Insights from RUNTO's data monitoring reveal a pivotal shift in China's TV market dynamics for 2024. The total shipment of branded TV sets in China stood at 35.96 million units, marking a 1.6% decline from the previous year. This downturn pushed the market size below the 36 million unit threshold, setting a new decade-low record. However, amidst this challenging landscape, a silver lining emerged with the government's "Trade-in for New" national subsidy policy. This initiative, which kicked off in October, catalyzed a remarkable turnaround, driving a year-on-year growth in market shipments for three consecutive months. By December, the market witnessed a robust 9.7% increase in shipments, totaling 3.785 million units.
The first half of the year painted a different picture, with a 4.2% drop in shipments. Yet, the introduction of the national subsidy policy in the latter half of the year played a crucial role in mitigating the overall annual decline to just 1.6%. Despite this, the policy's late implementation, starting around September 2024, wasn't sufficient to entirely reverse the downward trajectory of the year's shipments.
In essence, 2024 was a year of resilience for China's TV market. Even with the government's supportive measures, the overarching trend of declining shipments remained unaltered. This scenario underscores the complex interplay between policy interventions and market forces, highlighting the challenges of stimulating consumer demand in a saturated market.
The first half of the year painted a different picture, with a 4.2% drop in shipments. Yet, the introduction of the national subsidy policy in the latter half of the year played a crucial role in mitigating the overall annual decline to just 1.6%. Despite this, the policy's late implementation, starting around September 2024, wasn't sufficient to entirely reverse the downward trajectory of the year's shipments.
In essence, 2024 was a year of resilience for China's TV market. Even with the government's supportive measures, the overarching trend of declining shipments remained unaltered. This scenario underscores the complex interplay between policy interventions and market forces, highlighting the challenges of stimulating consumer demand in a saturated market.
