Wan Ling is a beautiful little girl. Her most famous in her circle of friends is insomnia. She has insomnia 10 years. Worst of all, she kept her eyes open all night. At first, sleeping pills were useful, but even if the dose was increased, there was no response. Years of insomnia even made her hear voices. She swallowed dozens of sleeping pills in a panic, and this time she was sent to the hospital for gastric lavage, which made her colleagues stay away from her. She doesn't know how to express her pain to others. Frequent insomnia has made her suffer from moderate depression and even made her think of suicide. After being treated by a doctor in Anding Hospital, she was drawn into a group called "Bipolar Disorder Support Group". Only in the group did I find that there are still many young women who often suffer from insomnia like him. Of these 300 people, almost 80% are young women under 30. In fact, women seem to have been dealing with sleep disorders all their lives. During the menstrual period, hormonal changes will affect women's sleep structure. In addition, psychological factors that change with ovarian hormones also affect women's sleep. By menopause, the incidence of emotional disorders in women is twice that of men. At the end of 2020, CCTV's "China's Economic Life Survey" program found that the proportion of insomnia among women was higher than that of men, and 56.44% of women felt less sleep; In terms of age, people aged 36-45 feel that the proportion of sleep loss is the highest. In July, a report published by Dutch researchers showed that after investigating about 1, 654, 38+ millions of Dutch, British and American people by using more than 30 research projects on sleep, it was found that the proportion of women in the insomnia population in these three countries was higher, and the amount of insomnia medication was more than that of men. In a sense, insomnia has become a major social problem, which deserves our attention. The survey results of China Sleep Research Association also show that the incidence of insomnia among adults in China is as high as 38.2%, and more than 300 million people have sleep disorders; The just-released "20021Xilinmen China Sleep Index Report" points out that in 2020, the average national sleep time will be 6.92 hours, and the proportion of people who often suffer from insomnia will increase to 36. 1%, among which the sleep problem of young people is more prominent, with "post-90 s (including post-95 s and post-00 s)" accounting for 60% at 23: 00. Interestingly, because the proportion of insomnia among women is higher than that of men, and most of the financial power in the family is in the hands of women, the spread of insomnia in China society has quietly boosted the development of sleep economy.
1./ Insomnia Women and the Rise of Sleep Economy/
In Wan Ling's group, some young housewives became stay-at-home mothers early, and their methods of coping with insomnia made Wan Ling feel ashamed. One of them is Xiao Xu. Her child just went to kindergarten at the age of three. As long as she had insomnia for more than three days, she came to see a psychologist. At the same time, she began to look for all kinds of bedding in major shopping malls and made a careful comparison. Wan Ling found that this stay-at-home housewife is very familiar with the major bedding brands and the technology and advantages of new products, and her family is the most diligent in changing bedding. Whether it's sheets, quilts, pillows or even mattresses, their family will change parts almost every two or three months. Wan Ling once asked her, but her stay-at-home mother said that she didn't know why she got into the habit of changing bedding whenever she lost sleep. Moreover, she also found that some new bedding brought him a comfortable sleep feeling, which enabled her to quickly overcome the obstacle of insomnia. This stay-at-home mother is also superstitious about bedding brands. The mattress must be happy, the pillow especially likes American bingo, and the four-piece bedding must be Tiffany's. Wan Ling also asked, but the other party's answer made her laugh and cry. The reason is that the other party thinks that these brands of bedding can bring her good luck in sleep. And such behavior is the norm in many families. Interestingly, behind the emergence of social insomnia, the bedding market broke out. This is called sleep economy. Benefiting from the strong consumer demand, the sleep product industry has ushered in a trillion-dollar market growth. In a sense, the particularly hot sleep economy at present is actually driven by the core needs of consumers with poor sleep quality. What they particularly want is also the bedding experience that these manufacturers try their best to satisfy. It is precisely because these feelings are constantly close to the needs of consumers that the sleep economy has gradually become an important part of the upgrading of national consumption. According to the just-released "20021Xilinmen China Sleep Index Report", the market scale of China's sleep products industry will reach more than 400 billion yuan in 20021year. If we follow this growth rate, the whole market will exceed one trillion yuan in 2030. At the same time, the report shows that the number of registered sleep-related enterprises in China has increased significantly in the past five years, and 62% of related enterprises were established within five years. From 20 18 to 2020, there will be more than 1400 sleep-related enterprises registered in China. Where there is demand, there is market. Now, from traditional commodities such as melatonin, sleeping pillows and aromatherapy to sleeping bracelets, insomnia stickers, sleeping sprays and sleeping speakers labeled with "black technology", endless products have opened up a larger imagination space of "sleeping economy". In the group, Wan Ling has seen people discussing various products such as sleeping pillows and sleeping quilts more than once. Some products have big brain holes, which can be made into idols that girls like to sleep with, as well as replaceable lavender essential oil, which can promote sleep from the aspects of vision, taste and feeling. In fact, it has become an explosion on Taobao. It is precisely because of the strong demand that more and more businesses begin to look to this market, and all kinds of unexpected and impossible products emerge one after another. Wanling once tried a "sleeping treasure" that claimed to help you fall asleep in your hand, and the result was average, but it did not prevent this product from occupying the first place in the Tik Tok sub-category. In addition, artificial intelligence has also been moved into this field, and "AI+ sleep" has become the latest mode for people to pursue high-quality sleep. From watches to monitors, various products can recommend various seemingly effective sleep-aiding products through the analysis of users' sleep conditions. This has become a big market that has developed rapidly after the consumption upgrade. Crucially, this series of situations shows that, traditionally regarded as the bedding or sleeping goods of the post-cycle real estate industry, under the background of a series of real estate regulation and control, such as keeping houses, stabilizing land prices, stabilizing housing prices and stabilizing expectations, its various development trends no longer "echo" with the real estate industry.
2 ./ No longer related to the real estate cycle/
Now it is said that the sleep economy has nothing to do with the real estate cycle, which is a new conclusion after the actual situation of China's economic development and the improvement of urbanization rate, and this conclusion is supported by actual data. According to the data released by the National Bureau of Statistics and the Department of Circulation Industry Development of the Ministry of Commerce, the national housing boom index in 20021September was 100.74, which has been declining continuously since February. However, the national building materials home prosperity index (BHI) is gradually rising, reaching 138.63 this month, and the upward trend continues. The gap between the two indexes that were originally synchronized is gradually increasing.
In fact, this is also understandable. The downward trend of China's real estate index is essentially an oversupply at the market level. Coupled with the suppression of speculation by the state and the healthy development of the financial sector, this industry that once boosted the development of the national economy entered the stock market. In terms of urbanization, the urbanization rate of first-tier cities is close to 90%, that of second-tier cities is 75%, and that of third-and fourth-tier cities is 50%-60%. In other words, except for some first-and second-tier cities, most cities have experienced the situation of commercial housing saturation or even surplus. This also shows that the real estate industry has moved from the incremental era of development and sales to the stock era of second-hand housing sales and service operation. It is the outbreak of people's demand for high-quality life, such as the sale of second-hand houses, decoration and secondary decoration, which shows that the market share dominated by improved demand is gradually expanding, replacing the decoration of new houses and becoming the core force leading the growth of home improvement market. This also makes the performance of home furnishing enterprises focusing on the sleep industry generally improve. In fact, when urbanization develops to a certain stage, the sleep economy will inevitably break away from the real estate cycle. Because urbanization has promoted the rapid economic growth, urbanization has entered a virtuous circle of its own development. The last country to fully realize urbanization is the United States. The relationship between the development of market sleep economy and the real estate cycle in the United States can indeed bring certain reference value to all related enterprises. Since 1999, the proportion of new home sales in the United States has been lower than 15%, which is a typical stock market. Mattress sales are mainly driven by the demand of second-hand housing transactions, renting houses and product upgrading. Its mattress market will grow from 1982 to 137 billion US dollars in 2020, with an annual growth of 109 billion US dollars. During this period, except for the bursting of the 200 1 Internet bubble and the subprime mortgage crisis in 2008-2009, other years maintained steady growth.
With the increase of residents' income, the increase of mattress unit price and the shortening of replacement frequency, even though the urbanization rate in the United States is almost unchanged all the year round, the mattress market in the United States can still maintain rapid growth, indicating that the sleep industry with soft furniture such as mattresses as the core is not synchronized with the real estate cycle, and has even completely stepped out of its own independent development path. It should be noted that in 1950, the urbanization rate in the United States was 64%, while in 20 19, the urbanization rate in China was only 60.60%. The 2020 annual report of Xilinmen, the first mattress enterprise in China, shows that in the National Population Development Plan (20 16-2030), China is expected to achieve the goal of 70% urbanization rate of permanent residents in 2030. According to the general law of urbanization development, China is still in the stage of rapid urbanization in the next decade. With the increase of urbanization rate, the air permeability of mattress is expected to be further improved. At the same time, per capita disposable income has also increased rapidly in the past decade. In 20 19, the per capita disposable income in 2020 was 30,733 yuan, exceeding 30,000 yuan for the first time, with an increase of 8.9%. Plus internal circulation, double circulation, poverty alleviation, consumption upgrading and so on. It has also promoted people's pursuit of a better life to a certain extent, brought about further upgrading of mattress consumption and accelerated the frequency of upgrading. In this context, the sleep industry has essentially walked out of a "cycle line" that has nothing to do with the real estate cycle and re-established a new development pattern.
3./ The core of sleep economy is mattress/
In a big way, women actually buy the most bedding. The core expenditure of a family's bedding should be the mattress. This market segment has become the leader of the sleep economy because of its rapid development. According to the 20021Xilinmen China Sleep Index Report, from 2002 to 20 19, the total consumption of mattresses in China increased from 30.6 billion yuan to 76.8 billion yuan (CAGR was 12.2%, about 1 15). In fact, as an exotic product, mattresses were originally introduced by overseas brands such as Shu Da and Simmons. At home, excessive prices bring or limit the market share of overseas brands; However, domestic enterprises start from OEM/ODM and gradually build a localized whole industrial chain. At present, most leading brands, especially Xilinmen, have their own core technologies (such as supporting core technologies, independent pocket spring technologies, etc.). ) and their products can compete with overseas brands. According to ISPA data, China has surpassed the United States to become the largest mattress market in the world, but there is still room for continuous improvement in mattress brand penetration, and the demand for upgrading is constantly released. It is estimated that the mattress market in China is expected to reach 654.38+0036 billion yuan in 2022. In addition, the survey data of Pan Home Network 20 14-20 19 shows that the total number of six domestic brand stores is 5242/8004/ 1 1393, and the total number of foreign brands 3S+ Jin Keer in the same period. Crucially, Xilinmen 16-20 has an average annual net increase of 535 stores, and it is planned to add 800- 1000 stores in 20021year. With the resources of high-quality dealers and the position of high-quality shops in KA stores being seized by big brands, the rise of small brands in the later period will be very difficult. In fact, this means that the existing mattress market has entered the constant mode of the strong. It is no exaggeration to say that in the mattress market, as more and more big brand products are developed and put on the market, consumers' choices will gradually concentrate on these head brands. On the other hand, the rise of sleep economy has brought new opportunities to the mattress market. With people's increasing attention to the quality of sleep and the upgrading of old mattresses, consumers' willingness to replace mattresses, especially comfortable mattresses, has increased. The 20021mattress new consumption trend report shows that the proportion of consumers who have used mattresses at home for more than 10 still reaches 17%, while the mattress replacement cycle in the United States has been shortened to 8 years in 16 years; At the same time, 47% people said that they have decided to change brands or have a purchase plan, and 22.2% people want to change mattresses but have not taken action yet. Coupled with the rise of the national tide and the emergence of new consumption trends, more and more consumers began to consider domestic mattress brands, which laid the groundwork for the outbreak of domestic mattresses.
4./ The leader is happy/
In fact, these domestic brands have gradually adjusted their strategies after the arrival of the national tide, especially the domestic leading brands represented by "China's first mattress" Xilinmen, which constantly seize the share of foreign capital and regional brands with high cost-effective price band (1 0,000-1 0.5 million yuan), of which the online channel is mainly10,000-. Offline stores mainly focus on products of 3000- 15000 yuan, aiming at high-end products of foreign capital and regional brands. Driven by market demand, the mattress industry has also begun to move from manufacturing to intelligent manufacturing. According to public data, as of May, 20021year, among the representative enterprises in China mattress industry, Xilinmen obtained 823 patents, Mousse 4 10 and Dream Lily 106. For example, the smart 1 mattress of the head enterprise Xilinmen has been developed for 9 years. Through intelligent technologies such as air spring, intelligent matching algorithm, sleeping position recognition and induction, the hardness and comfort of the mattress can be adjusted in real time with sleeping position, and the deep sleep time can be increased 17 minutes. According to the market feedback, consumers are buying the technological routes of China enterprises. Benefiting from the rise of sleep economy, mattress industry has become a leading enterprise. Xilinmen, known as "the first mattress listed", has developed extremely rapidly in the past two years. 11On the evening of October 27th, Xilinmen Furniture Co., Ltd. released the third quarter report of 20021. The report shows that in the first three quarters, Xilinmen's operating income was about 5.043 billion yuan, a year-on-year increase of 46.05%; The net profit attributable to shareholders of listed companies was 374 million yuan, a year-on-year increase of 107.47%. Among them, in the third quarter alone, Xilinmen achieved an operating income of about 654.38+93.6 million yuan, a year-on-year increase of 365.438+0.06%; The net profit attributable to shareholders of listed companies was about 65.438+0.56 billion yuan, a year-on-year increase of 654.38+0.3.42%.
In the past five years, Xilinmen's revenue has been rising continuously: from 20 17 to 202 1, which are 31870,000, 421000,000, 4871000,000, 5.623 billion and 504,000 respectively.
Among the evaluation reasons given by China Merchants Securities, Northeast Securities and Huatai Securities, the sustained and rapid growth of Xilinmen's own brand and the continuous improvement of profitability have become the focus of attention. As a leader in the sleep industry, since 20021,Xilinmen's own brand retail business has achieved revenue of 3.2765438 billion yuan, an increase of 85% over the same period in 2020. Among them, offline business was 2.587 billion yuan, an increase of 89% year-on-year; Online business income was 684 million yuan, a year-on-year increase of 70%. Among them, in the third quarter alone, Xilinmen's own brand retail business achieved revenue of 65.438+27.9 billion yuan, a year-on-year increase of 58%. Good products must have a good market, and consumers who pursue sleep economy and sleep comfort are paying more and more attention to the corresponding products of Xilinmen.
With the increase of residents' income and consumption upgrade in recent years, the mattress market is expected to step out of the new market under the situation of rising supply and demand. During the opening of the Double Eleven, the sales of the official flagship store 1 of Xilinmen exceeded 200 million, and the overall sales of JD.COM platform surpassed last year by 1 1. 1 in the first 20 minutes, ranking first in the sales of mattresses in the two major e-commerce platforms, and the soft bed category also achieved a year-on-year growth of 93%.
Finally, in this year's Double Eleven, Xilinmen won the first place in mattress sales of Tmall, JD.COM and Suning, and also won the first place in five sub-categories: electric/intelligent, latex, spring, palm and children. At the same time, its 4Dpro mattress became the first new product with sales exceeding 100 million in Tmall furniture category; In addition, the whole platform sales of double eleven soft beds also exceeded 1 100 million. ...
This is the result of consumers voting with their feet.
These achievements prove that Xilinmen, as a leading enterprise, has been clearly ahead of other enterprises in the industry. Of course, compared with the market share of famous American brands, Xilinmen still has huge room for improvement. At the same time, the increase of consumers' online shopping for mattresses and bedding also shows that the Double Eleven of 202 1 is a shopping festival for everyone to go back to sleep. The rise of sleep economy also indirectly promoted the generation of consumption upgrading. In a sense, consumers, especially female consumers, have shifted their attention from meeting their own survival needs to meeting the needs of comfortable life. Such a change will certainly promote the sleep industry to get an opportunity to upgrade, and the development of the industry can be expected in the future. After all, there is a saying in western economics: whoever fixes a woman will fix the purchasing power of this family.