In 2023, the impact of the epidemic and its prevention and control will be weakened rapidly, economic production activities will recover, and market order will be restored in an orderly way. At the end of the first quarter, the overall recovery of the home appliance market was slow and weak. The retail sales volume of the home appliance market in 23Q1 was 155.4 billion yuan, down 3.5% year-on-year. The market recovery was U-shaped rather than V-shaped.

Market performance: 2023 Q1 high expectations, high goods and retail weakness coexist

Focusing on the cold market, 2023 started, the enterprise customization is extremely high expectations, the refrigerator category opened earlier than other categories, the sinking market increased by 9.5%, from the perspective of shipment performance. But from the retail side, compared with high expectations and high goods of enterprises, retail does not meet expectations, and it takes time for consumption to recover, according to the total data of Owei cloud network, 23Q1 refrigerator market retail sales of 19.8 billion yuan, a year-on-year growth of 3.3%, the retail volume of 5.99 million units, a year-on-year decrease of -2.1%.

Product structure: The trend of morphological evolution has come to an end, and refrigerator products have entered a slow iteration cycle

At present, the appearance evolution of refrigerator products has entered a slow cycle. In the offline market, the proportion of open door, cross four-door and French multi-door is basically stable, accounting for 25.5%, 32.0% and 28.8% of retail sales respectively, and the retail sales of air-cooled two-three-door products account for 12.9%. The internal door structure of the online market has been changed, with the market share of cross 4 doors rising to 27.0%, the market share of French multi-door products rising to 12.1%, and the share of three and two doors shrinking.

Price performance: The average price on the middle line of the structure has been increased, and the omni-channel high-end has been accelerated

The average price of all channels increased. The offline market is driven by channels, and the average price of each subcategory continues to rise, with an overall average price increase of 5.1%, except for the open market. The average price of the online industry increased in the process of structure adjustment, and the scale of French products expanded, driving the average price of the online industry. From the perspective of high-end performance, the all-channel high-end structure was upgraded. In 23Q1, offline high-end accounted for 37.8% and online high-end accounted for 14.8%. However, due to the influence of online channel attributes, high-end growth slowed down and there was an upper limit.

Volume structure: the proportion of 600L+ continues to expand, and the proportion of embedded large volume is adjusted back

From the perspective of volume structure, the proportion of 600L+ large volume products continues to rise. By 23Q1, the proportion of offline channel large volume is 24.1%, and the proportion of online channel large volume is 12.8%. From the perspective of refrigerator type structure, the volume segment of offline embedded products is adjusted downward, 400-499L brand concentrated efforts, the proportion of expansion; The volume structure of conventional products continued its upward trend, and the proportion of 600L+ under 23Q1 increased to 27.0%.

Forecast for 2023: The refrigerator industry enters the slow lane of development, ushering in a small growth throughout the year

Refrigerator market 2023Q1 retail results did not meet expectations, for Q2, considering that the May Day holiday mainly travel, "618" had a small outbreak last year, is expected to be more pressure this year. In 2022Q4, due to the impact of the release of the epidemic in the same period, the base of the same period is low, and the main growth this year comes from the second half of the year. According to AVC forecast data, the annual retail volume of refrigerator market in 2023 was 30.65 million units, a year-on-year growth of 1.9%, and the retail sales of 97.8 billion yuan, a year-on-year growth of 5.2%.