Xinhua News Agency, Beijing, January 19th. Title: What is the significance of the retail sales of home appliances in units above the limit?

Xinhua News Agency reporters Xie Xiyao and Pan Jie

1030.7 billion yuan - this is the retail sales of household appliances and audio-visual equipment products for units above the limit in 2024. According to statistics from the National Bureau of Statistics, this data increased by 12.3% over the previous year, exceeding the peak of 945.4 billion yuan in 2017 and breaking through the trillion yuan mark, setting a record high.

What is "unit above the limit"? Why use this caliber to do statistics?

"Units above the limit" refer to wholesale, retail, accommodation and catering enterprises (units, self-employed) whose operating income reaches a certain scale. Specifically, it is wholesale enterprises (units, self-employed) with annual main business income of RMB 20 million or more, retail enterprises (units, self-employed) with annual main business income of RMB 5 million or more, and accommodation and catering enterprises (units, self-employed) with annual main business income of RMB 2 million or more.

A relevant person in charge of the National Bureau of Statistics told reporters that due to the large number of wholesale and retail, accommodation and catering units, it is difficult to conduct surveys on all units in routine statistics. Therefore, according to the common practice, a comprehensive survey of units above the limit with a larger scale and better statistical foundation is conducted, and the statistical indicators are relatively detailed; a sampling survey is carried out for units below the limit with a smaller scale and less statistical foundation, and the survey indicators are reduced. Units above the limit count more detailed commodity value data, and the retail sales data of the main commodity value of this part of the units can be obtained.

The data obtained through a comprehensive survey of units above the limit can be said to have strong weather vane significance for industry development.

"In 2024, the retail sales of household appliances and audio-visual equipment products of units above the limit exceeded one trillion yuan, especially by comparing the peak data in 2017, the positive effect of the old-for-new policy is fully reflected." Dong Chao, director of the Institute of Circulation and Consumption of the Ministry of Commerce Research Institute, said that the "increment" of retail sales in the home appliance industry is inseparable from the "variables" brought by the old-for-new policy.

The changes in the TV market are obvious. According to a report by RUNTO, the shipments of branded phones in China's TV market in 2023 fell by 8.4% year-on-year, setting a new low in 10 years. In 2024, since the implementation of the home appliance trade-in policy, China's TV market has recovered significantly, with shipments increasing year-on-year for three consecutive months from October to December, especially in December's year-on-year increase of 9.7%.

Data from the National Bureau of Statistics shows that from September to December 2024, the monthly retail sales of household appliances and audio-visual equipment units above the limit increased by 20.5%, 39.2%, 22.2% and 39.3%, respectively, maintaining double-digit growth for four consecutive months, showing consumers' strong demand for home appliances.

Data from the Ministry of Commerce shows that in 2024, the central government will step up its efforts to support the eight major categories of home appliances for new products to achieve sales of more than 62 million units, directly driving consumption of nearly 270 billion yuan.

The Ministry of Commerce pointed out that the old-for-new policy drives the development of new quality productivity by releasing potential market demand, and the policy effect continues to be transmitted to the supply side, effectively promoting the continuous expansion of the scale of the home appliance industry, which not only boosts consumption and drives production, but also meets high-quality life and promotes high-quality development.