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Big Prospects for Small Appliances in Chinese Small Appliance Industry


Big Prospects for Small Appliances in China Small Appliance Industry

We all know that Coronavirus came from China. Let us understand their Business situation in Coronavirus era.
The traditional home appliance industry is a very high-quality investment track for A-shares, and many high-quality enterprises have also been born in the home appliance industry, such as Gree Electric, Midea Group, Haier Zhijia and so on. 
Small Appliances Business and Sale in Chinese Small Appliance Industry

As the development of traditional home appliances becomes more mature, small home appliances products gradually enter people's vision. Let's take a look at the future development prospects of the small home appliance industry.

1. Large industry space

As China's economy develops steadily, the rate of urbanization, the increase in per capita disposable income, and the upgrading of consumption concepts, small appliances are becoming more and more popular with consumers as a symbol of high-quality life. 

Driven by the single economy, silver-haired economy, white-collar economy, mother group, and student party, the industry has grown steadily. 

According to the statistics of the Prospective Industry Research Institute, the market size of China's small home appliance industry is 401.5 billion yuan in 2019, with an average annual compound growth rate of 13.3% from 2012 to 2019.
It is predicted that the market size will exceed 640 billion yuan in 2023, reaching 6460 100 million yuan.

Small household appliances mainly include three categories, small kitchen appliances, small environmental appliances and personal care small appliances. 

At present, small household appliances in Chinese households are mainly based on small kitchen appliances. 

In addition to home appliances (electric rice cookers, induction cookers, electric pressure cookers, electric kettles, soy milk machines), the penetration rate of other small appliances is still at a low level. 

According to Euromonitor data, the number of small household appliances in urban areas in China is about 10, and the number of rural households is less than 5, which is far less than the level of 30 kinds of households in developed countries in Europe and America.

From the perspective of industry space and penetration rate, small home appliances are promising.

2. Catalytic development

During the outbreak of the Spring Festival, consumers went out for dinner, travel, and consumption were greatly weakened. 
Closed management increased the time for residents to stay at home, and household consumption increased sharply. 

Small household appliances benefited from this, coupled with the dominance of small household appliances online channels, the epidemic further amplified the comparative advantages of small household appliance brands with an online advantage layout.

Home time is extended, the frequency of cooking is increasing, and the demand for small kitchen appliances is increasing. 

The category of small home appliances is suitable for online sales, and compared with traditional home appliances, the installation-free and low unit price attribute has better online sales. 
After mid-January, residents' awareness of epidemic prevention increased, and offline retail experienced cold. 

According to Aowei Cloud retail data, during the 4-7 weeks (ie 1.20-2.16), the small kitchen appliance products faced different declines in the offline range, and the offline sales of most common categories fell by about 60%. However, at the same time, there is a trend of high growth online. Frying machines, electric ovens, electric baking pans, cooking machines, wall breaking machines, etc. have all achieved a growth rate of more than 50%. 

According to Suning's big data on small appliances in February, the small electric appliances in the kitchen increased by 280% year-on-year, the air fryers increased by 659%, and the electric lunch box increased by 2612%. Among them, during the period of 2.9-3.5, Suning's electric lunch box sales increased by 1958.6% year-on-year, and electric hot water cup sales increased by 459.4% year-on-year. 

According to the data released by Tmall, the first three hours of sandwich machine sales increased by 1500% year-on-year, and the 38-minute sales of chef machines exceeded that of the same period last year.

The popularity of environmentally clean appliances has accelerated, and the epidemic has accelerated category education. 

Under the influence of the epidemic, residents' demand for sterilization and disinfection has increased. 
The disinfection scenes in the home environment mainly include kitchenware disinfection and environmental disinfection.

In the past, the utilization rate of disinfection machine categories was low, and the growth rate was significantly increased under the influence of the epidemic situation. 

In February, the suning disinfection machine category increased by 137.77%, and the sales of hanging ironing machine categories that also have the ability to eliminate epidemics increased by 120%. The category of vacuum cleaners increased by 76% year-on-year.

3. Consumption upgrade is essential

During the epidemic, the development of small household appliances was promoted, but the root cause was the upgrading of consumer concepts. 
China ’s per capita GDP has exceeded 10,000 US dollars. With the increase in consumption levels, the demand for small household appliances has gradually increased. This is the intrinsic driving force for the market expansion of the small home appliance industry.

The new generation of consumer groups represented by "post-90s" and "post-00s" have continuously increased their purchasing power.

Under the premise of basic functional attributes, they pay more and more attention to value and temperament. The so-called "value is justice".

At present, there are some soft and cute products in the market. The design is exquisite and cute, and the color is cured, which makes people feel full of happiness. For example, the yoghurt machine, egg cooker, toaster and so on.

In addition, according to data from the Ministry of Civil Affairs, in 2018, China's single adult population exceeded 100 million, and the single adult population exceeded 77 million. The huge single population has resulted in "single economy" and "lazy economy". 

Consumers' personalized demands have prompted one-person small appliances to become popular in the market, such as small rice cookers, portable accompanying cups, single small ovens, and sweeping robots.

In 2019, the share of online single-function small-volume electric ovens accounted for 13.2%, an increase of 4% year-on-year.

With the growth of new generation consumer groups and single consumer groups, consumption concepts and consumption structure have been slowly changing. 
These new consumer groups are pursuing a higher quality of life than older generation consumers, so the development of small household appliances Health.

4. Reconstruction of marketing methods

With the vigorous development of the Internet, the market for small home appliances has become increasingly diverse. 

In addition to the traditional e-commerce companies Tmall, JD.com, and Suning, social platforms (Xiaohongshu, Pinduoduo, WeChat), short videos (douyin, Kuaishou), live broadcasts (Taobao, JD.com), and a built-in shopping mall on the platform (AIQI Art) has gradually become a new battlefield. 

Smal Appliances Business in China during COVID19 era

With the rise of live streaming e-commerce and the formation of consumers' online shopping habits, small home appliances benefit from the advantages of small size, exquisite appearance, unique functions and other advantages in the live streaming dividend.

The new marketing methods such as live broadcast and short video not only spread quickly and cover a wide area, but also greatly improve the conversion rate through the push of AI algorithm.
Furthermore, the sales rate of live broadcast is fast, the turnover rate of inventory is fast, and the middle is reduced. 

The cost of many channels, the overall cost has dropped significantly, which is conducive to the rapid penetration of small household appliances.

5. In the growth period

From the point of view of product cycle, many small appliances now have obvious penetration rate and rapid growth rate, which are obvious characteristics of the growth period. Now is the best time for growth and the best stage of investment.

Such as hair dryers and vacuum cleaners, which are in the middle stage of growth in China, benefiting from the stimulation of new categories, the market will continue to increase.

According to industry online data, by 2020, the penetration rate of electric hair dryers and vacuum cleaners is expected to be 20% and 18% respectively, which is still far from the developed countries.

Another example is water purifiers, dishwashers and air purifiers, which are defined as small appliances that cannot be released once used, and are expected to become the standard for home / office, sinking into hard and rigid products. 

The penetration rates of water purifiers / air purifiers / dishwashers in Europe, America and Japan are 70% / 70% / 70%, 90% / 60% / 35%, and only 10% / 1% / 3% in China. In the early stages of growth, there is still a lot of penetration space. 

With the advancement of urbanization, the spread of "quality life" and "lazy economy", and the strengthening of industry promotion, the market broke out in anticipation.

6. Investment advice

From the perspectives of the above industry space, product cycle, short-term catalysis, essential development, channels, etc., the small home appliance industry has very good development prospects, and people believe that in the future, they can grow high-quality enterprises such as Gree and Midea.
In terms of the subject matter, it is recommended to focus on Midea Group, Supor, Xiao Xiong Electric and Supor.





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