For more than a decade, the situation of China’s kitchen appliance market has never been as severe as it is today. It suddenly turned down in the first half of the year. Most categories such as smokers, gas stoves, and water heaters declined to varying degrees, weakened growth and intensified competition. The market is full of panic, and the biggest worry is price wars.
Regarding the competition situation of kitchen appliances in the second half of the year, some people believe that the professional brand camps such as Fangtai, Boss, and Vantage are dominant in the game with the integrated brand camps such as Midea, Haier, and others. If they stand still, the price war will be difficult to scale; others believe that real estate regulation Overweight, the demand for kitchen appliances has narrowed, inventory has risen, the price wars of small and medium-sized manufacturers have counterattacked, and the volume and price of the industry have fallen as a foregone conclusion.
Before the market collapse of color TVs, refrigerators and other categories, followed by real estate regulation and channel reforms, where is the kitchen appliance market competition heading? Will price wars become the ultimate destination of kitchen appliance competition? Who can be the master of changes in the market situation Who? A lot of controversy!
According to data from Yikang, a third-party organization, the market size of the kitchen appliance market (smoke stove, micro-steamer, and washing machine) in the first five months of 2018 reached 36.9 billion, a year-on-year increase of -4.2%. Data from Aowei Cloud Network also shows that the retail sales of kitchen appliances in the first quarter of 2018 was 12.8 billion yuan, a year-on-year decrease of 6.1%.
Based on the decline in the first half of the year, the agency lowered its revenue target for kitchen appliances this year from 150 billion yuan to 110 billion yuan. In other words, there is no problem with the scale of kitchen appliance revenue exceeding 100 billion yuan this year, but it will continue to grow rapidly, which is unlikely in the past two years.
In the past 10 years, this is the first time that China's kitchen appliance market has experienced negative growth. However, in the eyes of the outside world, it is not accidental that the kitchen appliance industry has undergone a sharp turnaround this year.
As a real estate-related industry, with the country's intensive macro-control, purchase restrictions and loan restrictions, traditional kitchen appliances can hardly continue to ride the real estate economy. Range hoods, gas stoves, water heaters, etc. have all fallen into a situation of weak growth, slowing demand and inventory Rising and intensifying competition have become a certainty.
Over the past decade or so, the traditional kitchen appliance industry has faced severe product homogeneity competition and has shown a saturation trend. The popularity of kitchen appliances is shifting from the first- and second-tier markets to the second and third-tier markets, and even gathers in central counties and towns, embedded and intelligent. , It will take time to promote and apply new kitchen appliances such as healthy sink dishwashers, steaming and baking integrated machines.
If the demand is narrowed and the transformation and upgrading are difficult to break through, the market will not only compete for the high-end, but also fight for the low-end.
Insiders pointed out that the price war has never been so close to the kitchen appliance industry as it is today. The first is the traditional mainstream products such as range hoods, gas stoves, and water heaters. These products have also been the main force in the growth of kitchen appliances.
From the specific data, in May, the retail sales of gas, electric water storage, and electric instant heating water heaters fell by more than 6% year-on-year; the retail sales of Chinese-style, European-style, and near-extraction range hoods decreased by 23%, 14%, respectively. 7%; The retail sales of desktop and built-in gas stoves decreased by 25% and 10% respectively year-on-year.
In addition to the products, the kitchen appliance cake not only attracted professional companies such as Fangtai, the boss, and Vantage, but also integrated brands such as Midea and Haier. At the same time, it also attracted Hisense, Changhong, TCL, Supor, Joyoung, Yunmi and Skyworth. When home appliance companies break in across borders, the number of brands in the entire kitchen appliance industry has exceeded 500. The kitchen appliance market is no longer a blue ocean. Later intruders are best at disrupting the situation with price wars.
From this point of view, the risk of price wars in the kitchen appliance industry is already high, and second- and third-tier brands that lack core competitiveness are most likely to become the initiators of breaking the bottom line of prices. Of course, if the leading kitchen appliance brands do not participate in the price war, or optimize the market price competition system through product structure adjustment, then the price war of small and medium-sized brands is undoubtedly just a "let go" and it is difficult to quickly take effect.
Dominated by the head brand, the price war is difficult to fully burn?In the second half of 2018, the entire home appliance market is becoming more and more uncertain. This is the consensus of the industry. As for whether it will cause a price war, there are big differences from the outside world. Some industry insiders said that the worries and troubles of the price war in the kitchen appliance market may not exist.
From 2012 to 2017, the retail sales of China's kitchen appliance market grew by an average of 13.5% per year, leading all home appliance categories with high double-digit growth. Now the scale of kitchen appliance revenue has reached a threshold of 100 billion yuan.
More importantly, the competition pattern of the top three professional brands based on Fangtai, Boss, and Vantage has been established. A rough estimate is that Fangtai 10 billion, Boss Electric 7 billion, and Vantage 5.7 billion, and the profitability of the top three brands is relatively high. Strong; In terms of net profit margin, Fangtai is about 12%, boss is about 20.8%, and Vantage is about 8.9%. They are the backbone of the development of the kitchen appliance market in recent years, and they have accumulated enough strength and determination to deal with changes.
At the same time, the comprehensive brand camps such as Midea and Haier are also quite powerful. They not only increase investment in R&D, market, and channels, but also seize the world's kitchen appliance economy through capital acquisitions and cooperation. For example, Haier acquired GE appliances in the United States and Fisher & Paykel in New Zealand; Midea established a joint venture with Electrolux, and Hisense acquired the kitchen appliance business of the European brand Gorenje this year, which strongly supported the high-end transformation of Chinese kitchen appliances.
It can be said that although the brand concentration of the kitchen appliance industry is not as good as that of white appliances, the giants have become the first driving force of market changes with absolute first-mover advantages, and have the right to speak in defining products and leading the industry.
It can be said that the mainstream kitchen appliance market is almost occupied by leading brands of different camps, and their first competitive method is not price but value. The stable growth of kitchen appliances for decades has formed inertia, the most cutting-edge mainstream kitchen appliance companies Will not easily overdraft the market as a market-sensitive competitive means of "price".
In particular, the second half of the kitchen appliance industry is the real peak season. "Golden Nine and Silver Ten" can give kitchen appliance companies considerable space and time to digest inventory. This is also an excellent opportunity for high-end, complete, embedded and other integrated kitchen appliances. . Before this comes, the price war will not help each other's meat. This probability is extremely low.
The three powers are becoming more and more differentiated, where is the hundreds of billions of kitchen appliances going?What is certain is that the explosive growth of kitchen appliances for many years has come to an adjustment period, and the variables in the second half have increased sharply. At the same time, the kitchen appliance industry has formed a "three strong and multi-integrated" competition pattern, and it is advancing again toward the scale of 100 billion.
At this historic intersection, upwards can be the new kinetic energy that will support the next round of explosive growth in the home appliance industry, and downwards are also faced with similar price war tests for traditional home appliances such as refrigerators and TVs. Whether it is up or down, kitchen appliance companies in different locations will have different choices.
At the same time, under the red sea in the kitchen appliance market, it is also difficult to cover the outbreak of new blue ocean products such as sink dishwashers, wall breakers, and water purifiers. Under the strong monopoly of top brands, it is impossible to prevent small brands and crossovers from entering prices. Possible.
For kitchen appliances companies, it is clearer in the second half of the year that the situation of brand differentiation, product diversification, market segmentation, service upgrades, and channel sinking is clear, and the degree of competition in the kitchen appliance market has greatly increased. In this new environment and new intersection, the core competition of kitchen appliance companies is still inseparable from products, experience and services.
Especially in terms of product differentiation and brand influence, how to improve the added value of new technologies, new products, and new services is the inevitable way out for the kitchen appliance industry in the future. Don't lose the original intention of your own development strategy because of the temporary market ups and downs.
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