www.avc-mr.com -1- 【市场复盘】家电市场二季度强势复苏，线下市场高调反弹与线上平分秋色 历年中国家电市场（不含3C）全渠道零售额规模及变化 3312 3666 4040 4452 4345 4914 5823 6266 5934 6646 6481 6715 7223 8167 8549 8571 7657 8079 7647 2885 492 422 640 571 761 9.8% 10.7% 10.2% 10.2% -2.4% 13.1% 18.5% 7.6% -5.3% 12.0% -2.5% 3.6% 7.6% 13.1% 4.7% 0.3% -10.7% 5.5% -5.3% 4.3% -23.9% 28.1% 0.8% 13.8% 16.3% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023M1 - 5 23M01 23M02 23M03 23M04 23M05 2004-2008：7.0% 2008-2019：6.4% 2019 ...

Investment Rating - The report indicates a positive investment outlook for the coffee machine industry, highlighting a 9.5% year-on-year growth in sales for semi-automatic espresso machines [2]. Core Insights - The coffee machine market is experiencing a shift towards larger water tank products, with increased consumer interest and industry focus on this segment [5]. - The competitive landscape is intensifying as more brands enter the market, leading to a rise in the total number of brands from 180 to 246 between 2022 and 2023 [9]. Product Structure - The semi-automatic espresso machine segment has shown a sales increase of 9.5% year-on-year, indicating strong consumer demand [2]. - The overall market for coffee machines is diversifying, with various product types gaining traction [4]. Product Trends - There is a notable increase in market attention towards coffee machines with larger water tanks, prompting the industry to accelerate its product offerings in this category [5]. - The online market for coffee machines is seeing a shift in consumer preferences, particularly towards models with larger capacities [6]. Brand Landscape - The number of brands in the coffee machine online market has increased significantly, reflecting heightened competition [9]. - The market share of the top three brands has seen a slight decline, indicating a more fragmented market with increased participation from new entrants [9].

Investment Rating - The report indicates a downward trend in the kitchen and bathroom appliance market, with a retail sales decline of 3.6% year-on-year for the first eight months of 2024, totaling 98.2 billion yuan [1][22]. Core Insights - The kitchen and bathroom appliance market is entering a stock cycle due to high market saturation, insufficient new population growth, and low consumer confidence, leading to a peak in domestic appliance retail market size [1][22]. - Four significant trends are identified in the kitchen and bathroom market: category differentiation, channel fragmentation, intensified competition, and elevated consumer demand for product upgrades [2][22]. Summary by Sections 1. Economic Overview - The overall economic indicators show a stable GDP growth of 5% in the first half of 2024, with a nominal GDP growth that remains lower than actual GDP growth, indicating a lack of improvement in economic sentiment [6][8]. 2. Real Estate Market Environment - The real estate market continues to adjust, with a 10.2% decline in real estate development investment and a 23.6% drop in sales value, reflecting a challenging environment for the kitchen and bathroom appliance market [13][15]. 3. Consumer Characteristics - The population is experiencing negative growth, with a birth rate of 6.39‰ and a death rate of 7.87‰, leading to a cautious consumer sentiment and a decline in consumption expectations [16][18]. 4. Market Policy Environment - The "old-for-new" policy is a significant topic in the appliance market, with up to 20% financial subsidies stimulating sales, particularly in cities that have implemented these policies [19][21]. 5. Kitchen and Bathroom Industry Overview - The kitchen and bathroom industry is facing a new development stage, with a total retail sales of 98.2 billion yuan in the first eight months of 2024, down 3.6% year-on-year [22][30]. - The market is characterized by a stock cycle, with demand for essential products declining and a shift towards integrated products experiencing a significant drop [22][30]. 6. Industry Development Characteristics - The industry is marked by a slowdown in demand for essential products, a fragmentation of channels, and an increase in brand competition, leading to a "big brand era" in the kitchen and bathroom market [26][27]. - Consumer trends indicate a shift towards rational consumption, with price structures declining across various product categories [27][28]. 7. Product Trends - Product innovation is crucial for stimulating consumer purchases, with a focus on health, intelligence, and environmental considerations in future kitchen and bathroom products [28][29].

Industry Investment Rating - The report does not explicitly provide an investment rating for the industry [1][2][3] Core Viewpoints - The report highlights a shift in consumer behavior post-pandemic, with a focus on rational consumption and emotional value-driven purchases [2] - Consumers are increasingly prioritizing products that enhance their home life, particularly in areas like entertainment, convenience, and health [2][5][6] - The home is seen as a sanctuary, with a growing emphasis on creating a comfortable and emotionally satisfying living environment [2][5] Trend 1: Home Entertainment Upgrade - The demand for high-quality home entertainment experiences is driving growth in the high-end TV market, with a focus on larger screens and advanced technologies like 8K, Mini LED, and quantum dot displays [5][6][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25] - Consumers are seeking better product experiences, with 30% of TV purchases driven by the desire for improved technology and features [9] - The high-end TV market (10K+ price range) accounted for 20.3% of retail sales in 2023, up 1.8 percentage points year-on-year [11] - 75-inch and larger TVs are becoming mainstream, with 75-inch TVs accounting for nearly 20% of retail sales [13] - 8K TVs are gaining traction due to their superior resolution and immersive viewing experience, supported by government policies promoting 4K/8K adoption [16][18] Trend 2: Smart Home Integration - The rise of "smart laziness" is driving demand for smart home appliances, with consumers seeking convenience and seamless integration of devices [26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47] - Smart home adoption is shifting from single-device solutions to whole-home systems, with a focus on interconnected devices and user-friendly interfaces [31][32][33] - Smart security devices, particularly smart locks, are leading the smart home market, with a penetration rate of 82.9% in the 2023 new home market [35][36][37] - The smart home market is expected to exceed 8300 billion yuan by 2025, driven by advancements in AI, IoT, and 5G technologies [41][42] Trend 3: Multi-functional Living Spaces - The living room is evolving into a multi-functional space, serving as a hub for entertainment, socializing, work, and family activities [49][50][51][52][53][54][55][56][57][58][59][60][61][62][63][64][65][66][67][68][69][70] - High-end living room appliances, particularly large-screen TVs, are becoming a status symbol, with 100-inch+ TVs seeing a 256% year-on-year increase in retail sales in 2023 [63][64] - Laser TVs are gaining popularity among high-end consumers for their immersive viewing experience and health benefits, with a 10.7% market share in the 15000+ yuan price segment [56][57][58][59][60][61][62][63][64][65][66][67][68][69][70] Trend 4: Home Cooking and Kitchen Innovation - Younger generations are increasingly embracing home cooking, with 40.7% of Gen Z cooking at home weekly [71][72] - Consumers are prioritizing kitchen appliances that reduce油烟 and noise, with high-performance range hoods and low-noise models gaining market share [73][74][75][76] - Dishwashers are becoming more popular, with a 9.6% year-on-year increase in retail sales in 2023, driven by product localization and innovation [77][78][79] - Integrated kitchen appliances, such as integrated stoves and dishwashers, are addressing space constraints and growing rapidly, with integrated dishwashers seeing a 25.1% increase in online sales in 2023 [80][81][82] Trend 5: Health and Wellness at Home - Health-conscious consumers are driving demand for health-focused home appliances, with 90% of young people already adopting养生 habits [4] - Health-related appliances are experiencing rapid growth, with advancements in technology and user-centric design driving market expansion [4] Trend 6: Personal Care and Beauty at Home - The personal care appliance market is thriving, with high-speed hair dryers and electric toothbrushes seeing significant technological advancements [7] - Content-driven e-commerce is boosting the popularity of personal care appliances, with consumers increasingly influenced by online recommendations [7] Trend 7: Space-saving and Aesthetic Home Appliances - Embedded and integrated appliances are gaining traction as consumers seek to maximize space and enhance home aesthetics [8] - Appliances like embedded refrigerators and washer-dryer combos are leading the trend towards more streamlined and visually appealing home designs [8] Trend 8: Emotional Value and Home as a Sanctuary - The home is increasingly viewed as a place for emotional comfort and relaxation, with consumers investing in products that enhance their living environment [2][5] - Emotional value is a key driver of consumer purchases, with products like TVs and smart home devices being chosen for their ability to improve quality of life and provide emotional satisfaction [2][5][6]