Key takeaways
First of all, we note that the market has shown a significant trend of quality upgrading, with the steady increase in residents' income, the growth of residential quality consumption, especially the year-on-year increase of 4.3% in residential category expenditure, indicating that consumers are willing to invest more in improving the living environment. In addition, as a representative of high-quality kitchen appliances, the market penetration rate of dishwashers is only 4%, compared with more than 50% in Europe, America and Japan, China's dishwasher market has huge growth potential.
In terms of data facts, the size of China's dishwasher market will reach 12 billion yuan in 2023, and the annual penetration rate is expected to increase by 0.5%, which will bring about 2.5 million new increments per year. At the same time, the number of patent applications for domestic dishwasher brands exceeded 2,000, showing the active efforts of domestic brands in technological innovation. In terms of price trend, the demand for quality is obvious, the average transaction price has increased steadily, and the products in the price range of 5000-9000 yuan have become the mainstream of the market.
However, we also faced some challenges, such as the suitability of dishwashers in old kitchens and the lack of consumer awareness of how well they can be washed. These issues require us to think and explore together.
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