home appliances in China,the ownership of traditional home appliances such as color TVs,refrigerators,washing machines,and air conditioners is relatively high,and the demand for home appliance updates and replacements will lay the foundation for the promotion of the replacement policy.

Aowei Consulting believes that the new round of large-scale policy preferences and the coverage of home appliance categories,combined with the traditional "Golden September and Silver October" peak season of home appliances and home decoration and major promotion nodes such as Double Eleven,will have a more obvious driving effect on home appliance consumption in the fourth quarter.

Major home appliance leading enterprises are also increasing their replacement efforts.

This year,Midea Group implemented a full brand and full category equipment replacement plan,which not only covers home appliances and consumer electronics C-end products but also includes B-end categories such as heating,elevators,robots,and medical devices,and has invested 8 billion yuan to launch more than 1,000 full-category green home appliance products to meet the diversified needs of the market.

Haier Smart Home recently said that for the second half of 2024,it plans to continue to promote product innovation,integrate global R&D resources,and enhance domestic market competitiveness.

At the same time,the company will combine domestic market replacement measures with a focus on improving profitability in overseas markets to further optimize business layout.

Hisense launched the "Green Planet Renewal Plan" as early as 2023.

This year,Hisense continues to vigorously promote the "replacement" activity,selects thousands of high-energy-efficient green home appliances,and invests billions of yuan in corporate subsidies on the basis of government subsidies,with a maximum of 4,000 yuan for a single machine with double subsidies from the government and enterprises.

Hisense Home Appliances recently disclosed records of investor relations activities,showing that the "replacement" policy has positively promoted the company's performance in the first half of the year,and it is expected that the performance promotion will be greater after the state and local governments introduce replacement policies in the second half of the year.

Jianghai Securities recently released a research report,believing that the release of this consumer goods replacement policy is expected to drive the demand for home appliance terminals and improve the weak situation of home appliance domestic sales.

This policy has significantly increased the subsidy intensity for high-energy-efficient home appliances,and the proportion of high-energy-efficient products in the product portfolio of leading home appliance enterprises is higher.

These enterprises are expected to gain more significant benefits from this policy,achieving further growth in sales and expansion of market share.