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Share of Chengdu Rainbow Appliance surge by the daily limit of 10% to hit a new record high of 35.13 yuan apiece, the six limit-up in eight trading days, driven by surging demand for electric blankets in Europe amid the energy crisis.
Data published by the China Household Electrical Appliances Association show that total electric-blanket exports to Europe hit $33.4 million from January through July, which is almost double the whole of last year.
Rainbow has said that electric blankets are in great demand and the company has added that it has opened an overseas market development department and a services team to promote exports. While it has received overseas export interest, the small sums involved and its domestic focus means the trend will not substantially affect income levels, the company has noted, but that did not deter investors.
Europe is bracing for a difficult winter as soaring natural gas prices and a supply crunch driven by Russia’s war in Ukraine prompt governments to draw up energy rationing plans. Electric blankets, embedded with thin electric wires that disperse heat once plugged in, cost less than a third to operate compared to some heaters, according to estimates from EnergyAustralia. That is largely because they’re intended to warm the user up close rather than heat an entire room.
