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China’s home market in the post epidemic Era From GfK

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The following is the China’s home market in the post epidemic Era From GfK recommended by recordtrend.com. And this article belongs to the classification: GfK Group, Life data.

In 2020, China’s home appliance industry will face unprecedented challenges affected by the epidemic. In the past decade, the home appliance industry has experienced a slowdown in growth and a shift from the incremental market to the stock market. The arrival of the epidemic has made the household appliance industry almost stagnant – but an unprecedented period of transformation has also followed.

With the recovery of China’s economy, the changes of home appliance industry in 2021 will be more severe. The superposition of consumer market and technological revolution will have a more profound impact on the development of the industry. The home appliance industry is extending from product innovation to full scene innovation, thus driving the whole ecological innovation and inclusive development. In the face of new changes, new uncertainties, standing in the fog, where will we go?

On December 9, 2020, China’s household appliance marketing annual meeting with the theme of “rebirth of ruibian and innovation of ecology” was solemnly opened. Zhong Qiaoqiao, senior customer service director of life and home products of GfK China’s emerging business department, attended the ceremony At the summit of high-end cooking utensils and small household appliances industry, a keynote speech entitled “China’s living and home furnishing market in the post epidemic era” was delivered to discuss the development and future trend of open flame cookers and thermal insulation products.

Macro market environment and consumer trends

According to the prediction of global GDP growth by international fund organization, developing countries are important engines of world economic growth. Compared with the United States and major global economies, China’s consumer confidence index is higher, and the rebound after the epidemic is also greater. Thanks to the effective means of epidemic prevention, the recovery level of China’s GDP is obviously better than expected.

During the epidemic period, residents’ consumption concentrated on the direction of food and housing, and the consumption expenditure of other categories decreased to varying degrees. According to the National Bureau of statistics, the growth rate of per capita consumption in the first three quarters of 2020 is – 6.6%. With the economic growth getting better, consumers’ worries about inflation, domestic economic depression and unemployment have decreased significantly. Although the attention has dropped, the epidemic situation is still one of the most concerned problems.

The epidemic situation stimulates consumers’ demand for cooking at home. Consumers in online cities pay more attention to health and hygiene, while consumers in offline cities pay more attention to the cost performance of home cooking. Due to the development of the epidemic situation, live shopping has become a new favorite of the brand; from the audience of live shopping, the post-90s are the main force; mainstream e-commerce and short video platform are the main channels for consumers to contact.

From the perspective of GfK’s China retail monitoring data, the online sales volume of China’s consumer electronic products market increased by 16% from January to October 2020. In the offline retail market, except for steamers and dishwashers, other products showed a downward trend. The channel differentiation of small household appliance industry is obvious, and it is further inclined to online channel. The market scale of all levels of offline cities has shrunk, and the performance of second and third tier cities is slightly better.

Market overview of open flame cooker

In the short term, the channel pattern of the open flame cooker industry has been greatly impacted by the epidemic, but from the overall demand side, the impact of the epidemic is relatively limited, and the homestead life will have a positive stimulating effect on the cultivation of consumers’ cooking habits and healthy diet; in the medium and long term, with the gradual control of the epidemic, the return to work of retail stores, the boost of consumer confidence, and the epidemic situation The promotion of food hygiene awareness will bring new vitality to the industry.

February was the trough of the offline open fire cooker Market, and then the market entered a slow recovery period; the supermarket chain was still the main channel of the open fire cooker Market, and the household appliance chain rebounded more quickly.

The market share of the first category of open fire cooking utensils, namely, frying pan, frying pan and set pan, has continued to rise; the new products have become one of the main driving forces for the categories of frying pan, frying pan, soup milk pan and set pan; the growth of new stainless steel products of frying pan is eye-catching, which promotes the proportion of medium and high-end price segments to increase.

The stable market structure of foreign / domestic brands and the continuous improvement of product quality of domestic brands are the main reasons for “consumption upgrading”. Foreign / high-end brands performed better in the frying pan category, but declined in the frying pan category. The performance of enamel soup milk pot was better than that of the whole soup milk pot on a year-on-year basis, and the proportion increased significantly after the epidemic.

Market overview of thermal insulation products

Affected by the epidemic situation, thermal insulation products fell sharply from February to March, and then with the approaching peak season and the market warming, it was close to the peak at the beginning of the year and the new year in October.

The market share of the thermos cup continues to rise significantly, reducing the market space of the thermos pot; at the same time, with the gradual control of the epidemic situation, the demand for heat preservation pot continues to decline.

Judging from the market growth, the thermos cup category led the rise with 44% month on month growth, followed by the stewed beaker and Thermos Pot category. Although the market share of children’s cup is not large at present, the overall performance is better than other heat preservation cups, which is a potential subdivision field.

Summary and Prospect

Open fire cookware products with high cost performance ratio are more and more popular in the market. The offline city market contains incremental opportunities. Product innovation is an important driving force for the development of the industry. The importance of diversified marketing methods and product sales mix is highlighted.

The image of thermal insulation products is becoming younger and more fashionable, and color matching has become a major selling point of products. Children’s thermos cup is full of potential, and the concept of health preservation is gradually popularized and accepted by young people.

Read more: GfK: Q3 in 2018, China’s air purifier market increased by 2.8% and 27.1% respectively on a year-on-year basis. GfK: total air conditioning market retail sales increased by 22% in 2017. GfK: Interpretation of new trends in men’s electric shaver Market Looking beyond the downward trend & GfK: beauty + AI smart marketing white paper GfK: expected retail sales of small household appliances in China are expected to reach 212 billion yuan in 2016 GfK: survey shows Italians love cooking GfK: 2016 global survey – enjoy life (download) GfK: 2020 China Vacuum Cleaner market trend sharing GfK: online education promotes rapid development of smart speaker Market with screen GfK: June 2020 German consumer confidence index rebounded to negative 18.9gfk: Chinese consumer confidence recovered, driving the recovery of consumer technology market GfK: online entertainment grew rapidly, and the demand for terminal equipment performance was highlighted

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