Down jacket sales unit price rises “ferocious”, industry accelerates upgrading and iteration
Technology, high-endization, the rise of domestic products, design upgrades…
Down jacket industry accelerates upgrading and iteration
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In recent years, the sales unit price of down jackets in my country has been rising, but it has not reduced the popularity of the market at all, and the industry has gradually moved out of the low-end price competition stage. Market competition is becoming increasingly fierce, and industry changes are accelerating.
Not long ago, the latest financial report released by Bosideng, a leading domestic down jacket company, showed that in the six months as of the end of September, Bosideng’s revenue reached 5.389 billion yuan, a year-on-year increase of 15.6%. At the same time, Bosideng also released its latest product “Dengfeng 2.0” series, with a maximum price of 14,900 yuan per piece. Compared with last year’s version 1.0, the price increased by nearly 30 yuan. %.
As soon as the price was announced, it once again triggered heated discussions among the industry and consumers. In recent years, the sales unit price of down jackets in my country has been rising, but the price increase has not reduced the popularity of the market at all. Industry insiders believe that with the continuous innovation and advancement of down jacket design, craftsmanship and technology, consumers’ demands for products no longer stop at price. Down jacket companies have gradually formed a relatively stable customer group in the mid-to-high-end market, and the down jacket industry has gradually stepped out of the Low-end price competition stage, moving towards quality and high-end.
The price rise is “ferocious”
Every autumn and winter, cold-proof equipment becomes a popular consumer item, and down jackets usher in the peak sales season.
On December 11, a reporter saw on the women’s clothing floor of Beijing New World Shopping Mall that it is not uncommon for down jackets with price tags exceeding 5,000 yuan. Most of the prices are between 2,000 and 3,000 yuan. They can only be seen in some girls’ casual brand stores. Down jackets under 2,000 yuan. On online shopping platforms, the price of down jackets in some Internet celebrity stores has exceeded 500 yuan, and down jackets priced between 700 and 900 yuan are very common.
According to shopping mall sales staff, compared with five or six years ago, the price of down jackets was between 500 and 800 yuan. In the past two or three years, the price increase of down jackets has been “ferocious”, and consumers are more and more accepting of mid-to-high-end products. Come higher and higher.
A few years ago, overseas down jacket brands such as Moncler and Canada Goose broke into the Chinese market as “light luxury products”. Selling for several thousand or even tens of thousands of yuan, domestic consumers had a new understanding of the price of down jackets. understanding.
Subsequently, more and more domestically produced down jackets also increased their prices accordingly. Taking Bosideng as an example, in 2018, the average selling price of the company’s down jackets was between 700 and 800 yuan; in 2019, it reached 1,100 and 1,200 yuan; in 2020, the average price was around 1,500 yuan. Zhu Gaofeng, chief financial officer and vice president of Bosideng, recently publicly stated that the average price of Bosideng will reach 1,800 to 2,000 yuan in the next two to three years.
Industry insiders analyze that the cost of goose down and duck down, the raw materials for filling down jackets, has been on the rise in recent years. The increase in labor costs and corporate marketing costs has also driven up the price of down jacket products. In addition, under the background of consumption upgrading, the public is demanding more fashionable and high-quality down jacket products. Under the influence of these comprehensive factors, there are more and more high-priced down jackets.
The market is getting more and more popular
It is worth noting that price increases have not inhibited the growth of consumption, and the down jacket market has become increasingly popular.
Public data shows that in 2020, the sales volume of down jackets at key large-scale retail enterprises across the country increased by 15.1% year-on-year. In this year’s “Double 11”, the omni-channel sales of Bosideng’s down jackets exceeded 2.18 billion yuan, ranking first in men’s and women’s clothing on Tmall China. The company’s newly launched windbreaker down jacket this year, with a maximum price of 6,690 yuan, has sold more than 10 million yuan in one hour since its launch, and the 24-hour sales of a single style exceeded 1,600 pieces. It has been ranked as the top one in daily sales of women’s clothing items on Tmall and Douyin All Apparel. Single product sales TOP1.
According to the “2020 China Down Jacket Market Analysis Report”, it is expected that by 2022, the market size of China’s down jacket industry will reach 162.2 billion yuan. Compared with the 30% to 70% penetration rate of down jackets in European and American countries, only 10% of the Chinese market still has great potential.
The imaginative market has attracted more companies and foreign high-end down jacket brands to tap into the market. Major sports brands have also entered the down jacket category, and the down jacket track has become more and more crowded in recent years. Tianyancha data shows that there are currently nearly 65,000 down jacket-related companies in my country. Among them, down jacket-related companies established within the past five years have the largest number, accounting for nearly 60%. Since the beginning of this year, the number of registered down jacket-related companies has exceeded 4,100.
The huge scale of the industry market and the rapid increase in the number of companies entering the industry have also created a diversified competition model. At present, China’s down jacket market can be roughly divided into three categories: international high-end luxury brands represented by Canada Goose and Moncler, which mainly promote high-end products worth more than 10,000 yuan; fast fashion brands represented by Uniqlo, Zara, and Heilan House; and Popular down jacket brands such as Bingjie and Yalu are in the market with a sales price of about 1,000 yuan; the third range is about 1,500 to 3,000 yuan, which is the main battlefield for professional down jacket brands such as Bosideng and domestic mid-to-high-end clothing brands. In addition, the strength of leisure sports brands such as The North Face, Anta, and Li-Ning cannot be underestimated.
Accelerate brand quality improvement
Competition in the market is becoming increasingly fierce, and changes in the industry are also accelerating. Moving towards high-end is the answer given by many down jacket brands in recent years, that is, by improving product quality, while continuously improving channels, marketing and other dimensions, and then supplementing it. Use price increases to create differentiation.
Compared with the dull and heavy “ugly tire man” appearance in the past, which mainly focused on protecting against cold, today’s down jackets pay more attention to the actual improvement of appearance, warmth performance and functionality. The sole function of down jackets has evolved from cold protection and warmth to multi-functional demands such as extreme cold protection, windproof, waterproof and breathable. It has become more fashionable, thinner and more design-oriented. Personalized elements are also constantly emerging, from high-end fashion designs to mix-and-match designs. , artistic designs, to high-street designs favored by young people, various styles emerge in endlessly, and the quality data of down jackets in terms of filling capacity, fluffiness, fabric elasticity, etc. are also greatly promote. This has also transformed down jackets from simple cold-proof products to high-end luxury fashion items, which are considered “very fashionable, very trendy, and very technological.”
The change in perception of down jackets has also attracted more and more young consumer groups. Financial report data shows that the proportion of young consumers under the age of 30 among Bosideng’s online members increased from 16.3% in 2019 to 27.4% in 2020, and reached 43% in the first half of this year.
Young people are willing to spend a lot of money to pay for their favorite down jackets. According to data from Guanyan Tianxia, people aged 25 to 35 have gradually become the main consumer of mid-to-high-end down jackets.
Some industry experts predict that technology, high-end, the rise of domestic products, and design upgrades… with the younger consumer groups and the diversification of consumer demands, will further accelerate the upgrading and iteration of the down jacket industry.
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