逐鹿10万亿“三家”市场，向存量要增长

Core Viewpoint - The home appliance, home decoration, and home furnishing industries are crucial for stimulating domestic demand in the current macroeconomic environment, transitioning from reliance on real estate to self-driven transformation and innovation, with platforms like Xiaohongshu playing a significant role in this shift [3][5][7]. Group 1: Industry Trends - The home appliance sector experienced a retail sales revenue of 1,030.7 billion yuan in 2024, marking a 12.3% increase year-on-year, surpassing the previous peak in 2017 [5]. - The home decoration and furnishing industries are expected to see a recovery in performance due to government subsidies, with the custom home furnishing sector projected to contribute 10% to 20% growth from the first wave of subsidy policies [7]. - The average renovation rate for existing homes is 2.6% nationwide, with 3.5% in first- and second-tier cities, indicating a robust demand for home renovations driven by the large stock of existing homes [7][8]. Group 2: Consumer Behavior - Xiaohongshu has become a vital platform for consumer decision-making in home life, with 89% of users searching for home appliance and furnishing products on the platform before making purchases [15][17]. - The platform's community content has seen an 87.3% increase in notes related to home furnishing, with a 403% rise in search volume for related categories, significantly outpacing industry averages [17]. - The younger generation, comprising 50% of users born after 1995 and 35% born after 2000, is driving over 40% of global consumption growth, making Xiaohongshu a key player in reaching this demographic [11][19]. Group 3: Innovation and Collaboration - Xiaohongshu has facilitated innovative product development, exemplified by the "Bag Chair," which achieved over 10 million yuan in GMV within ten days of launch, driven by insights from user data [22]. - The platform has enabled brands to redefine their marketing strategies, shifting from traditional methods to leveraging social media and community insights for consumer engagement [13][25]. - The collaboration between Xiaohongshu and brands has led to the creation of new product categories, such as "Little Private Bath" for water heaters, expanding the target audience beyond traditional home furnishing consumers [22][23]. Group 4: Economic Impact - In 2024, final consumption expenditure contributed 44.5% to economic growth, with the home furnishing and appliance industries representing a combined market space of over 10 trillion yuan, accounting for more than 20% of China's consumer market [27][28]. - The shift towards a consumption-driven economy necessitates a focus on fulfilling consumer desires for a better life, which is seen as a key driver for business transformation and growth in the home appliance and furnishing sectors [28][30].