New demand stimulates the qualitative change of kitchen household appliances industry

For the kitchen household appliance industry, 2022 should have been the "callback year", but due to the impact of the external environment, the market scale trend callback strength is not satisfactory. According to the annual report of small kitchen appliances on Ovi Cloud, in 2022, the retail sales of small kitchen appliances (rice cookers, induction cookers, electric pressure cookers, soymilk machines, wall-breakers, blenders, juicers, electric kettles, fryers, health care pots, electric steam cookers, desktop single-function ovens, and air fryers) totaled 52. 3 billion yuan in 13 categories, down 6.7% year on year; The retail volume was 22.049 million units, down 12.7% year on year. Among them, online retail sales amounted to 38.6 billion yuan, down 2.9% year on year; The retail sales in the offline market were 13.43 billion yuan, down 16.0% year on year. In addition, Tiktok channel sales reached 5.74 billion yuan, accounting for 17.6% online.

The average retail price has increased significantly

From the perspective of retail sales, the market continues to show a downward trend, but for the small kitchen appliances industry, which has been rated as low unit price and low threshold in the past, qualitative changes have taken place. The annual report shows that from the demand side, consumers have changed from 0 to 1 in the past to 1 to 2 in demand, and consumers' willingness to pay a reasonable premium for higher quality goods is quietly increasing. From the brand side, under the background of generally depressed consumption environment, it is necessary for the brand to push the new stimulus renewal iteration from the supply side. Driven by both directions, kitchen appliances still have many qualitative changes this year.

According to the channel statistics of Ovi Cloud, the average online retail price of small kitchen appliances in 2022 will be 201 yuan, up 9.7% year on year, and the average offline retail price will be 465 yuan, up 4.5% year on year.

In 2022, the most popular products in the kitchen household appliances market are multi-functional products with strong practicability, which are easy to store and save space, such as multi-functional electric steamers, air fryers, etc. According to the data of Ovi Cloud, the retail sales of air fryers in 2022 will be 6.04 billion yuan, up 46.9% year on year; The retail sales of electric steamers reached 1.16 billion yuan, up 54.3% year on year. Both of these products are multifunctional products.

Product integration and multi-function

Data shows that the online retail sales of Tiktok platform will account for 17.6% in 2022. From the perspective of consecutive months, the market share will increase slightly. Whether it is Tiktok channel or other emerging channels, sales are made through short videos, live seeding and grass planting, which greatly helps the use of small kitchen appliances in secondary demand. The number of customers in offline stores is gradually decreasing, and the opportunity of using functions of emerging products to transmit to consumers is decreasing. The emergence of emerging channels can better solve this pain point.

With the reduction of housing costs, people gradually prefer houses with small space and high utilization rate, so small multifunctional household appliances with small size have become an important demand of consumers. The layout of traditional Chinese houses advocates "big living room and small kitchen". The small kitchen area has become a constraint for the continuous increase in the number of small household appliances in the kitchen. From the product side, there has been a multi-functional pot integrating electric steamer, electric grill, air fryer, electric hot pot, steam oven and fryer on the market.

"Quantitative change produces qualitative change". The kitchen appliance industry has quietly undergone qualitative change in the context of relatively low consumption. In order to meet the new needs of consumers, the brand will face more and more opportunities and challenges this year.