As expected, 2023, as the first year of comprehensive opening up of epidemic prevention and control, people's lives have returned to their initial state, and production and business activities in various industries have also fully returned to normal. In the first quarter of 2023, the economy rebounded and consumption recovered. However, consumption recovery was mostly seen in the fields of catering, tourism, etc. Based on the industry characteristics of high guaranteed quantity, low frequency consumption attributes, and less urgent demand for replacement in the home appliance market, the home appliance market did not cause significant waves. According to the overall data released by AVC, the retail sales volume of China's home appliance market decreased by 3.5 percentage points year-on-year in the first quarter of this year. Despite the market size reaching its peak, the industry still shows a fierce trend of internal competition.
In our summary for the third quarter of last year, we suggested that everyone should also have a way: give ourselves a 45 ° elevation angle, so that we can not only see the direction clearly, but also think about methods, distinguish between "more" and "less", "over" and "lack", and stay clear. However, when we return to the topic of inner scrolls today, what we want to discuss with everyone is - the end of the inner scrolls, meticulously carved. The wind rises at the end of the green duckweed, and the waves become between the small waves. Too many great influences and trends often erupt from the small places. When the industry scale is limited under the dome, we should know how to sharpen our internal skills and fight against external uncertainty with determined competitiveness.
Environmental improvement, industry insiders
In 2023, with the comprehensive opening up of policies, the market environment in China gradually warmed up. The year-on-year GDP growth rate in the first quarter of this year increased to 4.5 percentage points, and in March, the social zero year-on-year growth rate also reached 10.6%. At the same time, we also see a gradual rebound in consumer confidence.
However, the scar effect left by the epidemic continues to erode users' consumption habits, especially with a decrease in investment willingness and an increase in savings tendencies. According to a survey by the central bank, 58.0% of residents tend to "save more" in terms of consumption, savings, and investment intentions, close to 60%. Although this is a decrease of 3.8 percentage points compared to the previous quarter, it still accounts for the majority.
Consumer recovery is more common in areas such as catering and tourism, and the home appliance market has not caused significant waves. According to the overall data released by AVC, the retail sales volume of China's home appliance market decreased by 3.5 percentage points year-on-year in the first quarter of this year. However, it is worth mentioning that March, as a key month for industry scale, saw a year-on-year increase of 0.8 percentage points in industry scale, indicating a good start.