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China Mattress Industry Market Status Analysis

hya hya.com 2018-06-25 15:07:56
China Mattress Industry Market Status Analysis

Since 2002, China's real estate industry has entered a stage of rapid development. The demand for renovation of stocks has gradually increased, and the proportion of mattress replacement during the general secondary renovation is relatively high. 

Secondary decoration is expected to become the core driving force for mid-term mattress demand. We assume that the housing will enter the refurbishment period after it is completed in ten years, and it is assumed that the renovation will be completed within three years. Based on this, it is expected that the demand for mattresses driven by the second renovation will achieve an average annual growth of 10.4% between 2017 and 2022. According to data from the National Bureau of Statistics, the number of permanent residents in urban areas in 2016 was 790 million, 2.86 per capita, and there were approximately 280 million households in the country. 

Assuming that there were 1 house per household, there were about 280 million units of stock house, and the stock was 10 years. In the renovation cycle, nearly 10% of the stocks need to be renovated each year, which is equivalent to 28 million units, and each household is refurbished to 2 mattresses. The incremental demand for renovation-driven mattresses is 56 million.

According to the National Bureau of Statistics, in 2016, China’s disposable income per capita reached a level of RMB 23,821. In the context of consumer upgrades, compared with other consumer products, the demand for mattresses is more focused on functional attributes, and the automation of the production process is relatively high. The product design is relatively standardized, and the scale effect of large companies is more obvious. Therefore, we believe that The mat is a smoother category for the improvement of the degree of concentration in the home industry, and it is also more resilient to the property cycle in the home area. For mature markets that started earlier, mattress market concentration has been comparable to home appliances. Take the United States as an example. In the early 1990s, the US mattress industry CR4 reached 45%. In 2014, the United States CR5 reached 87%. According to the data, China's mattress industry CR8 in 2014 was only 14.9%, which was higher than in 2009. 3.7 percentage points, but there are still gaps compared with developed countries.

From the perspective of market space, mattress consumption in China increased from US$676 million in 2002 to US$6.8 billion in 2014 at an ex-factory price, with an average compound annual growth rate of 21.2%. In 2015, mattress industry consumption was US$7.2 billion. , year-on-year growth of 6%, the industry ( Stichbond polyester fabric manufacturer ) slowed down significantly. In terms of store layout, according to the market research conducted in 2014 on well-known enterprises in the mattress industry in China, the number of stores in the country is Muse, which is approximately 2,100 stores; followed by Sui Bao, which is approximately 1,630; ranking third The number of stores in Yalan is 987; the number of Xilinmen stores in 2014 was 967 (according to the company's annual report for 2015, it was 1,250 as of the third quarter of 2017).