Yesterday we talked about the three major hurdles to overcome in the Chinese home furnishing industry, today we talk about the other three.
4. New consumption forces category diversification
With the continuous emergence of new consumption, new channels, new scenes and new experiences have put forward higher requirements. The diversification of consumption and stratification, and continue to force the diversification of categories. From multi-brand to multi-category and finally to full category, the home furnishing industry is undergoing a self-subversion, and only by successfully crossing this hurdle can we achieve a leap in energy level.
5、Upgraded consumer awareness
With the concentration of brands in the home furnishing industry, consumers' awareness of brands is becoming narrower and narrower, but under the promotion of "two new" consumer concepts and consumption patterns, consumers are re-examining and choosing products, the focus of consumption is slowly changing, and consumer awareness is further upgraded.
Currently, there are three key trends in the home furnishing industry: scenario-based, segmentation and de-stylisation.
6 、Under consumption grading, high-end opens up a new growth curve
With the acceleration of consumer grading, consumers pursuing value for money and high-end together constitute two levels of growth. In order to adapt to market changes, enterprises' competitive strategies should focus more on cost-effective or high-end, and it is relatively easy for high-end transformation to become the second growth curve for enterprises.
Overall, for the home furnishing industry, 2023 is both the year of recovery and stabilization, but also the year of adjustment to open the transformation and change. Home micro news comprehensive comb of the six gates, not only is the home furnishing enterprise echelon further differentiation of the key indicators, will also become the key to crossing the cycle under the inflection point safely.
