Technology, high-end, the rise of domestic products, design upgrades...
Down jacket industry accelerates upgrade iteration
Our reporter Yang Ranran
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In recent years, the unit price of down jacket sales in my country has been rising all the way, but the market hasn't been reduced in the slightest, and the industry has gradually stepped out of the low-end price competition stage.
Market competition is becoming increasingly fierce, and changes in the industry are also accelerating.
Not long ago, the latest financial report released by Bosideng, the head company of domestic down jackets, showed that in the six months as of the end of September, Bosideng achieved 5.389 billion yuan in revenue, 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. Compared with last year's version 1.0, the price increased by nearly 30%.
As soon as the price was announced, it once again triggered heated discussions among the industry and consumers.
In recent years, the unit price of down jacket sales in my country has risen all the way, but the price increase has not reduced the market's enthusiasm in the slightest.
Industry insiders believe that with the continuous innovation and progress of down jacket design, technology, and technology, consumers no longer demand product prices. 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 market. The stage of low-end price competition is moving towards quality and high-end.
The price rise is "fierce"
In the autumn and winter seasons of each year, cold-preventing equipment has become a popular consumer, and down jackets have ushered in the peak sales season.
On December 11, the reporter saw on the women's clothing floor of Beijing New World Shopping Center that down jackets with a price of more than 5,000 yuan are not uncommon. Most of them are priced between 2,000 and 3,000 yuan. Only in some girls' leisure brand shops, they can see below 2,000 yuan. Down jacket.
On online shopping platforms, the prices of down jackets in some Internet celebrity stores have also exceeded 500 yuan, and down jackets of 700 to 900 yuan are very common.
According to store sales personnel, compared to five or six years ago, the price of down jackets was between 500 and 800 yuan. In the past two to three years, the price of down jackets has risen fiercely, and consumers’ acceptance of mid-to-high-end products is also increasing. .
A few years ago, overseas down jacket brands such as Moncler and CanadaGoose broke into the Chinese market with a "light luxury" attitude. The price of several thousand yuan or even tens of thousands of yuan has given domestic consumers a new understanding of the price of down jackets.
Subsequently, more and more domestically-made down jackets also increased their prices accordingly.
Take Bosideng as an example. In 2018, the average price of the company's down jackets was between 700 and 800 yuan; in 2019, it reached 1,100 to 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.
According to industry analysts, the cost of down jacket filling materials, goose down and duck down, has been on the rise in recent years. The increase in labor costs and corporate marketing costs have also driven up the price of down jacket products.
In addition, in the context of consumption upgrades, the general public is in demand for more fashionable and high-quality down jacket products.
Under the influence of these comprehensive factors, more and more down jackets are at high prices.
The market is getting hotter
It is worth noting that price increases have not curbed the growth of consumption, but the down jacket market has become more and more popular.
Public data shows that in 2020, the sales volume of down jackets of key large-scale retail enterprises across the country increased by 15.1% year-on-year.
In this year's "Double 11", Bosideng's omni-channel sales of down jackets surpassed 2.18 billion yuan, ranking first among men's and women's clothing on Tmall China.
Since its launch this year, the company’s new windbreaker and down jacket with a maximum price of 6,690 yuan has sold more than 10 million yuan in one hour, and sold more than 1,600 pieces in a single 24-hour period. Single product sales TOP1.
According to the "Analysis Report on China's Down Clothing Market in 2020", it is estimated that by 2022, the market size of China's down clothing 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 is still promising.
The imaginative market has attracted more companies and foreign high-end down jacket brands to come to the Nuggets. Major sports brands have also entered the down jacket category, and the down jacket track has become more and more crowded in recent years.
According to data from Tianyan Check, there are currently nearly 65,000 down jacket-related companies in my country.
Among them, the number of down jacket-related companies established in the past 5 years is the largest, accounting for nearly 60%.
Since the beginning of this year, the number of registered enterprises related to down jackets has exceeded 4,100.
The large scale of the industry market, coupled with the rapid increase in the number of settled companies, has also created a diversified competitive model.
At present, China's down jacket market can be roughly divided into three segments: international high-end luxury brands represented by Canada Goose and Moncler, which mainly promote high-end products above 10,000 yuan; fast fashion brands represented by Uniqlo, Zara, and Hailan Home; and Bingjie, Yalu and other popular down jacket brands are in the market with a market 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 high-end clothing brands.
In addition, the strength of leisure sports brands such as The North Face, Anta, and Li Ning cannot be underestimated.
Brand acceleration
Market competition is becoming more and more fierce, and changes in the industry are accelerating. The move to high-end is the answer given by many down jacket brands in recent years, that is, by improving product quality, and at the same time, in the dimensions of channels and marketing, supplemented by rising Price to form differentiation.
Compared with the dull and heavy "ugly tire man" shape in the past, which was mainly used for cold protection, nowadays down jackets pay more attention to the actual improvement of appearance style, warmth performance, and functionality.
Down jackets have evolved from a single cold-proof and warm-keeping to extreme cold-proof, wind-proof, waterproof, breathable and other multi-functional demands, becoming more fashionable, thinner, more design, and personalized elements continue to appear, from high-end fashion design to mix-and-match design , Artistic design, and then to the high-street design that young people like, various styles are emerging one after another, and the quality data of down jackets such as filling amount, bulkiness, fabric elasticity, etc. have also been greatly improved.
This has also transformed the down jacket from a purely warm product to a high-luxury fashion item, which is regarded as "very fashionable, trendy, and technological."
The change in cognition 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 has 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 pay a lot of money for the down jacket they like.
According to the data of Guanyan Tianxia, people aged 25 to 35 have gradually become the main consumer of mid-to-high-end down jackets.
Experts in the industry predict that technology, high-end, the rise of domestic products, and design upgrades...With the younger generation of consumer groups and the diversification of consumer demand, it will further accelerate the upgrading and iteration of the down apparel industry.