With the advent of home 315 marketing season, the head company focuses on whole house and whole family packages, and the integration effect of customization, software and household appliances is gradually increasing. According to home furnishing information of Optima, Suofeiya Home Collection Co.Ltd(002572) , official account and Tmall flagship store, the 315 home business has launched a set of packages for the whole family. Among them, oupai mainly promotes 29800 yuan package and 88888 yuan integrated package Suofeiya Home Collection Co.Ltd(002572) launched 39800 yuan customized package for the whole family; Gu family released 49800 yuan whole house package. Focusing on the 315 package this year, the integration of customization, software and home appliances is gradually strengthened by home furnishing companies. The package covers more categories (such as home appliances and accessories) and brands, which is expected to achieve drainage and increase customer unit price. In this paper, we mainly sort out the whole house customization and whole family customization modes launched by home furnishing companies.
Customized home is gradually moving from a single category to one-stop configuration of software + customization + supporting + home appliances. The main product of customized home furnishing industry is kitchen cabinet / wardrobe, which is rapidly expanded and copied in a single category, and then gradually expanded to whole house customization (kitchen cabinet, wardrobe, wooden door, finished product support, etc.). The whole customization mode at this stage is to start from “cabinet door wall configuration”, add software, household appliances, home decorations, etc., and upgrade the assembly in an all-round way. For example, europay launched the “big home strategy” in 2015 and the “whole family customization” strategy in December Suofeiya Home Collection Co.Ltd(002572) 2021.
On the demand side, the younger generation is more in pursuit of one-stop home decoration that saves worry and effort and has a unified home decoration style. The whole house customization mode of customization + software has become a new home decoration trend. At present, the consumer group of home decoration is becoming younger and younger. Users aged 26-45 account for more than 65%. The post-80s and post-90s have gradually become the main consumer group in the home decoration market. The young people lack time and energy to continuously pay attention to the home decoration process due to work and other reasons. This consumer group has a higher preference for efficiency and personalization (compared with the overall consumers). Professional, worry-saving and cost-effective one-stop decoration can meet the diversified needs of young people by formulating personalized solutions, and the overall style presentation effect is better. At present, more than 50% of consumers in first and second tier cities will choose the decoration mode (data source: iResearch).
On the market side, the home furnishing industry has gradually entered the stock competition, and the large home furnishing strategy has helped to improve the joint and several rate and customer unit value. With the slowdown of real estate sales growth, the upgrading of residents’ consumption, the intergenerational change of mainstream groups and the increasing diversification of traffic entrances, the home industry as a whole is gradually moving towards the whole industrial chain and one-stop “big home”. Among them, the number of stores of head software / customized home furnishing companies has reached 8000, the dividend of channel expansion is gradually weakening, and the industry has entered the stage of stock competition; In the new media era, consumers are getting more and more diverse information (WeChat, jowl, Xiao Hong, micro-blog, etc.). Tiktok has become the common choice of the industry chain to obtain traffic and enhance the value of customers. At present, the whole customization is mainly through the integration of customization, software and household appliances to help obtain traffic, and improve the connection rate and customer unit value. For example, under the consumer terminal caliber, the average customer unit value of software home is 2-3W, and the customer unit value of superimposed customized home is 3-5w yuan. Under the trend of whole house integration, software + customization is expected to reach more than 5W and increase by more than 100%.
On the supply side, customization enterprises expand upstream and downstream, and software enterprises expand to customization, mostly using the package mode. The one-stop configuration demand promotes the amplification of the value chain of the home decoration industry chain, the product end of the home decoration company moves towards the whole house customization, and the flow end competes for the home decoration channel. And most of them adopt package marketing, including customization, software and supporting products.
1) most customized home furnishing companies adopt the whole house / whole house customization mode, which realizes traffic acquisition by expanding the whole decoration channel to the upstream, and extends software and household appliances to the downstream, so as to realize one-stop configuration of software + customization + supporting + household appliances. Oppein Home Group Inc(603833) took the lead in the industry to develop the whole decoration channel in 2018, and launched the European style whole decoration home, mainly to cooperate with home decoration companies and provide product manufacturing and marketing support; In April 2021, it launched the new brand “starhomes Star home”, which integrates mainstream building materials, home furnishings, home decoration and decoration design Suofeiya Home Collection Co.Ltd(002572) announced the whole customization strategy in December 2021, and defined the whole customization as 7 categories (whole house customization + whole kitchen customization + whole house wooden door + whole house wallboard + whole house furniture + whole house floor + whole house electrical appliances), 8 spaces (entrance hall, dining room, living room, bedroom, multi-functional space, study, yoga room, piano room, tea room, etc.), with the addition of hard decoration Products of the whole line outside the construction.
2) software home furnishing companies are transforming to software + customization integration. Compared with software home, customized home companies occupy a more upstream position at the traffic end. With the upgrading of consumption in the customization industry and the transformation of industry competition from single cabinet to multi category integration, the integration of software and customization has become a trend Jason Furniture (Hangzhou) Co.Ltd(603816) since 2016, it has transformed to the integration of software and customization, focusing on the formaldehyde free concept. In customization, the environmental protection No. 7 | motherboard certified by the United States formaldehyde free exemption is used, and the style of customization and software is unified in design; In 2018, it announced the acquisition of banerqi and made full efforts to customize the whole house. In 2021, Gu family took the lead in launching the “315 environmental protection living season” in the industry, released the “half price customized light luxury” package of 35600 yuan (including 6 customized light luxury environmental protection cabinets, 1 leather king bed of 8999 yuan and 1 Gu family mattress of 3999 yuan), and released the “new generation whole house customization +” strategy and the whole house package of 49800 yuan in February 22.
Pay attention to the improvement of whole house customization and ASP in the March 15 home marketing activities in the short term, and be optimistic about customization and software leading companies in the long term. In the short term, the valuation of the home sector is mainly affected by the real estate policy. Secondly, we need to pay attention to the improvement of whole house customization and ASP in the home marketing activities on March 15, 2022; In the long run, with the integration of software and customization, the overall design, R & D, production, dealer capacity improvement, multi category collaborative delivery and internal organizational system reform requirements of home furnishing companies are still optimistic about the software and customization leaders Jason Furniture (Hangzhou) Co.Ltd(603816) , Oppein Home Group Inc(603833) , Minhua holdings and Xlinmen Furniture Co.Ltd(603008) .
Industry regular data update
Brand clothing: according to the statistics of magic mirror’s whole network e-commerce data (including the total retail sales of Taobao, jd.com, Suning, Gome and other platforms, excluding returns), in January 2022, the year-on-year changes in the whole network e-commerce sales of major sports brands in a single month were: Li Ning (+ 75.5%), Anta (+ 89.9%), FILA (+ 67.7%), Tebu (+ 41.7%), di Sante (+ 60.8%) Archaeopteryx (+ 88.0%); Among international brands, Nike (+ 22.6%), Adidas (- 32.2%), andrma (+ 74.9%) and Lulu lemon (+ 53.4%); Among professional and casual clothing brands, bosden (+ 55.7%) and Ningbo Peacebird Fashion Co.Ltd(603877) (+ 24.1%).
Household: according to the data of the General Administration of customs, the total export of household and parts in China in December 2021 was US $7.15 billion, a year-on-year decrease of 4.0%, and the growth rate fell by 5.9 PCT. According to the data of the General Administration of customs, in December 2021, the export amount of metal frame sofas such as functional sofas was US $900 million, a year-on-year decrease of 11.9%, the export amount of functional office chairs was US $430 million, a year-on-year decrease of 21.3%, and the export amount of spring mattresses was RMB 80 million, a year-on-year decrease of 21.4%.
Papermaking: according to the data of Zhuo Chuang information, as of March 4, the market prices of broad-leaved pulp, coniferous pulp, double copper paper, double gummed paper, household paper and white cardboard were 5985, 6923, 5550, 6113, 6783 and 6285 yuan / ton respectively, with a month on week change of 5.37%, 3.55%, 3.16%, 4.71%, 0.99% and 1.29%; The market prices of waste paper, box board paper, corrugated paper and white board paper were 2231, 4050, 3750 and 4810 yuan / ton respectively, with a month on week change of – 3.29%, – 17.36%, – 3.07% and – 2.43%.
Cultivated diamonds: according to the data of GJEPC, the import and export data of cultivated diamonds in India: in January 2022, the import amount of rough diamonds cultivated in India was 152 million US dollars (+ 77.3%), with a chain ratio of + 16.2%, accounting for 11.2% of the import volume of diamond categories; In January, the amount of cultivated diamond exports was US $122 million (+ 70.1%), with a month on month ratio of + 18.1%, accounting for 5.6% of diamond exports.
One week recommended combination
Light industry: Minhua holdings, Jason Furniture (Hangzhou) Co.Ltd(603816) , Xlinmen Furniture Co.Ltd(603008) , Suofeiya Home Collection Co.Ltd(002572) , Quzhou Wuzhou Special Paper Co.Ltd(605007) , Shenzhen Jinjia Group Co.Ltd(002191)
Textile clothing: Huali Industrial Group Company Limited(300979) , Li Ning, Anta sports, Shenzhou International
Meihu: Imeik Technology Development Co.Ltd(300896)
Risk warning: real estate sales fluctuate; Sino US trade friction; Industry competition intensifies; The exchange rate fluctuated sharply.
