Analysis on the Development Status of Household Appliance Industry: Does it belong to the contemporary China economy?

Under the background of gradually saturated consumption of household appliances, the COVID-19 epidemic has increased the impact on the household appliance market. Entering the "Fourteenth Five-Year Plan", the household appliance industry will face the pressure of slow growth of traditional household appliance consumption. At the same time, the improvement of residents' income level and the rapid development of urbanization remain the main trends. People's yearning for a better life and the demand for high-quality, healthy, intelligent and green consumption upgrading will boost the structural upgrading of household appliances.

Main listed companies in the industry: Haier Zhijia (600690), Midea Group (000333), Gree Electric (00065 1), Hisense Video (600060), Hisense Household Appliances (00092 1), Changhong Meiling (00052/kloc-0).

The core data of this paper: the sales scale and income scale of home appliance industry.

The consumption of household appliances is gradually saturated, and the epidemic situation has increased the impact on the household appliance market.

In 2020, the retail sales of household appliances in China reached 833.3 billion yuan, down 6.5% year-on-year, 2.6 percentage points higher than the average level of social consumer goods in China. This is the second year since 20 19 that China's home appliance market has been declining continuously, and the decline rate is 2.68 percentage points higher than that in 20 19. In the context of gradually saturated consumption of household appliances, the COVID-19 epidemic has increased the impact on the household appliance market.

In 2020, under the severe business situation in the first quarter, the operating income of enterprises in the home appliance industry has been improving continuously since April 2020, basically making up for the losses in the first quarter. In the second half of 2020, China's household appliances industry recovered steadily. According to the data of the Consumer Goods Industry Department of the Ministry of Industry and Information Technology, in 2020, the operating income of the national household appliance industry was148165438+300 million yuan, down 1. 1% year-on-year.

The epidemic situation has accelerated the transfer of all kinds of home appliance retail to online.

The epidemic has changed the traditional consumption pattern, and the traffic is further concentrated online, and home appliance companies have increased online channels. Under the background of slow recovery of demand under home wires, leading enterprises are more actively embracing online channels. In 2020, household appliance consumption will shift from offline retail to online.

From the perspective of various types of household appliances, online retail sales of color TVs, refrigerators, washing machines, etc. It has exceeded 60% in 2020, and small household appliances are more dependent on online channels. From the perspective of specific categories, many small household appliances, such as vacuum cleaners, purifier rice cookers, etc., rely more on online channels than offline channels. Among them, the online retail volume of vacuum cleaners has accounted for more than 90% of the total retail volume. This shows that the home appliance market has adapted to the epidemic and hatched a new supply and demand structure.

The consumption stimulus policy was gradually introduced to promote the demand for household appliances to further pick up.

Driven by the consumption stimulus policy, the market will gradually repair. In addition to the policies and measures mentioned by the Ministry of Commerce in 20021year1month to promote the consumption of key commodities such as automobiles, furniture and household appliances, in April 20021year, Guangdong also began to restart the "home appliances going to the countryside", and 580 million yuan will be arranged to support this action, with 5% subsidies from enterprises and 5% from the government to promote rural consumption. From the perspective of consumer support, although it is not as good as in 2009, it has obviously promoted the recovery of consumer confidence as a whole. The domestic home appliance retail market is also expected to be gradually activated under the guidance of policies. Up to now, the relevant policies and plans of China household appliances industry are as follows;

In May, 20021,Household Electrical Appliances Association issued "Guiding Opinions on the Development of Household Electrical Appliances Industry in China in the Tenth Five-Year Plan", pointing out that China's household electrical appliances industry needs to stand in a new development stage, implement new development concepts, build a new development pattern, persist in innovation-driven development, promote efficiency, quality and brand upgrading, and comprehensively enhance the global competitiveness of China's household electrical appliances industry. During the "Fourteenth Five-Year Plan" period, the overall development goals of the home appliance industry are as follows:

The epidemic has not only changed the market by reducing consumption, but also changed the form of commerce and products. In the home appliance market, the product structure adjustment is accelerating, reflecting the enthusiasm for rich functional products, subdivided functional products and high-end products, and the consumption upgrade and the transformation of the home appliance industry are accelerating simultaneously.

With the increase of income, the structural adjustment of household appliances is accelerated, and the diversification of consumer demand makes the household appliance industry re-examine the relationship between products and demand, sales and profits, so as to launch products that meet the diversified needs of current consumers.

For more data, please refer to Forward-looking Industry Research Institute's In-depth Investigation and Investment Strategic Planning Analysis Report of China Household Appliances Industry.