Changes in the Ownership of Major Durable Consumer Goods per 100 Households in China​

The provided table vividly illustrates the evolution of the averag number of major durable consumer goods owned per 100 Chinese households 2014 to 2023. It shows a consistent upward trend in ownership of air conditioners, washing machines, and refrigerators over these years.​

Specifically, the number of air conditioners per 100 households surged from 75.2 in 2014 to 145.9 in 2023, indicating a dramatic increase. The growth rates for washing machines and refrigerators, although relatively more moderate, also witnessed steady 

This remarkable change can be attributed to several factors. First, China’s rapid economic development has significantly enhanced residents' purchasing power, making these once luxury items more affordable. Second, technological advancements led to product improvements and price reductions, attracting more consumers. Third, the continuous ...