Industry News
The 2023 China High end Home Appliance Market Report is Heavily Released!
- ReleaseTime: 2024-01-08
Recently, the 15th China High end Home Appliance Trend Release and Red Top Award Ceremony, guided by the China Household Electrical Appliances Association and organized by the Red Top Award Organizing Committee, was successfully held in Beijing. At the grand ceremony, the Red Top Award Organizing Committee, together with GfK China and JD Home Appliances, released the 2023 China High end Home Appliance Market Report (hereinafter referred to as the "Report").
In the new market cycle, high-end home appliances have ushered in new development trends. The report takes the global macro environment and China's economic development as the background, deeply interprets the trends and changes in the high-end home appliance market, and guides the industry and enterprises to face challenges and explore opportunities.
China's discourse power in the global high-end home appliance market is increasing
At present, the global economic development is still in a period of pain. According to the IMF's estimation of GDP growth rates in major regions, the economies of China and the United States will significantly slow down in 2024. Anxiety has spread from the economic market to various industries. The report shows that from January to September 2023, the global household appliances and electronic consumer products showed an overall downward trend, with the retail markets for consumer electronics and large household appliances showing a contraction of 10.4% and 3.7%, respectively.
Although the industry is going against the trend, China's home appliances and consumer electronics products have not only maintained their growth line, but most of the main categories, except IT and office supplies, are expected to achieve positive growth. They are also steadily increasing their voice in the high-end market. Currently, China's contribution to the high-end home appliance market has surpassed that of overseas markets.
The Red Top Award, as a supreme honor in the home appliance industry, advocates high-end and good home appliances. In the selection process, we have observed that on the one hand, traditional home appliance products are constantly upgrading and innovating, with trends such as nesting, embedding, and home integration accelerating. On the other hand, emerging categories that improve quality of life, such as washing and drying sets and dishwashers, are favored by consumers. In addition, from the demand side, The non product functional values such as product aesthetics, user experience, and environmental friendliness are receiving increasing attention, and these are all the trends that Red Top Awards hope to convey to the industry Lu Shenghua, the founder of the Red Top Award, said.
There are more detailed data and trend interpretations in the report, using a combination of graphics and text, visual data, and case studies to provide a detailed and in-depth understanding of the current market overview and development trends of high-end home appliances from multiple dimensions such as industry, product, and channel. The report not only summarizes the four major development trends of the high-end home appliance market in 2023: home integration upgrade, personal quality enjoyment, intelligent and simple life, and product aesthetics, but also analyzes the driving factors behind the trends, explores the underlying logic of market development, and provides strong and powerful references for market transformation and development, allowing enterprises to explore opportunities in the face of challenges, With a clearer perspective, look ahead to the next path of development. Through the report, it can be seen that the values and attitudes towards life of Chinese consumers are currently undergoing changes.
Four major trends stabilize market resilience
"Opportunities lie in data and trends." The report not only summarizes the four major development trends of the high-end home appliance market in 2023: home integration upgrade, personal quality enjoyment, intelligent and simple life, and product aesthetics, but also analyzes the driving factors behind the trends, excavates the underlying logic of market development, and provides strong and powerful references for market transformation and development. It enables enterprises to glimpse opportunities in the face of challenges, and view the next development path with a clearer perspective.
Through the report, it can be seen that the values and attitudes towards life of Chinese consumers are currently undergoing changes. "Consumers pay more attention to enjoying the happiness brought by life, value their families, and treat themselves well. They have shifted from a hoarding mindset to a boutique mindset. Although overall consumption tends to be conservative, consumers are more willing to consume good products, which is not contradictory," said Cai Ling, Director of GfK's China Home Appliance Business Unit.
According to a survey by JD Group, the current consumer's "psychological wallet" is clearly inclined towards digital appliances and home appliances, and they are more willing to pursue high quality in these two types of products. Moreover, the number of home appliance and home appliance users has grown significantly this year.
