穿越周期：從家電市場渠道演變看用戶全流程運營

??人均可支配收入:累計實際同比人均消費支出:累計實際同比收入增速-支出增速5045403530252015105社零同比231915117119.1100.7112.894.9家電與音像器材類社零同比88.630-2-5-642.873.1旅游人數(shù)旅游收入-10-15-20-25-10-1435.1元旦春節(jié)五一端午18.5%13.7%16.6%9.8%10.7%10.2%10.2%13.1%12.0%13.4%零售額（億元）同比0.3%7.6%7.8%5.3%5.7%111216.2%4.2%3.9%9.6%1671.3%0.8%7.4%1,6706.5%677.2%118-2.4%-2.1%-0.5%-10.0%4.0%6321.6%3242.3%3.1%183-5.3%-5.2%-6.2%-11.3%-6.7%-1.5%399-2.2%-4.0%26-6.9%635-8.8%81-9.2%323-4.8%76-17.1%-39.9%125158919

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562614543158139彩電空調(diào)冰箱冷柜洗衣機（含套）干衣機（含套）煙灶消洗碗機單功能微蒸烤微蒸烤復(fù)合機集成灶小家電電熱燃熱清潔電器凈化器凈水器電風(fēng)扇電暖器2023F零售額（億元）零售額同比16.6%9.1%214910.5%7.7%9.4%7.4%9997.5%4.8%7.2%3457.3%1985.8%7404.6%5216.6%4.9%80723.5%491.7%1142-7.5%522-8.6%55-10.3%115-15.1%105113757427223826694彩電空調(diào)冰箱冷柜洗衣裝

機干衣裝

機煙灶消洗碗機單功能微蒸烤微蒸烤復(fù)合機集成灶小家電電熱燃熱清潔電器凈化器凈水器電風(fēng)扇電暖器合計含套含套23H1均價（元）均價同34比.9%拼抖快線上其他平臺電商專業(yè)電商下沉渠道超市11.0%8.8%3.6%39483.8%1.8%40382.2%-2.3%2999品牌直營店家居建材渠道百貨店32784555331828732115區(qū)域量販全國連鎖平臺電商

專業(yè)電商大連鎖TOP客戶

線下其他下沉抖音拼多多20192020202120222023(E)2025(E)????55.3%50.9%流量飽和消費者理性多方選擇，多角度比較27.1%22.3%單品牌忠誠度下降注意力粉末化流量失效信息過載品牌失效23.3%12.7%4.7%3.2%忠誠于品牌群組0.3%0.2%多方入池1-10類11-20類21-30類2018-0930-40類40類以上2019-09高端占比同比增幅80%60%40%20%0%2020零售額同比2021零售額同比9.5%6.1%3.8%2.2%

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20.0%北京南京德基廣場北京國貿(mào)商城上海國金中心上海恒隆廣場武漢武商摩爾城深圳萬象城杭州大廈成都廣州太古匯成都遠(yuǎn)洋太古里長沙西安沈陽萬象城杭州濱湖銀泰鄭州丹尼斯大衛(wèi)城杭州萬象城青島海信廣場廈門萬象城上海恒隆港匯廣場上海環(huán)貿(mào)南寧萬象城重慶萬象城彩電冰箱冰柜洗衣機獨立式干衣機空調(diào)油煙機燃?xì)庠钕赐霗C集成灶電儲水熱水器燃?xì)鉄崴餍〖译妰艋鲀羲鲯叩貦C器人清潔中心洗護中心…解決方案全屋用烹飪中水心空氣管理中心娛樂中心???彩電線上零售均價（元）均價同比25.9%冰箱線上零售均價（元）均價同比13.0%空調(diào)線上零售均價（元）均價同比1.4%1.9%7.4%10.0%-6.0%3.1%0.5%11.2%1.0%-10.2%8.0%2.1%-11.9%5.2%6.1%9.3%5.9%-7.2%-7.1%14.1%3.3%2.1%-13.5%

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