The sweltering heat failed to boost China’s air conditioner sales partly due to a high comparison base last year, the China Securities Journal reported.
China produced 119.8 million air conditioners in the first half of the year, up 10.2 percent year on year, data from the National Bureau of Statistics showed.
Sales stayed tepid. Retail volume and value from January to May shrank 7.6 percent and 8.8 percent, respectively, from the same period last year, according to a domestic market research company China Market Monitor.
Analysts attributed the sluggish sales to the cooling property sector and a high comparison base last year.
Consumers usually buy home appliances for their new apartments. A slowing domestic housing market curbed consumers’ purchases of air conditioners.
However, the market is expected to rebound in the second half, driven by the higher delivery rate of real estate projects and a low comparison base last year, according to a report from Everbright Securities.―Xinhua Net