Business & Economy

TV sales in China fall to lowest levels in last decade

Shanghai, China, Jan 19 (EFE).- Television sales in the Chinese market fell in 2023 to their lowest level in the last 10 years, according to data from local consulting firm Beijing Runto Technology, state news outlet Yicai reported Friday.

Some 36.6 million televisions were sold in the country last year, 8.4 percent less than in 2022, and even popular sales festivals held in China did not encourage this market.

Retail volume sales were 10 percent lower than the year before on popular sales day 618, held on Jun. 18, while on Nov. 11, which marks Singles’ Day – China’s equivalent of “Black Friday” – there was a 20 percent contraction.

Runto said televisions are no longer an essential element for families and feature less in the living rooms of Chinese homes as people have less leisure time and alternative entertainment sources.

The consulting firm said television prices increased in the third quarter last year due to rising screen costs, causing a negative effect on demand.

Among the decreases, larger televisions increased their market share, a change in trend in the Chinese market toward higher quality products with smart functions.

The brand that sold the most units in the country in 2023 was Hisense, with more than 8 million televisions and a market share of 23 percent followed by Xiaomi, with about 7.7 million units, and TCL with 6.8 million units.

The main foreign manufacturers in the Chinese market – Sony, Samsung, Sharp and Philips – together sold fewer than 1.5 million units, almost 20 percent less than the previous year. EFE

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