Category Collaboration Continues To Deepen, With Color Driven Product Upgrades

Looking back at the performance of the washing and care market in the first quarter, the overall recovery of the market is relatively obvious. According to the total data pushed by AVC, the omnichannel retail sales of the washing machine market in the first quarter of 2024 were about 20.4 billion yuan, a year-on-year increase of 9.7%, with a retail volume of 9.68 million units, a year-on-year increase of 15.6%. Overall, the continuous increase in the proportion of sets has led to a significant increase in the average market price, and there is still room for upgrading in the washing and care market in the future. However, from the perspective of channel performance, there are significant differences in market performance between online and offline markets. According to the overall data from AVC, the online market (including packages) has a retail sales volume of 11 billion yuan, a year-on-year increase of 18.7%, and a retail sales volume of 7.24 million units, a year-on-year increase of 15.0%. In contrast, the performance of the offline market was relatively flat, with a retail sales volume of about 9.4 billion yuan, a year-on-year increase of 0.1%, and a retail volume of 2.45 million units, a year-on-year decrease of 1.7%. Considering the low base of the offline market in the same period last year, the performance of the offline market in the first quarter of this year did not actually meet market expectations. Under the strategy of online low price competition, the trend of demand flowing back from offline to online is intensifying, and the evolution of channels is still ongoing. The development trend of the market mainly includes the following aspects:
As a combination of washing and care product forms, the set has achieved rapid growth for three consecutive years, continuing its "normal growth" and taking shape in the market. According to online monitoring data from AVC, the retail sales of sets in the first quarter of this year reached 1.61 billion yuan, a year-on-year increase of 122.3%, and the retail volume reached 190000 units, a year-on-year increase of 132.2%. Behind the high growth of packages, on the one hand, is the joint investment of various resources on the enterprise side, and on the other hand, it reflects the actual demand of users for package products. Driven by both directions, packages are gradually moving from a trend track to a scale track. Stamp → Ovi Data Compass
Looking back at the performance of new products in the first quarter of this year, it can be found that "white+ultra-thin+drum" has become a consensus among enterprises, as the product form is highly focused and companies are all searching for "version answers". The design ideas of new products from top enterprises are highly consistent. As market competition becomes increasingly fierce, the first mover advantage of products is crucial. Therefore, current product designs in the market often use successful cases as templates for rapid replication, without excessively pursuing product differentiation.
Market prediction for the second quarter: Policy driven, effectively activating the stock market of household appliances through trade in and recycling
Large household appliances have a huge market retention and scale foundation, and the demand for replacement has become the core pillar of industry demand. The degree and pace of the release of replacement demand are directly related to the development of the electricity industry; The basic capacity construction of the recycling system is the key to releasing the demand for replacement, and the rigid demand generated by scrapping can be directly transformed into the release of replacement demand. For the second quarter market performance, we make the following judgment.