ab 31 December 2025 Global Research First Read China Consumer Appliances Sector 2026 home appliances trade-in subsidies and our thoughts What's new? On December 30, NDRC and Ministry of Finance announced the 2026 large scale renewal of equipment and consumer goods policies. The release date was slightly ahead of our expectation (the 2025 version was released on January 8, 2025). Overall, we think this release is largely in-line with market expectation, with white goods and smart home products being the majo ...

Core Insights - The "Enjoy Warm Winter, Benefit from Jiuquan" consumption season event was launched on December 31, 2025, aimed at boosting local consumer spending [1][2] - The event focuses on key consumption sectors such as automobiles, home appliances, supermarkets, and dining, offering government subsidies and enterprise discounts to enhance consumer experience [2] Group 1 - The event is expected to drive consumption by 500 million yuan [2] - Since the beginning of 2025, the city has implemented various measures to stimulate consumption, including a total of 1.93 billion yuan in funds for the old-for-new policy and 1.5 billion yuan in consumption promotion funds [2] - A total of 195 promotional activities have been conducted, directly boosting consumption by 2 billion yuan, indicating a stable and prosperous consumption market [2]

Core Viewpoint - Anhui Province will launch a consumer goods trade-in program starting January 1, 2026, aimed at promoting the replacement of old products with new ones in the automotive and home appliance sectors [1] Group 1: Automotive Sector - The trade-in program includes two main automotive components: "vehicle scrapping and updating" and "vehicle replacement and updating" [1] - The maximum subsidy for vehicle scrapping is 20,000 yuan, while the maximum subsidy for vehicle replacement is 15,000 yuan [1] - Each individual consumer can only receive either the vehicle scrapping subsidy or the vehicle replacement subsidy once per year [1] Group 2: Home Appliances and Digital Products - The program also covers home appliances, with a maximum subsidy of 1,500 yuan per item, and digital and smart products, with a maximum subsidy of 500 yuan per item [1] - Each individual can receive a subsidy for one item per category [1] - Pilot programs for the trade-in subsidies for home appliances have already begun in cities like Hefei and Lu'an this year [1]

Core Insights - Hunan province achieved a total consumption of 46.03 billion yuan from December 31, 2025, to January 2, 2026, marking a year-on-year increase of 24.27% [1] Policy Implementation - The provincial commerce department announced the continuation of the old-for-new consumption policy starting January 1, 2026, covering various sectors including automobiles, home appliances, digital, and smart products [1] Consumer Activity - The policy effectively stimulated consumer demand, leading to a surge in consumption during the New Year period, with over 124,800 orders for old-for-new home appliances and digital smart products recorded from January 1 to 2, generating sales of 516 million yuan [1] - Among the sales, home appliances accounted for 322 million yuan, while digital products contributed 194 million yuan [1]

Core Insights - The consumption market in Sichuan is experiencing a vibrant start in 2026, driven by favorable factors such as the New Year holiday, the "old-for-new" national subsidy policy, and the launch of the "Tianfu Boutique" Spring Consumption Month [1] Group 1: Sales Performance - From January 1 to 2, 550 key commercial enterprises in Sichuan achieved an average daily revenue of 610 million yuan, representing a year-on-year increase of 0.9% [1] - Offline consumption in Sichuan totaled 19.733 billion yuan, with a year-on-year growth of 3.54% [1] Group 2: "Old-for-New" Policy Impact - A total of 7,293 enterprises in Sichuan actively promoted the "old-for-new" policy through various channels, stimulating consumer demand [2] - Sales of home appliances and digital products under the subsidy program reached 182,000 units, generating 740 million yuan in consumption [2] - Major retailers like JD.com and Suning launched promotional activities, with discounts as low as 75% and maximum subsidies of 3,000 yuan for mobile phone exchanges [2] Group 3: Consumer Experience and Events - Various cross-year activities were organized across Sichuan to enhance the festive atmosphere, significantly boosting consumer engagement [4] - In Chengdu, the "Chengdu Lights Up for You" event attracted thousands, leading to a revenue increase of 93.7% in the Jiazi Park business district, with visitor numbers up by 111.4% [4] - The integration of culture, tourism, and sports is being promoted to create immersive holiday experiences, with significant impacts on local consumption [5] Group 4: Dining and Online Consumption Trends - The restaurant sector saw a daily average revenue of 230 million yuan from 139 enterprises, marking a year-on-year increase of 6.5% [6] - Online consumption demand surged, particularly for grocery delivery and restaurant takeout services, with a notable increase in revenue for key restaurants in Chengdu [6]

Core Insights - GoveeLife has launched the Smart Nugget Ice Maker Pro, addressing common issues with home nugget ice machines, such as noise and limited capacity [1][2] Product Features - The Smart Nugget Ice Maker Pro features a 96W high-efficiency compressor and can produce ice in as little as six minutes, delivering up to 60 pounds of ice per day [2] - It includes a dual-tank configuration with a 2.2L built-in tank and a 4.9L detachable tank, allowing for continuous production of up to 15.6 pounds in a single session [3] - The machine operates at a low noise level of 40 decibels, thanks to the patented AI NoiseGuard technology, which reduces disruptive sounds and maintains consistent ice production [4] Smart Features - The product is equipped with a 4.45" LCD touch screen and a clear skyline LED bar for easy status indication, along with dual self-cleaning modes for maintenance [5] - Users can manage the ice maker remotely via the Govee Home App, which allows for scheduling, low-water alerts, and cleaning reminders, and it integrates with smart home systems like Google Home and Amazon Alexa [5] Pricing and Availability - The Smart Nugget Ice Maker Pro will be available starting January 15, 2026, at an MSRP of $499.99, with early buyers receiving a complimentary GoveeLife Air Purifier and a 5% discount for the first seven days [7] Strategic Expansion - This launch marks GoveeLife's first major step in expanding its ice maker portfolio in 2026, with plans to introduce various ice types and ice cream machines to meet diverse consumer needs [8] - GoveeLife aims to establish itself as a leading brand in the smart home appliance market, focusing on enhancing the smart kitchen lifestyle [9]

Core Viewpoint - The 2026 Hainan Province subsidy policy for replacing old vehicles and electronic products will continue, providing financial incentives for consumers to upgrade their automobiles and household appliances, effective from January 1, 2026 [1][2][3]. Vehicle Replacement Subsidy - The subsidy for scrapping old vehicles can reach up to 20,000 yuan for gasoline vehicles and 15,000 yuan for diesel vehicles, with specific eligibility criteria based on the registration date of the old vehicle [1][2]. - For scrapping eligible old vehicles and purchasing new energy vehicles, a subsidy of 12% of the new vehicle's sales price (up to 20,000 yuan) will be provided, while for fuel vehicles with an engine size of 2.0 liters or less, a subsidy of 10% (up to 15,000 yuan) will be available [1][2]. - Consumers can only choose one type of subsidy (either scrapping or replacing) and can only apply for it once during the policy period [2]. Household Appliances and Digital Products Subsidy - The subsidy for household appliances and digital products will also be implemented, providing 15% of the final sales price as a subsidy, with specific limits on the amount per item [2][3]. - For household appliances, consumers can receive up to 1,500 yuan for each eligible product, including refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [2][3]. - For digital products like smartphones and tablets, a subsidy of up to 500 yuan per item will be available, with a maximum sales price of 6,000 yuan [3]. Application Process - Consumers can apply for subsidies through the Cloud Flash Payment platform, either online or offline, ensuring that they only pay the amount after the subsidy is deducted [4]. - The application process requires consumers to download the Cloud Flash APP, bind their bank accounts, and complete identity verification before making purchases [4].

市民在挑选手机。 市民在南百家电挑选冰箱。 国补活动元旦上线，市民在家电卖场挑选家电。 "本来就计划趁着元旦假期给家里换一套新家电，没想到赶上政府15%的补贴，叠加南宁百货大楼的限 时特惠，算下来省了近一半费用，这波跨年福利太顶了!"市民林先生举着新空调、新冰箱的订单，脸上 满是藏不住的喜悦。1月2日，南宁市家电以旧换新及数码智能产品购新补贴活动正式启动。政府政策红 利与商场专属福利双重叠加，为元旦消费市场注入强劲动力，瞬间掀起全民焕新购物热潮。 线下门店人气爆棚 优惠力度诚意拉满 南宁各参与补贴活动的线下门店，"元旦焕新享15%政府补贴""家电最高省1500元"的宣传海报，与红彤 彤的节日装饰相映成趣。导购员一边为顾客讲解补贴品类、申领流程，一边协助查询云闪付App的资格 申领进度。 南宁百货大楼家电专区更是人山人海，热闹非凡。"72小时限时3折起""综合补贴至高60%"的巨型海报 格外醒目。导购员手持计算器，耐心为每一位顾客核算政府补贴与商场特惠的叠加优惠。收银台、核销 处、产品体验区前，排队成长龙。 "1月1日到3日的限时活动实在太火爆了!客流量比平时翻倍，仅1月2日当天，6类一级能效家电的销量就 环比 ...

央视网消息：2026年1月1日起，广西正式启动2026年消费品以旧换新补贴活动。柳州、贵港作为首批上线的城市，消费者在指定商家购买 家电、数码和智能产品可享受补贴直接减免，政策红利精准激活消费活力。 依据国家相关政策，本次以旧换新全国统一覆盖4大领域，包括汽车报废与置换更新、6类家电以旧换新及4类数码智能产品购新。 在柳州一家电家居旗舰店，市民谭先生正带着家人选购电视。得知补贴活动启动，他一早便到店下单了心仪的机型。 其中，个人消费者购买一级能效或水效的冰箱、洗衣机等6类家电，以及单价不超6000元的手机、平板等4类数码和智能产品，可享成交价15% 补贴，每人每类限补1件，家电每件补贴不超过1500元，数码和智能产品每件不超过500元。 元旦假期，四川各地消费市场热度攀升。以旧换新的政策红利叠加节日效应，不断激发消费新活力。 日前，四川省商务厅发布2026年家电以旧换新及数码智能产品购新补贴政策公告。明确6类家电、4类数码和智能产品购新换新可享15%补贴， 全省统一采用"补贴立减"模式。 新政实施后，消费者热情高涨。在成都多家大型家电卖场，咨询选购的人络绎不绝，不少人趁假期与新政叠加，集中升级家中电器。 柳州 ...

Group 1 - In 2025, the sales volume of products related to the trade-in program is expected to exceed 2.6 trillion yuan, benefiting over 360 million people [1] - The trade-in program will include over 11.5 million cars, 129 million home appliances, 9.1 million digital products, 120 million home renovation items, and 12.5 million electric bicycles [1] - From January to November, the total retail sales of consumer goods grew by 4.0% year-on-year, with the trade-in program contributing over 1 percentage point to this growth [1] Group 2 - Since the full implementation of the policy in September 2024, over 480 million direct subsidies have been issued to consumers, leading to the introduction of many green, low-carbon, and smart products into daily life [2] - For every two new household cars sold in 2025, one will benefit from the trade-in subsidy, and the number of old electric bicycles replaced will exceed nine times that of 2024 [2] - The concentration of trade-in home appliance stores in certain commercial areas has led to a more than 30% increase in consumer spending within a 1-kilometer radius [2]