The kitchen appliance market has always been regarded as a new profit highland in the home appliance industry. After experiencing a trend of high growth against the trend last year, the pace of rapid growth of the kitchen appliance market seems to have begun to slow down and gradually enter the growth rate shift period. Under this development background, how can kitchen power companies cope with the market pressure brought by the shift period? How can we find new incremental opportunities?
The market growth rate in the first half of the year
Entering 2018, the industry expects a full year of performance in the kitchen appliance market, but from the latest data in the first quarter of 2018, it is inevitable that people will be disappointed. According to the total data of Avi Cloud (AVC), the retail sales of kitchen appliances in the first quarter of 2018 was 12.8 billion yuan, down 6.1% year-on-year; the retail volume was 13.669 million units, down 3.3% year-on-year. The amount fell. Among them, the offline market, 1-12 weeks this year, the offline retail sales of traditional kitchen electric range hoods, gas stoves, and disinfection cabinets were -16.7%, -7.5%, and -11.9%, respectively.
This is the first time in the first quarter of the kitchen electricity market in recent years, mainly due to factors such as the cooling lag in the real estate market and the delay in the peak season caused by the dislocation of the Spring Festival. In particular, the real estate policy has a profound impact. Since the middle and late March, the concept of “the house is used for living, not for speculation†has been popular, so more than 10 cities across the country have issued regulatory policies including purchase restrictions, restricted sales, and lottery, the first set of excellent purchases.
At the same time, Aowei Cloud (AVC) pushed the total data also showed that during the May 1st period, the fast-growing emerging kitchen appliances category also began to slow down, with embedded products falling slightly, embedded products. Overall sales reached 519 million yuan, down 5.2% year-on-year; sales volume was 85,800 units, down 6.7% year-on-year. Under the influence of the continuous regulation of the real estate market, the kitchen appliance industry gradually entered the growth rate shift period in the first half of the year.
More industry insiders predict that with the government's continued high-pressure control of the real estate market and the disappearance of some of the major kitchen appliances' popularity dividends, the kitchen and market brands will continue to grow at a high rate for many years, and low- to medium-speed development will become The new normal of the kitchen electricity market.
In fact, from 2012 to 2017, the retail sales of China's kitchen appliances market grew by an average of 13.5% per year, leading all household appliances by double-digit high growth, which also led to the participation of various industry giants in the field of kitchen appliances, so that kitchen appliances The level of competition in the market has increased dramatically. Nowadays, the development of medium and low speed has become the new normal of the kitchen electric industry. This is no doubt a huge challenge for the new professional giants such as the new food eater and the owner.
Where are the new growth opportunities?
In the face of severe market conditions, most of the emerging kitchen and electric companies have no experience to sit still, and traditional kitchen appliances are more likely to choose new growth opportunities and achieve new market breakthroughs. Then, looking at the development of the kitchen power market, where will new growth opportunities appear?
First, the third- and fourth-tier markets have become new drivers.
After years of in-depth development, market demand in first- and second-tier cities is close to saturation, and market development outside the city is already on the road. According to the National Bureau of Statistics, the per capita GDP of China's third- and fourth-tier cities has reached 9,000 and 6,000 US dollars respectively. According to Japanese and American experience, after the per capita GDP exceeded 6,000 US dollars, the economy entered a period of rapid growth in consumption and service industries. Therefore, the consumer demand in China's third- and fourth-tier cities is ushered in an explosive growth period, and the new market focus of the kitchen and electric industry is also tilting toward the third- and fourth-tier markets.
In addition, the deepening of the e-commerce channel has also rewritten the pattern of the third- and fourth-line kitchen appliances market. Under the support of national policies, brand and platform vendors have begun to lay out rural markets. In terms of Suning, it has developed 1,300 E-shops, 1800 authorized service stations and 200 online specialty pavilions; Jingdong has established 1,300 Jingdong help service stores, more than 1,000 county-level service centers, and recruited more than 50,000 villages. Promoter; rural Taobao has developed 18,000 member stores, 240 local platform companies, covering 5,000 towns in 10 provinces, 50,000 villages, 200 million villagers, etc., sales of the third, fourth or even fifth and sixth line kitchen appliances market The blood will become more smooth.
It should be noted that the population of third- and fourth-tier cities is more than double that of first- and second-tier cities, and the sales of real estate are better than the latter, but the share of the kitchen electricity market only accounts for about 25% of the total market. Therefore, the kitchen and electric power market in the third and fourth tier cities has great growth potential and is expected to drive the continuous growth of the kitchen appliance market in the next decade.
The growth of the kitchen appliance market in the first quarter of this year also shows the growth energy of the third and fourth grade markets. In the first quarter, areas with relatively high popularity such as Beijing-Tianjin-Hebei, Jiangsu, Zhejiang and Shanghai have become the hardest hit areas with a year-on-year decline, while the low-line market is still relatively low, and the year-on-year growth rate is relatively large compared to the primary and secondary markets. The advantages. With the continued guidance of national policies such as urbanization strategy, urban agglomeration strategy, characteristic town strategy and rural revitalization strategy, the third and fourth grade kitchen appliances market will gradually embark on the fast track of development, which will become the main reason for the continued growth of the driving industry in the future.
Second, high-end upgrades are breakthroughs.
In addition to expanding new markets, high-end upgrades through its own product structure can also stimulate high-end user groups, resulting in greater efficiency. According to the information available, from 2008 to 2017, the annual per capita disposable income of urban residents in China has gradually increased, with a compound annual growth rate of 10%. Residents' income has increased rapidly, and consumers are more confident about their own consumption. Especially in the past year, the consumer confidence index reached 113, a new high in a decade, and the consumption upgrade trend began to become more prominent.
According to the "2017 China High-end Consumers Consumer Report", more than 60% of consumers purchase high-end home appliances for the purpose of improving their quality of life. High-end upgrades are a new breakthrough for kitchen appliances. At present, leading kitchen appliances companies are constantly on the middle and high-end layout, increasing the proportion of high-end products.
China's traditional kitchen appliance manufacturers, the brand of electrical appliances, positioning high-end kitchen appliances, many years of accumulation to make high-end brand image in China, it is the first to explore smart products in the industry, to create a ROKI intelligent cooking system, not only for users to recommend recipes, but also According to the cooking steps required by the selected recipes, the cooking stove's heat, the range hood's air volume, and the cooking time of the steamer and the oven are automatically adjusted, making cooking as easy as driving a car. At present, ROKI has fully integrated into the various categories of products of the boss.
Coincidentally, the other kitchen electric giant is too active in the layout of high-end electrical appliances, whether it is the submersible butterfly wing range hood CXW-200-EM17T, intelligent induction sterilization new disinfection cabinet J89E, or not only will wash dishes, but also go to fruits and vegetables The new X1S, a cross-border three-in-one sink dishwasher for the disabled, indicates that Fang Tai is constantly exploring for the new upgrade of the Chinese family's kitchen life experience.
Under the trend of upgrading consumer demand, grasping the high-end upgrade is the key to the breakthrough of new growth in kitchen appliances. The leading kitchen appliances companies represented by Boss and Fangtai are seeking high-end upgrades. What are the reasons for small enterprises? Focus on technological innovation and then lay out the high-end market?
Third, emerging kitchen appliances are still the growth engine.
In recent years, emerging kitchen appliances such as dishwashers, embedded kitchen appliances and other markets have already experienced tremendous growth tension. In the next few years, emerging kitchen appliances will continue to be growth engines, so seize the development of this field. All have caught the foreseeable future.
During the May 1st this year, Aowei Cloud Network (AVC) data monitoring showed that the offline dishwasher market product structure was relatively stable, and the desktop and embedded dishwasher retail sales share increased slightly, both increased by 0.4 percentage points; embedded under the line In terms of composite laminating machines, the share of retail sales of embedded steaming machines and embedded micro-steamers increased significantly, especially for embedded steamers, which increased by 19.7%. In particular, the embedded micro-boiler has significantly increased its retail sales share in the 7000+ price segment, and the high-end emerging kitchen appliance market will accelerate competition.
In 2017, the kitchen power market reached 97.74 billion yuan, one step away from the 100 billion threshold. With the continued expansion of emerging categories, the kitchen appliance market has broken through the 100 billion mark. Zhongyikang expects that in 2018, the dishwasher and embedded all-in-one will release huge pull, which will promote the continuous growth of the entire kitchen appliance market.
Although the kitchen appliance market entered the growth rate shift period in the first half of this year, the kitchen appliance market is still in a rising trend. "In 2018, the kitchen power market will reach 110 billion yuan, a year-on-year increase of 12.5%." Jia Dongsheng, general manager of Beijing Zhongyikang Times Market Research Co., Ltd. said recently.
The housing pattern has changed and the continuous increase in revenue will prompt the development of China's kitchen electricity market to become a large market of over 100 billion. At the same time, driven by the deep development of the third- and fourth-tier markets, the high-end upgrade of product structure, and the new machine in the emerging kitchen and electric appliance market, there will be more room for expansion in the kitchen and electric appliance market, and the future is still expected.
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