穿越周期：从家电市场渠道演变看用户全流程运营

••人均可支配收入:累计实际同比人均消费支出:累计实际同比收入增速-支出增速5045403530252015105社零同比231915117119.1100.7112.894.9家电与音像器材类社零同比88.630-2-5-642.873.1旅游人数旅游收入-10-15-20-25-10-1435.1元旦春节五一端午18.5%13.7%16.6%9.8%10.7%10.2%10.2%13.1%12.0%13.4%零售额（亿元）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彩电空调冰箱冷柜洗衣机（含套）干衣机（含套）烟灶消洗碗机单功能微蒸烤微蒸烤复合机集成灶小家电电热燃热清洁电器净化器净水器电风扇电暖器2023F零售额（亿元）零售额同比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彩电空调冰箱冷柜洗衣装

机干衣装

机烟灶消洗碗机单功能微蒸烤微蒸烤复合机集成灶小家电电热燃热清洁电器净化器净水器电风扇电暖器合计含套含套23H1均价（元）均价同34比.9%拼抖快线上其他平台电商专业电商下沉渠道超市11.0%8.8%3.6%39483.8%1.8%40382.2%-2.3%2999品牌直营店家居建材渠道百货店32784555331828732115区域量贩全国连锁平台电商

专业电商大连锁TOP客户

线下其他下沉抖音拼多多20192020202120222023(E)2025(E)••••55.3%50.9%流量饱和消费者理性多方选择，多角度比较27.1%22.3%单品牌忠诚度下降注意力粉末化流量失效信息过载品牌失效23.3%12.7%4.7%3.2%忠诚于品牌群组0.3%0.2%多方入池1-10类11-20类21-30类2018-0930-40类40类以上2019-09高端占比同比增幅80%60%40%20%0%2020零售额同比2021零售额同比9.5%6.1%3.8%2.2%

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-0.5%-3.3%-2.3%-20%-41.4%21.8%

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34.8%

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20.0%北京南京德基广场北京国贸商城上海国金中心上海恒隆广场武汉武商摩尔城深圳万象城杭州大厦成都广州太古汇成都远洋太古里长沙西安沈阳万象城杭州滨湖银泰郑州丹尼斯大卫城杭州万象城青岛海信广场厦门万象城上海恒隆港汇广场上海环贸南宁万象城重庆万象城彩电冰箱冰柜洗衣机独立式干衣机空调油烟机燃气灶洗碗机集成灶电储水热水器燃气热水器小家电净化器净水器扫地机器人清洁中心洗护中心…解决方案全屋用烹饪中水心空气管理中心娱乐中心•••彩电线上零售均价（元）均价同比25.9%冰箱线上零售均价（元）均价同比13.0%空调线上零售均价（元）均价同比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%

-13.3%-10.8%2855201428842015259020162797201724192018209720192140202026942021237520222537272920142434201525832016282220172989201827752019257720202941202130392022311017032014172720151760201618902017207920181955201920162020227920212289202224352023H12023H12023H1彩电线下零售均价（元）均价同比空调线下零售均价（元）均价同比冰箱线下零售均价（元）均价同比15.7%11.9%3.9%3.5%9.1%9.8%1.2%6.7%4.5%5.4%-5.1%14.5%-3.6%-2.9%3.7%28.6%8.3%4.7%-4.9%3.3%8.4%3.4%-5.4%-5.6%5.3%5.3%2.3%3367201435482015336720163856201737172018360920193741202048122021521120225361359320143417201535292016382520173956201837422019353020203716202139122022400328012014291020153013201632872017361120183655201938992020451320215049202253822023H12023H12023H1变化-1%+9%+1%持平-3%-1%-2%-3%23年排名21年排名功能需要愉悦自己55%1234567815324678省心省力42%36%36%30%21%15%11%非常感兴趣比较感兴趣一般感兴趣暂时不确定47.444.4显示品味/个性就产品损坏/淘汰他人推荐健康空调74.9%73.0%售后简单品质保障保鲜冰箱除菌洗衣机干衣机68.1%65.1%61.0%整装净水机空气新风系统猎奇尝鲜/紧跟潮流送礼/送人美容及个人护理类（吹风机、电动牙刷、洗脸…38.7%37.5%36.4%7.8风格统一场景体验热水器吸尘器颈部按摩仪蒸烤箱31.2%22.5%0.5冲动购买其他1.2%连续年度线下嵌入式冰箱零售额规模占比走势28.0%零售额（亿元）同比线上市场线下市场线上线下线上线下24.7%167.4%77%76%17.9%11.9%19.1%66%65%4.4%6.8%18.1%24%19%14%9%2021H1

2021H2

2022H1

2022H2

2023H114.7%68.8%

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