The sales volume of household appliances in the three weeks of "Double 11" promotion has both negative growth
During the "Double 11" this year, the total online market size of 28 categories of household appliances and kitchen appliances was 52.5 billion yuan, down 2.3% year on year. The market got rid of the excessive dependence on low-cost products, and the product structure was rapidly upgraded.
With consumers increasingly pursuing high-end, refined, scene based, intelligent and other needs, the impact of maintenance reduction on high-end products is obvious, and the share of high-end products in the online market continues to grow.
GfK takes stock of the online market performance of the "Double 11" promotion for three weeks (the 44th to 46th weeks, that is, from October 24 to November 13), and summarizes and analyzes the volume performance and price trend of key categories.
Kitchen and bathroom power: green intelligence and double wheel resonance of middle and high-end demand
During the "Double 11" period, although the kitchen and bathroom market experienced the first drop in volume and value in recent five years, we also saw an obvious trend of upgrading the internal structure of the market, and the average price of the industry increased by 9% compared with the same period last year. According to GfK BI SaaS platform data, this year's "Double 11" started well (the 45th week), and the kitchen and bathroom market grew significantly, but the pull was limited.
From the market performance of the 44th to 46th weeks of this year, the online market volume of kitchen and bathroom both showed negative growth, down 13.2% and 5.9% year on year respectively. At the same time, new category, health category and high-quality household appliances are more favored by consumers. The market size of green kitchen and bathroom appliances during the "Double 11" this year was 6.5 billion yuan, with online and offline retail sales growing 191% and 29% respectively compared with the first three weeks (41-43 weeks) of the "Double 11"; Online sales of smart kitchen and bathroom appliances increased significantly, with online and offline retail sales increasing by 284% and 40% respectively compared with the first three weeks (41-43 weeks) of the "Double 11".
Looking forward to 2023, GfK believes that home appliance enterprises can start from the following three points: First, seek the development path of high-quality products. Compared with cost-effective products, value products that can lead the industry trend, shape the brand image and bring high gross profit are the basis for high-quality development. Second, target the demographic dividend in the sinking market. The focus of the new round of channel reform will be on the full contact of the sinking market. Third, make full use of social e-commerce and live delivery platform. In the post epidemic era, it is still necessary to reasonably plan and give full play to the power of social e-commerce and live delivery.
In the face of the household appliance stock market with weakened consumer confidence, only by adapting to the dominant displacement, surpassing the crisis, holding the bottom line of scale, and consolidating the basic capacity can we overcome many uncertainties and win the market.
