Costco(US:COST) 36氪·2026-01-12 09:30Core Viewpoint - The article discusses the decline of high-end down jackets, particularly brands like Canada Goose and Moncler, and highlights the rising popularity of affordable down jackets sold in supermarkets, which offer better value for money [5][6][12]. Group 1: Market Trends - Canada Goose's revenue growth has plummeted from 21.54% to 1.1% between fiscal years 2022 and 2025, with its market value shrinking by over 44 billion RMB [5]. - Moncler has also experienced a decline, with its revenue dropping in the third quarter of 2025, ending a nine-year streak of double-digit growth [6]. - The average price of domestic down jackets has risen to 881 RMB in 2023, driven by high-end branding and marketing strategies [20]. Group 2: Consumer Behavior - Consumers are increasingly turning to supermarkets for down jackets, with brands like Costco and Sam's Club seeing significant sales growth [10][12]. - Affordable options, such as a 256 RMB down jacket from Pang Donglai and a 499 RMB long down jacket from Sam's Club, have become popular, often selling out [26][28]. - A shift in consumer mindset is evident, with 61% of consumers indicating they are less impulsive in their purchases and focus more on value rather than price [60]. Group 3: Competitive Advantages of Supermarkets - Supermarkets utilize a "current stock" procurement model, reducing inventory pressure compared to traditional fashion brands that rely on "futures" [30]. - The down jackets sold in supermarkets are often classic styles with minimal design risks, ensuring high sell-through rates [30]. - Supermarkets leverage down jackets to drive traffic and boost sales of other products, allowing them to maintain lower prices [30]. Group 4: Consumer Preferences and Trust - Consumers are becoming more knowledgeable about down jacket specifications, with many prioritizing parameters like fill power and material quality in their purchasing decisions [37][41]. - Brands that emphasize transparency and trust, such as Pang Donglai and Sam's Club, are gaining consumer loyalty by providing clear information about product specifications and quality [51][53]. - The article notes that the market for down jackets is plagued by issues like inflated prices and misleading labeling, making trust a valuable commodity [49][50]. Group 5: Industry Dynamics - The success of supermarket down jackets is part of a broader trend where consumers are rejecting overpriced luxury items in favor of practical, affordable alternatives [66][69]. - The rise of "county town down jackets" and other practical clothing options reflects a shift towards value-driven purchasing in everyday wear [70][71]. - The article suggests that traditional marketing strategies emphasizing high-end materials and outdoor lifestyles are becoming less effective as consumers prioritize practicality and affordability [71][72].