Presumably, in the past half a year, every competitor in the kitchen and electric industry has felt the urgency of getting closer and closer. Domestic sales are down, exports are frustrated, costs are rising, and competition is intensifying. This is the kitchen electricity industry since the financial crisis ten years ago. The biggest dilemma facing China's home appliance industry. At the same time, it is also brewing the biggest change in the kitchen appliance industry in the past two decades.
Dilemma
It is difficult to complete the eggs under the nesting, and the steep slopes are particularly laborious. Because of the terminal consumption caused by real estate regulation and control, the export caused by Sino-US trade friction is difficult. This kind of environment is equal to the pressure of each enterprise. Taking the leading enterprise owner, Fang Tai, etc. as an example, although the growth is still maintained, the growth rate is slowing down and the increase in shipping pressure is an indisputable fact.
According to the accumulated data, from the beginning of March 2017 to the end of November of that year, there have been more than 150 property market regulation policies issued by Chaobaicheng (although it has not been effective in suppressing house prices), but because it is The buyer’s neck has indeed played a limited purchase. By December 2017, the data showed that the property market transaction in the property market fell by nearly 20%. This regulation has affected this year and directly suppressed the sales of kitchen appliances. Note that even from this year's real estate data, the cumulative sales area of residential existing homes fell by more than 24% from January to May 2018. We have reason to judge that the kitchen appliance industry has entered a stable channel. This means that the difficulty of opening up the situation by relying on incremental markets will suddenly increase.
Boss electrical new lineup
The data given by the two major third-party market institutions in the kitchen electricity market also illustrates this point. According to Zhongyikang’s calculation, the market size of the kitchen and electric appliance market in January and May 2018 (smoke stove micro-steaming and washing embedded machine) is 36.9 billion yuan, down 4.2% year-on-year. The monitoring data provided by Aowei Cloud in the first quarter of 2018 showed that the scale of kitchen electricity was 12.8 billion yuan, down 6.1% year-on-year. Despite the different calibers and different standards, since the first half of this year The market is cold, but it is the reality that every enterprise clearly perceives.
Smokeless stoves, not kitchens. As a smoker and stove for firing fireworks, there is irreplaceable typicality and authority in exploring the entire kitchen appliance market. Obviously, under the harsh macro environment, the above two cannot be isolated. .
The third-party data of the integrated market, the traditional kitchen three-piece range hood, gas stove, disinfection cabinet offline retail sales fell 16.7%, 7.5%, 11.9%. A marketing boss from a third-line brand in Guangdong, even used The term "extremely deep cold" is used to describe the market in the first half of this year. The boss described such a scene to "Aiken Home Appliances": In Zhongshan, Guangdong, where the kitchen electricity industry is crowded, business owners run almost every week. Workers are reluctant to march and pay for wages. At the same time, the online market growth rate has increased to 10.0%, 25.9%, and the growth rate has dropped to less than 30%.
If the predicament faced is only attributed to external factors such as real estate regulation and trade friction, it is inevitably too negative. In fact, under the curtain of supply-side reform to meet the consumption upgrade, the kitchen appliance industry has made many efforts, but it has not achieved much. It can't be denied. As the two dimensions of consumption upgrades - the opening of existing categories and the creation of new categories, the latter has risen in recent years, dishwashers, steaming boxes, sweeping robots, etc. the former, in particular, as a field stove smoke elimination traditional three-piece, though also the material, intelligence has done a lot of exploration, but subject to the product attributes and interfaces, limit the use of the environment, there has not been disruptive innovation. At the same time, if the traditional smoke stove is seen as a whole, the category is still constantly invaded by the integrated stoves in recent years.
Therefore, under the market freeze, as a core category of kitchen smoke stove products, it will bear the brunt. From this year's situation, the plight of the short-term is difficult to break. Perhaps this will become the industry Forced to upgrade their motivation.
Change
From the point of view of the smoke stove, this is almost the starting products and pillar products of most well-known enterprises, such as Fang Tai, founded in 1995, Vantage in 1992, and even the boss appliances earlier. Until now, almost all kitchen appliances have smoke stove products.
In the past 20 years, with the focus on smoke stoves, a number of enterprises have achieved considerable development and established their own moats. This development has benefited from the construction of a large number of residential quarters and the subsequent urbanization. The volume market, on the other hand, benefits from the constantly upgrading stock market. Looking at the 20-year kitchen appliance industry, in addition to the 2008 financial crisis and its subsequent impact, it is basically in the overall channel of rising overall. This has created a kitchen power company with a lot of flowers, and has formed a series of Guangdong-based kitchen electric power bases with brand operation as the mainstay and large-scale operation of the Guangdong-based kitchen. , silent group, self-cleaning faction and other factions. Without exception, a number of kitchen appliances companies have also enjoyed high-margin and high-growth industry growth dividends. Take one of the leading enterprises, such as boss appliances, 2010 boss The gross profit margin of electrical appliances was 54.6%, and by 2016 it was 57.3%. From 2012 to the most recent 2016, the net profit growth rate of Boss Electric maintained a growth of more than 40%, until 2017 suddenly suffered a waist squat.
If last year's overall industry growth is weak, it will be the first time in the first half of this year, and the market will be frustrated in the first half of this year, which will usher in the biggest change in the industry in the past two decades.
As mentioned above, the high gross profit margin of the kitchen appliance industry, especially the smoke stove products, has been hailed as the last profit high in the home appliance industry, which has also attracted many companies to compete for cakes. But for a long time, industry-leading brands have borrowed Under the moat built by the smoke stove, there are few great winners in the latecomers. But with the transition from the living room economy to the kitchen economy, the Internet, the rise of the Internet of Things, on emerging categories and channel architecture, traditional smoke stoves The advantages accumulated by the company will be greatly diluted. With the advantages of the platform and the advantages of the brand, such as the United States, Haier and others have ushered in the golden period of development, and more importantly, the above-mentioned major group of companies have used the capital ties to consolidate globally. Resources (such as the United States has placed Toshiba, AEG; Haier kitchen and electric plate has formed GE, Fisher & Paykel, commander and other five military forces). In addition, including Hisense, TCL and the recent large-scale attack on kitchen power in Skyworth, this The approval of enterprises with the background of the major group of companies to join the battle group will bring huge impact to the existing brand structure.
Haier Electric released air curtain 8 degree hood in May
In other words, for the kitchen market with an overall market approaching 100 billion scale, the competition wall formed by the smoke stove will be overthrown. With the smoke stove as the core, the era of high kitchen configuration is open, and the kitchen industry is ups and downs. It is no longer the storm in the past 'tea cups', but it is synchronizing with the entire home appliance market and the capital financial market. This is the biggest change in the future of the smoke stove industry. Further, the professional brand of the kitchen appliance industry (such as professional cigarettes) The distinction between the stove brand, the professional dishwasher brand and the integrated enterprise will become increasingly blurred. At the same time, in the real market, a single category will not be able to support the operation of a certain enterprise. The fragile fence is pushed down, and the competition is large. The era of the battlefield has officially arrived.
Technology research and development, channel building power, brand tension (cultural leadership), coupled with off-site capital operation, will become the key elements of competition in the future big picture era.
For the smoke category, the technical research and development competition has entered the deep water area. First, the research and development competition of the smoke stove product has transitioned from the earliest air volume, suction, noise, cleaning convenience (mainly design) to the smoking effect. , soot separation, odor reduction, aesthetic design, intelligent level and other dimensions of comprehensive competition. For example, this year, the boss introduced the fourth generation of large suction 8231S, the maximum wind pressure of 800pa, the explosion of wind volume of 22 cubic meters per minute, but also equipped Intelligent cooking system. On June 20th, Fang Tai released a new generation of intelligent wind magic cubes to make a big fuss in the net and static. 850pa wind pressure, 22 cubic meters per minute of air volume, 44dB of noise, and then FIKS smart living home The system perfectly interprets the configuration of a cutting-edge hood. At the same time, the German-Italian 820pa wind hood, Wanjiale released the MATE7 automatic cooking system for cooking white, etc., which has greatly enhanced the color of the smoke stove industry this year.
Germany and Italy released 820pa wind pressure products this year
The channel construction power is not unique to smoke stoves. Under the rise of online merchants, the market has already lacked online and offline debates. Where are the users, where are the channels set up? Who can contact users most recently, who is the best? Channels. In this sense, the entire industry has quietly started marketing work front, designer, decoration company channels; hardcover room channels; cabinet channels are included in the company's shipping channel. This breaks the usual thinking of the enterprise, Actively embrace change, and put forward higher requirements. Sticking to the rules, it is difficult to have a future without thinking about change.
The longer-term changes in the smoke stove will be reflected in the brand tension and the cultural leadership of the company. Functionally, the smoke stove is just a device for providing heat and sucking oil. From the perspective of the kitchen, From the perspective of cultural heritage, how to give it a more inspiring meaning is the key to building a longer-term competitiveness of the smoke stove. In this sense, no matter whether it is Fang Tai’s popular promotion this year’s family happiness View ', or the 'post-industrial era' proposed by Vantage, or the culinary culture advocated by the boss, is an effort at this level.
On this year's home fair, Vantage announced the opening of the kitchen after the industrial era
Looking at the current industry pattern, it is too early to distinguish which ones have reached the ceiling in the field of smoke stoves. It is too early to judge which company has a future from the height of business operations. The market is in trouble. Underneath, it is often the best time for a good company to harvest. The big change has begun, and the more promising operation is behind.
opportunity
In the kitchen, the smoke stove is the core. In the home, the traditional smoke stove is the category that leads the kitchen. In this way, the smoke in the eyes of some market participants The stove enterprise has encountered the growth ceiling, it has become a worrying day.
On the contrary, compared with 122 sets of color TV sets, 84 sets of refrigerators, 92 sets of washing machines, 115 sets of air conditioners, and the household ownership rate of 86 sets of water heaters, the household ownership rate of 69 sets of hood products (15 sets per household in rural areas) Undoubtedly one of the most growing spaces.
The above data points out the incremental market for supporting the category of smoke stoves in the future. At the same time, under the curtain of consumption upgrade, the upgrading of the stock market is also imperative. The high-end category with intelligence, high performance and health as the main dimensions. In the last two years, it has been accepted by the market. The open market third-party data abounds, which is the future that the smoke stove itself can carry.
At the same time, as mentioned above, smoke stove products should never be viewed in an isolated way. As an integrated stove industry that has continued to rise in recent years, the overall market for smoke stoves has been expanding at a compound growth rate of more than 30% in the last five years. In the impact on the traditional smoke stove and its own small volume, the integrated stove has always been the role of 'and see and walk' in the eyes of mainstream kitchen appliances companies, but this year, the boss electric appliance capital emperor, Shuaikang set up integrated kitchen appliances The company, the United States officially launched the integrated stove, all of which indicate that more and more companies have already demonstrated the vision of 'big smoke stove, chef's electricity' - in fact, the integrated stove originally assumed the core of the smoke stove Function. With this high-growth category, kitchen appliances are expected to add momentum to their growth.
The vision of the chef's electricity is obviously not as simple as amplifying the traditional hood to the 'big smoke stove'. Under the background of the transition from the living room economy to the kitchen economy, everything around the kitchen, around the quality of the consumer's family life quality improvement, All will take the path of the growth of kitchen appliances. Recent data shows that embedded micro-steaming, dishwashers, garbage processors, etc., have contributed a lot of sales to kitchen appliances. In the future, limited A company that is smug in the lead of a certain category will also bear the bitter fruit of being separated by the peers. The boss who is well-known in the field of smoke stoves, Fang Tai, does not dare to take it lightly. For example, Boss Electric put forward 'defense as early as last year. The smoke stove eliminates and wins the embedded 'strategy. Fang Tai is actively seeking breakthroughs in the dishwasher and water heaters and has achieved fruitful results. The two leading brands are still the same, and other companies have no waste of market opportunities.
From the demand side, although there is no major benefit at present, the megatrend formed by the consumer side in recent years is still in. In addition to the incremental market, especially in the third- and fourth-tier markets, there is still a period of time, one is from 2012. The high-end transformation initiated by the entire kitchen and electric industry has basically completed the market education. At the same time, after the post-85s, after 90 years as the mainstay of consumerism, there is no shortage of high-end kitchen appliances. In addition, the newly emerging hardcover market will be in the future. There are significant opportunities for brand enterprises. At present, there are statistics. There are at least 8 provinces in the country that have joined the hardcover housing team. The fine decoration policies of these 8 provinces and cities will be implemented before 2020. Although the market is difficult to say optimistic, but the opportunity It also exists.
Taken together, as the most basic product in the kitchen, the smoke stove is a necessity. The shape of the product may change, but the function and status are unpredictable. This wave of market decline, not a single pair of smoke stoves, but the entire kitchen Category, not for a certain company, but for the entire industry. The current situation of the stove is the present of the kitchen industry; the future of the stove is also the future of the kitchen industry.
