(Bloomberg) — The energy crisis gripping Europe is forcing consumers to seek a solution thousands of miles away: electric blankets from China.
(Bloomberg) — The energy crisis gripping Europe is forcing consumers to seek a solution thousands of miles away: electric blankets from China.
Export data showed an increase in the fortunes of companies such as Shenzhen Ruckus Technology Co Ltd, a blanket manufacturer and seller on the Alibaba e-commerce site, confirming an unprecedented level of demand this month.
Crane Jean, CEO of UTC, said daily inquiries from European buyers have increased five-fold, with most requiring urgent deliveries. The company plans to ship over 10,000 blankets to the continent next month.
Europe is bracing for a harsh winter as soaring gas prices and supply disruptions caused by Russia’s war in Ukraine are forcing governments to develop energy rationing plans. Households, already hit by soaring inflation, are looking to save money as they face a dizzying increase in utility bills.
EnergyAustralia estimates that electric blankets with embedded thin wires that radiate heat when plugged in cost less than a third of their running costs compared to some heaters. This is mainly because they are designed to heat the user up close, rather than heating the entire room.
British retailers have confirmed this trend. Department store chain John Lewis Partnership Plc said sales of electric blankets were up 67% year-over-year and online searches were up nearly 470%. Blankets are one of Amazon’s best-selling home and kitchen items in the UK.
Over the past few months, interest has started to pick up, perhaps because retailers have started to stock up. According to customs data released by the China Household Electrical Manufacturers Association, total exports of electric blankets to Europe reached US$33.4 million from January to July, nearly double the total of last year.
Demand boosted shares in Chengdu Rainbow Electric Group, a blanket maker in China’s Sichuan province. The company said in a filing on Friday that while it has gained interest in overseas exports, the small amount of money and its domestic operations mean the trend will not have a significant impact on revenue levels. This did not deter investors: on Monday, the shares rose by a daily limit of 10%, closing at the highest price since April 2021.
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Post time: Sep-27-2022