Next generation of consumers, appliances
Updated: 2014-05-02 10:45
By Wu Yiyao in Shanghai (China Daily)
From WeChat word of mouth to virtual stores, this isn't your father's shopping experience
Wang Jing, a 32-year-old Shanghai housewife, had a long shopping list in her hands when she visited a home appliances fair in Shanghai in late March.
She was looking at water filters, air purifiers, small robotics to help wash floors and windows, a flat-screen TV and kitchen gadgets such as a toaster that also can brew coffee and cook bacon and ham.
Her total budget was 80,000 yuan ($12,831).
"If I had more money, I would replace all my home appliances with the latest models. They are so smart and can really free housewives like me so we can enjoy life of a higher quality," Wang said.
The major growth drivers of China's home appliances market now are high-end products and environmental modifiers, said market insiders and manufacturers.
Spending money on these products will improve her daily life, according to Wang.
"In the past, I might have been more price-sensitive. Now, I focus more on how they can bring me better experiences," she said.
According to the AVC, the size of China's home appliance market could reach 1.24 trillion yuan by the end of 2014, reflecting a 3 percent year-on-year growth rate.
Looking even longer-term, China's appliance market is estimated to expand to 9 trillion yuan by 2020, said Jiang Feng, head of the management committee for the China Household Electrical Appliance Association.