Zhong Yikang: It will be difficult to differentiate in the future refrigerator market.

The May 1 market, which has just passed, has cast a shadow over the sales of home appliances that are “worried”. Most home appliances are blocked in sales on May 1st. According to the latest total data of Zhongyikang, in the first four months of 2018, the retail sales of TV sets, refrigerators, washing machines and air conditioners in the household appliances products increased by -3.81%, 9.14%, 10.29%, and 16.96%, respectively, although the annual total Data white goods still have growth in various categories, but the growth rate has dropped rapidly compared with the first quarter. Among them, the refrigerator dropped 5.57 percentage points, the washing machine dropped 4.71 percentage points, and the air conditioner dropped 5.75 percentage points. The home appliance retail market suffered a big test. In the context of the overall market decline, the refrigerator is also facing a lot of pressure. From the current market performance, it can be said that "the future refrigerator market will not be differentiated, it will be very difficult." Why do you come to this conclusion, mainly The following reasons:

First: real estate is slowing down, and scale growth is under pressure. The pressure on the market is that the growth rate of the real estate market is slowing down. According to the National Bureau of Statistics, the growth rate of commercial housing sales in the first quarter of 2017 was 15.7%. In the first quarter of 2018, this data slowed to 3.6%, down by 12.1 percentage points. In the context of the decline in real estate, Zhongyi Kang pushed the total data to show that the retail volume of the 51st refrigerator market increased by 7.8%, and the retail sales only increased by 1.1%.

Second: the negative growth of all levels of cities across the board. This round of real estate purchases began in the first-tier cities, and then gradually expanded to second- and third-tier cities. The real estate purchase restriction in each line city has a greater impact on the sales of the home appliance market. The monitoring data of the Zhongyi Kang line next week shows that the retail sales of the refrigerator market in the 1st, 3rd and 4th lines of the 51st year respectively increased negatively by 11.6%. 5.7%, 4.0%, 6.0%, all levels of the market negative growth across the board.

Third: all categories of the market are "dumb fire". Although the overall performance of refrigerators in the past few years was sluggish, there were still good growth in the market for multi-door and off-market segments. However, from the current weekly monitoring data of May 1st, the air-cooled two, The air-cooled three-door and the opposite-door negative growth across the board, only a slight increase of 2.8%.

Fourth: Raising the average price has become the key to brand growth. From the market performance of the main brands, in addition to Haier's growth, the rest of the brands in the May 1st cycle have experienced different degrees of negative growth. Although the scale has declined, the average price of each brand has risen markedly, and the increase in the average price has affected the impact of the decline in the amount. However, the current price hikes of low-end products in the market are facing greater resistance. The increase in average product prices is more due to the contribution of high-end products, while the strong support for high-end product price increases is differentiated. To give an example: the same is the Siemens brand of the door refrigerator, the two doors open the ordinary door and the difference between the three open products, the average price difference of 5,686 yuan, such a large premium is more brought about by differentiation.

Based on the above analysis, we believe that in the context of real estate downturn, scale pressure, and negative growth across the market at all levels, the core of the market is to raise the average price, and the core of raising the average price is differentiated. Therefore, There will be no differentiation in the future and it will be very difficult."

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