At the 2024 China Appliance&Electronics World Expo (AWE2024), which opened on March 14th, JD.com announced that it will collaborate with more brands to invest 3 billion yuan in 2024, continuously increasing subsidies for old for new home appliances and upgrading its service experience.
Currently, China is in a peak period of household appliance scrapping, with 100 million to 120 million discarded appliances being phased out each year, with an average annual growth rate of 20%. According to the latest data from the Ministry of Commerce, as of 2023, the inventory of major categories of household appliances such as refrigerators, washing machines, and air conditioners has exceeded 3 billion units, demonstrating a huge demand and potential for upgrades.
The head of JD Retail's Home Appliance and Living Business Unit stated in a speech at the AWE forum that with the intensive introduction of multiple favorable policies to promote consumption and the gradual implementation of policy details, consumers' enthusiasm for purchasing home appliance products will significantly increase. The home appliance industry is about to usher in a huge market opportunity, and a new turning point in the home appliance industry has arrived. It is imperative to trade in old appliances for new ones.
In 2024, it is expected that the number of users participating in the exchange of old appliances and home furnishings on JD.com will exceed 20 million, and the number of old appliances and home furnishings recycled through exchange will exceed 30 million units.