Chinese consumers have been getting increasingly rational of late and do not mind spending more on high-end products. The income growth in recent times has slowed down, but consumers are still willing to pay more for home appliances, especially the expensive ones.
Market researcher and information provider GfK China said that the high-end home appliance market of China is expected to grow fast in the next three years. Consumers in China demand high efficiency along with large volume and long life for most modern appliances.
Friedemann Stoeckle, the director of GfK’s global white goods department said, “Unlike the conspicuous consumption that had been observed in the home-appliance market in China over the past few years, today’s Chinese consumers are buying quality appliances because they are getting increasingly rational, and they value the design, techniques, innovation and materials more than ever”. The report had further said that those state policies which urge industrial upgrade and transformation, as well as accelerate urbanization, might further boost the growth of demand in the high-end market.
The report had monitored home appliances sales across 270 cities in China and said that in 2012 consumers in the country bought about 380,000 flat panel display TVs with screens that are larger than 60 inches.