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Furniture consumption is divided into three levels, practical consumption, aesthetic consumption and performance consumption. Practical consumption requires satisfying basic usage functions; aesthetic consumption requires home to meet aesthetic needs, consumers have a certain purchasing power, and the value appeal of furniture is "aesthetic". It is also sensitive to price and has a strong purchase plan. It will improve its bargaining power through multi-party comparisons, group purchases, and discount seasons. Pay attention to product design, material types, environmental protection, and brand; performance consumption is to meet the display needs and as an investment behavior. Consumers have considerable purchasing power, and the value of furniture is "expensive" and "rare". Pay attention to brand and product background. In the first 10 years, China's furniture consumption market was dominated by practical consumption. In the future, China's furniture consumption will enter the era of aesthetic consumption, and the requirements for furniture materials, design, and brand will increase.
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The three major driving forces of furniture consumption: real estate investment, weddings, and consumption upgrades have changed. The real estate industry is facing major uncertainties. The number of married people in China will reach a peak around 2015. The consumption upgrade will become the main driver of furniture consumption.
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The market capacity of the furniture industry is about 600 billion, but there is no mass brand in the industry, and the size of a single furniture brand is not large.The main reason is that China's furniture consumption in the first 20 years was mainly practical consumption. Furniture companies have not paid enough attention to design and lacked brand operation capabilities. This leads to a low degree of brand differentiation and no industry leaders.
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With furniture channel vendors occupying an absolute advantage in the industry chain, chain stores are the main sales channel for branded furniture. The shortcomings of this sales model are: brand companies have low bargaining power and profits are squeezed by channel dealers; the scale of chain stores is large, and the actual single-store customer traffic is low; the circulation costs are high, and brand companies are forced to increase the selling price, thus suppressing to a certain extent Consumption. The O2O model is suitable for furniture sales, squeezing channel bubbles to reduce costs, and information transparency to enhance shopping experience will have a disruptive impact on the existing furniture sales model and even the industry competition pattern. O2O e-commerce brand Melaleuca was established only 5 years ago, and its sales revenue has reached 2 billion yuan, surpassing most of the traditional furniture industry.
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The proportion of custom furniture has reached 40%, and custom furniture companies have begun to seek category extensions, indicating that the custom furniture industry is approaching maturity. Industry growth may decline, and future competition will be more intense.
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The investment logic of the furniture industry will follow two main lines, one: to meet the needs of aesthetic consumption, to establish a strong brand: the establishment of a strong brand requires many aspects of the company's ability, the first is to strengthen the design capacity, increase the proportion of original products. In addition, we must be unique in brand operation and after-sales service, and exceed consumer expectations in order to truly build a strong brand and drive sales with the brand. Second, embracing new business models, squeezing channel bubbles, and increasing consumer utility by reducing product prices, thereby enhancing the consumer experience.
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