China's economy remains at a high level, and the huge consumption potential has become fertile ground for the development of high-end consumption

Since the outbreak of the epidemic at the beginning of last year, China's economy has been able to maintain a growth momentum, which is unique among the world's major economies. The National Bureau of Statistics announced that according to preliminary calculations, the gross domestic product in the first three quarters was 82,313.1 billion yuan, an increase of 9.8% year-on-year at comparable prices, and an average growth of 5.2% in the two years.

Benefiting from the continuous high-level operation of the economy, the consumption power of Chinese people has also been further demonstrated. In the first three quarters of 2021, the total retail sales of consumer goods was 31.8057 trillion yuan, a year-on-year increase of 16.4%. Not only has the total consumption increased further, but with the increase in national disposable income and the continuous expansion of the middle-income group, consumption preferences are changing significantly, and people are more willing to pay a premium for high-end consumer goods and better service experience. According to data from Bain & Company, the global luxury goods market will shrink by 23% this year, but luxury consumption in China will rise by 48% against the trend, reaching 346 billion yuan.

As one of the main parts of social consumer goods, home appliances and consumer electronic products also show a high-end trend. In AWE, this change is very obvious. Whether it is the first foreign high-end brands such as Gaggenau and Miele to join AWE2021, or the continuous expansion of local high-end brands such as Casarte and COLMO, many high-end products and personalized, customized Smarter living solutions are bearing fruit on AWE.

What's more worth mentioning is that Miele, which debuted at AWE in 2021, will continue to participate in AWE2022 and expand its booth area to 1,125 square meters, which is three times that of the previous one. At the same time, the high-end products represented by Miele have won the April Award, which is known as the "Oscar" in the field of global smart life, which is enough to show the full affirmation of the Chinese market and consumers.

The involution of the home appliance stock market has intensified, and the high-end field has become the main driving force for further growth

The rise of live streaming has transformed the home appliance industry from consumer access to consumption upgrades, thereby intensifying the involution of the home appliance stock market. The recent exposure of Li Jiaqi and Wei Ya's live broadcast studio has shocked many netizens with a single-day sales of over 10 billion. With the boom in live streaming, traditional retail giants such as JD.com, Suning, and Gome, as well as emerging social e-commerce companies such as Douyin and Kuaishou, have stepped up their efforts to sink into the market, and home appliance products have achieved consumer reach from scratch in third- and fourth-tier cities and rural consumer markets. After that, the industry as a whole moved towards consumption upgrading.

2021 is the first year that my country has entered a well-off society in an all-round way. With the improvement of living standards, people's demand for household appliances consumption has changed from "subsistence consumption" that meets basic functions to "quality consumption" from appearance to function to brand. Change, the term cost-effective is no longer the first priority when people buy home appliances and consumer electronics.

As "Millennials" and post-95s "Generation Z" have become the main groups of social consumption, the preference for value-based consumption has made the high-end market a new cake for the top home appliance companies to break through the stock market. Become the main driving force to promote the brand's re-growth.

In the first half of 2021, the retail sales of 8K TVs will increase by more than 500% year-on-year; the retail sales of high-end refrigerators above 10,000 yuan will increase by more than 50% year-on-year; kitchen appliances will move from single function to integrated and intelligent; dishwashers, washing machines, Emerging sub-categories such as smart toilets maintain high growth... The improvement of quality of life brought by high-end home appliances is being recognized by more consumers.

AWE welcomes many foreign high-end brands to join, demonstrating the value of the platform

In the context of the slow growth of the overall home appliance market, the sudden emergence of the high-end market has made many home appliance and consumer electronics companies want to take a share of the pie. As a result, traditional home appliance companies have deployed in the high-end field, from the birth of high-end sub-brands such as Haier's Casarte and Tri-wing Bird, Midea's COLMO, TCL's XESS, etc., to the overseas mergers and acquisitions of Chinese companies such as Skyworth's Metz and Hisense's Hitachi. Domestic home appliance giants have accelerated their high-end transformation through different paths.

For foreign brands that were originally positioned as high-end, the continuous segmentation and growth of China's high-end market is the opportunity for them to enter. At the same time, whether it is a foreign high-end brand that covets to open the Chinese market or a local high-end brand that is looking forward to going overseas, the voice of the AWE platform is a must-choice path.

Xu Dongsheng, vice chairman of the China Household Electrical Appliances Association, once said at the launch conference of AWE2022 that the AWE exhibition, which is backed by the massive market of China's home appliances and consumer electronics, and has a global vision and influence, is the best way for Chinese enterprises to go global and develop overseas. It is also an important platform for the international home appliance and consumer electronics industry to serve the Chinese market, radiate the Asia-Pacific market, and even lead the global market.

The continuous increase of foreign brands is a manifestation of the importance of AWE as an international stage for the exchange and demonstration of intelligent manufacturing technology. The addition of international big names has accelerated the process of AWE's globalization and high-endization, taking a step ahead in the international home appliance and consumer electronics exhibitions where the epidemic is normalized. Brands effectively use the largest professional audience, channels and media resources gathered by AWE to speak widely, which brings great promotion and help to their brand image exposure, product experience cognition, channel expansion and opportunity cooperation.