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Bathroom Briefing: 2023 the first half of the renovation market smart home supporting a year-on-year decline of 36.8%

Although the market involution has been the reality, but can choose to do well in itself, focus on professional to do products, the track to find the right, refined to analyse. Brand positioning should constantly make changes according to the current market demand. And digital marketing is the future of the main board, in the terminal shops to do digital marketing, in order to make the customer experience stronger.

The overall bathroom is an important product direction, how to make products to meet the needs of different user groups need to do a lot of basic research, but also need the joint efforts of the whole industry.

August 15 the central bank announced that the same day to carry out 204 billion yuan 7-day open market reverse repurchase operation and 401 billion yuan 1-year medium-term lending facility (MLF) operation, the winning rate of 1.80%, 2.50%, compared with the last time, respectively, down 10 BP, 15 BP, the policy interest rate cuts once again start. The rate cut is another rate cut after the policy rate cut in June this year. After two interest rate cuts, this year’s 7-day reverse repo rate and one-year MLF rate were cut by 20BP and 25BP, and the interest rate cut has exceeded 20BP in 2021, but is lower than 30BP in 2020, showing the urgency of stabilising the economy this year.

On 15 August, Tubaboo Big Data Research Institute released the 2023 Decoration Consumption Insight Report (hereinafter referred to as the “Report”), which comprehensively explains the latest changes in the field of decoration consumption by focusing on the new trends in the decoration industry, user consumption behaviours, and the heat of decoration in cities, among other dimensions.

According to the data, the renovation market warmed up in the first half of 2023, with the number of new leads on Tubaboo’s platform increasing by 166% and the number of projects in demand increasing by 56% compared to the same period last year, confirming that the demand for renovation delayed due to special circumstances is gradually being released.

The report shows that the proportion of owners with a basic renovation budget of 50,000~120,000 is 60%, ranking first, and the proportion of those under 5w is nearly 20%, ranking second. Industry insiders analysed that the proportion of users with a budget of less than 5w has increased because the current market is still mainly dominated by stock houses, and there is a strong demand for bureau changes in kitchens, bathrooms and other spaces.

In the first half of 2023, the number of demands for bureau change projects on the Tubaboo platform increased by 206% year-on-year and 27% sequentially, while the number of demands for micro-decoration projects on the platform increased by 177% year-on-year and 136% sequentially. Experts said that as the real estate market enters the era of inventory housing, the urban renewal model centred on “renovation of old buildings and upgrading of inventory” has become mainstream, and the renovation of old houses has brought huge opportunities for the development of the home furnishing market, while the bureau change and micro-decoration is a way for users to start with less capital in the renovation of old houses.

In terms of user’s choice of decoration style, more than 66% of users will choose modern minimalist style, light luxury style “beat” Chinese style and Scandinavian style, jumped to become the second favorite decoration style list.

The relevant person in charge of Tubaboo said that users choose the minimalist style, one because this style can be adjusted later in the space is larger, and the second is because compared to other styles, modern minimalist style can be decorated with fewer costs out of a better style, cost-effective.

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On 15 August, the 52nd China National Expo (Shanghai) news conference was held successfully, while announcing the launch of the “Home Renewal Consumption Season” to help the home furnishings industry to renew consumption. It is understood that the current China National Expo (Shanghai) will be held from September 5 to 8 in Shanghai Hongqiao – National Convention and Exhibition Centre. The total scale of the exhibition reaches 340,000 square metres, bringing together more than 1,500 exhibitors, to renew consumer vitality, renew home themes, renew four sub-exhibition, renew internal and external circulation as the engine, for consumers to offer a wonderful new experience of home. For the first time, the exhibition will also set up a “Public Consumption Day”, with 100 exhibitors selected to participate in the Home Renewal Consumption Festival for sleep, sofas, soft furnishings, outdoor furniture and other exhibitors to create a display room for hundreds of thousands of new home products.

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Post time: Aug-21-2023