According to data from market research institutes such as Zhongyikang and Aoweiyun.com, the kitchen electricity market in the first quarter of this year has been “cold coldâ€. However, the performance of high-end products and emerging cities is even more “brightâ€. The competitive kitchen appliance market is accelerating adjustments.
The amount of kitchen electricity market in the first quarter fell
Recently, Aowei Cloud Network (AVC) released the omni-channel total data show that the retail sales of the kitchen mains market in the first quarter of this year 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 overall amount fell, and the entire kitchen appliance industry was cold.
At the same time, the data released by Zhongyikang shows that the offline retail sales of traditional kitchen electric range hoods, gas stoves and disinfection cabinets were -16.7%, -7.5%, -11.9%, respectively, 1-12 weeks this year. The offline market encountered an extremely cold environment, especially the expected spring home improvement season together with the 3.15 promotion, and did not show signs of recovery. At the same time, the growth rate of the online market has further slowed down. Taking smoke stoves as an example, the growth rate of online retail sales is 20.0% and 25.9%, and the growth rate has dropped to less than 30%. From the 7th week to the 11th week, smoke products have appeared. For five consecutive weeks of negative market growth, online market development has encountered bottlenecks caused by factors such as weaker traffic dividends and relatively low product prices.
Analysts pointed out that from the perspective of the real estate market, since the middle and late March, in order to adhere to the "house is used to live, not for speculation" position, more than 10 cities across the country have issued regulatory policies, including purchase restrictions, Restricted sales and the different measures such as the lottery and the first set of purchases. It is precisely under the influence of the continuous regulation of the real estate market that the kitchen appliance industry has entered a period of speed increase and shift.
Head companies borrow high-end products to grow against the trend
Boss Electric recently released this quarterly report. In the report period, the company achieved operating income of 1.592 billion yuan, a year-on-year increase of 16.89%; net profit attributable to shareholders of listed companies was 302 million yuan, a year-on-year increase of 20.05%, both indicators achieved contrarian increase.
According to the announcement, at the end of the reporting period, due to sales growth and active agent spending, the net cash flow generated by the company's operating activities reached 558 million yuan, a substantial increase of 200.25%. The company expects to earn 658 million yuan to 777 million yuan in the first half of this year, an increase of 10% to 30%.
The company’s previously published annual report shows that in 2017, its market share of cigarettes, stoves, consumer, embedded microwave ovens and embedded steamers ranked first in the country, among which the range hood won the first place in the world for three consecutive years. .
In the first quarter of this year, Boss Electric Power promoted its innovative product central range hood to national real estate companies. The central range hood is a system product consisting of “mainframe, terminal, power distribution valve and intelligent cloud platformâ€. It is based on a systematic solution to completely solve the problem of soot suction and purification in the whole building. At the end of March, Boss Electric signed a strategic cooperation agreement with Vanke and Evergrande's real estate procurement e-commerce platform.
In addition to the boss appliances, Fangtai also maintained a medium-to-high-speed growth in the first quarter, but its main growth point comes from the sink dishwasher and embedded products, sink dishwashers and embedded ovens, steam boxes to drive the sales of the kitchen appliances. Directly improved performance; while Vantage relied on the increase in dishwashers and embedded new products to achieve first-quarter revenue growth of more than 30%.
Profit margin is forcing the industry to shuffle
At present, almost all home appliance brands are involved in kitchen appliances, and among them, there are countless unknown brands. At present, the market concentration of the kitchen appliance market is low, hundreds of brands are everywhere, and the market share of the head companies in the kitchen and electric appliance industry is still relatively scattered.
Zhongyikang retail monitoring data shows: 5 kitchen appliances such as range hoods, gas stoves, water heaters, electric ovens, water purification equipment, etc. Last year, the number of brands sold in omnichannel was 475, 546, 416, 246 There are 284 new brands entering the market, namely 105, 127, 84, 73, and 79. The number of exit brands is 102, 115, 60, 32, and 38 respectively.
Industry insiders analyzed to reporters that a large part of the market that has been eliminated in recent years is the “brand-name†cottage brand. Previously, its main channel was often online, because the cost of cutting corners was low and it was similar to some famous brands, so it was temporarily fished. A handful of gold. However, in the past two years, with the increase in the clearance of counterfeit and shoddy products by the national regulatory authorities and major e-commerce companies and the upgrading of consumer demand, these brands have gradually lost their original markets.
“The number of hoods per 100 households in China is 20, while that in Japan is 70. The share of kitchen appliances in developed countries and regions is at 35% and above. In the context of consumption upgrading, the kitchen electricity market is still growing. However, low-priced low-end products will have less and no space." Kitchen and electric industry practitioners told reporters.
On the one hand, the low-end products of the cottage brand were eliminated, while the boss, Vantage, Midea, Haier, Wanjiale, Wanhe and other brands actively launched high-end products, the industry expects such a trend will accelerate this year.
Third and fourth tier cities will become new stadiums
According to market analysis data, in the context of real estate regulation, kitchen and electric appliance sales in first- and second-tier cities have declined year-on-year, while third- and fourth-tier cities are on the rise.
Li Yunlong, president of the South China Operations Headquarters of Boss Electric Appliances, told reporters that in the third and fourth line markets, young people in the town have become mainstream consumers. They value the quality and experience of products and are more willing to buy high-end products. Last year, the sales volume of the third- and fourth-line markets increased by more than 46% year-on-year, and the high-end products have huge space in the third- and fourth-line markets.
According to industry insiders, consumers in third- and fourth-tier cities will become the fastest growing group in the future. According to McKinsey's forecast, the proportion of household consumption in middle-income cities and above will increase significantly in the next decade. It is expected to reach 81% in 2022, becoming the main contributor to China's consumption upgrade.
As of the end of last year, in the third-fourth line market, the boss electric appliance has covered 60% of the county-level market. In order to promote the sinking of channels and cover third- and fourth-tier cities, Boss Electric is currently using the “double-brand†strategy. The boss's electrical appliance brand locates high-end kitchen appliances, and sinks to accurately locate the market of the top 10% of the population in the third- and fourth-tier cities. In 2009, the company launched the kitchen appliance brand “MQ fame†to target the mass market in the third- and fourth-tier cities. There are 2,614 outlets, including 885 stores.
In addition to manufacturers, platform vendors Suning and Jingdong are also targeting home appliance retail in third- and fourth-tier cities. Suning and Boss Electric in May this year finalized the cooperation target of 12 billion in 2018-2020. This year, Suning will deploy 3,000 retail Cloud stores in the 3rd and 4th and even the 5th and 6th lines.
This year, the number of Jingdong home appliance store stores is planned to increase to 15,000, sales are five times higher than in 2017, covering 100% of the county towns nationwide, accelerating the opening of the fourth to sixth line home appliance retail market.
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