Household consumption market continues to recover

At present, although the household decoration consumption in China is affected to some extent by the COVID-19 and other factors, the national consumption of building materials and household decoration has recovered in the first half of the year. The data shows that in the first half of the year, the accumulated sales of building materials and home furnishing stores above designated size nationwide reached 637.171 billion yuan, up 32.47% year-on-year, showing full development resilience.

Not long ago, the Action Plan for Promoting the High-quality Development of the Home Industry (hereinafter referred to as the Action Plan) jointly issued by the Ministry of Industry and Information Technology, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce and the General Administration of Market Supervision proposed to promote the high-quality consumption of home brands with high-quality supply. By 2025, the innovation capacity of the household industry will be significantly enhanced, and the supply of high-quality products will be significantly increased. Cultivate about 50 well-known brands in the household industry, promote a batch of excellent products, and initially form a higher-level virtuous cycle of supply creating demand and demand pulling supply.

Experts said that household products belong to durable consumer goods and are the second largest household consumption expenditure after automobiles. The Action Plan proposes to increase the supply of healthy smart green products, cultivate smart home ecology, implement home product promotion actions, and promote green smart home products to the countryside. By optimizing the market supply structure, develop products and services that meet the needs of multi-level, diversified, and multi-scenario, promote the efficient connection between supply and demand, fully share industrial achievements, and promote the high-quality development of the home industry.

Industry insiders suggested that in the next step, to promote the sustainable recovery of furniture consumption, it is necessary to increase the policy support for green, healthy and smart home products, and promote the formation of a coordinated consumption promotion mechanism involving governments, associations, enterprises, e-commerce platforms and other parties. Encourage the development of new retail stores such as smart home experience center, smart appliance life center, and health lighting experience center to sink into the community, and promote the upgrading of home consumption. (People's Daily reporter Ouyang Jie)