2024中国厨卫产业可持续发展白皮书2024

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].