中国消费电子产品零售商调研报告2012 英文版 China Retail Market Resear

ChinaRetailerResearchSeptember2012Trends&UpdatesLevinConsultingConfidentialforPolaroid2September2012MarketTrends&UpdatesHighlightsA.RealretailsalesgrowthabatedB.Topretailplayersin2011C.OnlineretailingisgrowingrapidlyD.SpecialtystoresgrowfastE.ThedevelopmentofprivatelabelsareproprietarybrandsF.IntegrationofonlineandofflineG.BrandbuildingiscrucialH.LogisticsbottlenecksI.RetailerssetupownlogisticsfacilitiesJ.Poorretailer-supplierrelationshipK.MarginsqueezedLevinConsultingConfidentialforPolaroid3September2012A.Realretailsalesgrowthabated(1)Retailsalesofcommoditiesreached4,389.2billionYuan,upnominallyby15.0%YOYin1Q12;whiletheretailsalesofthecateringindustrygrewnominallyby13.3%YOYtoreach542.7billionYuanAmongvariouscommodities,salesoftelecommunicationequipmentachievedthemostimpressivegrowthof43.4%YOYin1Q12.Thegrowthofsalesofhomeappliancesandvideoequipmentwitnessedsignificantdecelerationfrom21.6%YOYinFY11to0.6%YOYin1Q12.Thiswaslargelyattributabletothecoolingdownofthehousingmarketandthegradualwithdrawalofgovernment’ssubsidyprogramforhomeappliancesintheruralmarket.Otherhousing-relateditemsalsosawslowersalesgrowththaninFY11.LevinConsultingConfidentialforPolaroid4September2012A.Realretailsalesgrowthabated(2)Retailsalesareprimarilydrivenbyurbanpopulation,whichaccountedfor86.6%ofthetotalretailsalesin2011.Urbanretailsalesincreasednominallyby14.9%YOYto4,268.8billionYuanin1Q12;ruralretailsalesroseby14.6%YOYto663.1billionYuan.Increasedspendingpoweroftheurbanhouseholdshasbeenapositivedriverforurbanconsumption.Thepercapitadisposableincomeofurbanhouseholdsreached21,810Yuanin2011,upby14.1%YOYinnominaltermsandwas2.8percentagepointshigherthanin2010.Thepercapitanetincomeofruralhouseholdsamountedto6,977Yuanin2011.LevinConsultingConfidentialforPolaroid5September2012B.Topretailplayersin2011(1)Top10chainretailersrankedbytotalretailsalesin2011LevinConsultingConfidentialforPolaroid6September2012B.Topretailplayersin2011(2)AmongtheTop100s,departmentstoreoperatorshadthelargestaverageoperatingareasandgeneratedthehighestaverageretailsalesperstorein2011.Conveniencestoreoperators,ontheotherhand,hadthehighestgrossmarginandaveragesalespersquaremeter.Amongthevariousretailformats,grossmarginofhypermarketswasthelowest.Hypermarketswillseektoincreasemarginbyshrinkingthesizeofstoresorrelocatingtoremoteareas.LevinConsultingConfidentialforPolaroid7September2012B.Topretailplayersin2011(3)In2011,79oftheTop100retailchainsweredomesticcompanies.Mostdomesticretailersfocustheoperationsinsingleprovince,exceptforafewhomeelectronicsplayerssuchasSuningandGome.DomesticretailerssuchasChongqingCommerce,DalianDashangGroupandShandongCommercialfocustheiroperationsinrespectiveregionalmarkets,whichcanbeattributabletohugeregionaldifferencesinconsumertastes,supplychaincomplexitiesandrelianceonlocalgovernmentsupport.Domesticplayersaregraduallymovingupthevalueladder.Theyarenowputtingmoreeffortsinbrandbuildingandareeagertoprovidebettercustomerservices.Somestoreoperatorshaverevampedtheiroperationformatsandrearrangedtheirtenantmixtoattractmorecustomerfootfalls.Someareinvestingtoimprovesupplychainmanagement.Theyareincreasinglycompetitiveinresponsetothestrongforeigncounterparts.LevinConsultingConfidentialforPolaroid8September2012B.Topretailplayersin2011(4)In2011,therewere21foreignenterprisesintheTop100list,ofwhichRTMartrankedthehighest,followedbyCarrefourandYum!BrandsandWal-Mart.Foreignchainoperatorsaccountedfor23.68%ofthetotalretailsalesin2011,upfrom21.8%in2010.ForeignenterprisestendtoadoptamorefocusedapproachintheiroperationsinChina.Theyareparticularlyinterestedinoperatinginthehypermarketandsupermarketformats.DespitehavingmoreextensivefootprintsinChina,foreignenterprisesfallbehindtheirdomesticrivalsintermsofabsolutenumberofstores.Foreignretailoperatorswhichoriginallyentrenchedthemselvesintieroneandtwocities,arenowspreadingtheirwingstothehinterland.LevinConsultingConfidentialforPolaroid9September2012C.Onlineretailingisgrowingrapidly(1)China’sonlineretailmarkethasbeengrowingfast.AccordingtoiResearch,thetransactionvalueofChina’sonlineretailmarketwasupby67.8%YOYtoreach773.6billionYuanin2011,accountingfor4.3%ofthetotalretailsalesinChina.ItisexpectedthatthemarketsizeoftheonlineretailmarketinChinawillexceedJapanin2012,andevenovertaketheUnitedStatestobecomethelargestonlineretailmarketintheworldby2013.TheburgeoningpopulationofInternetusersisoneofthemajordriversofChina’sonlineretailmarket.ThepopulationofInternetusersinChinareached513milliontowardtheendof2011,withapenetrationrateof38.3%.Thenumberofonlineshoppersincreasedby26.4%YOYtoreach187milliontowardtheendof2011,accountingfor36.5%ofChina’sInternetpopulation.AccordingtoiResearch,theaverageonlinespendingperpersonin2011wasaround4,137Yuan,upby32.8%YOY.LevinConsultingConfidentialforPolaroid10September2012C.Onlineretailingisgrowingrapidly(2)Atthemoment,themajorityofthetoponlineretailplayersinChinaarestillpure-clickplayers.Top10B2Conlineretailplayersrankedbytransactionvaluein2011.LevinConsultingConfidentialforPolaroid11