Sales of 320 million in 3 days! The country's largest down jacket market is booming in the off-season
2024-08-13
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On the hottest days, buy the thickest clothes. This summer, budget-conscious consumers have made "off-season down jackets" a hot topic. According to the WeChat public account "Pinghu Release", the largest and most influential professional down jacket market in China,Pinghu China Garment City sold 1.6 million down jackets in three days, with more than 4,500 merchants going to purchase, and the number of people reaching 2,000 at peak times, with sales reaching 320 million yuan.
Pinghu City, Jiaxing, Zhejiang Province is a famous city for garment manufacturing in China. Its garment products include dozens of varieties in various categories such as down jackets, sportswear, knitted garments, and children's clothing. Among them, down jackets have the most obvious product characteristics. More than 80% of the country's down jackets are produced in Pinghu. Last year, the city's annual shipment of down jackets exceeded 200 million pieces, and its annual sales exceeded 45 billion yuan, a year-on-year increase of 12.5%. Pinghu China Garment City is not only the largest down jacket wholesale market in the local area, but also the largest down jacket professional market in the country, and one of the top 100 comprehensive commodity markets in China. There are more than 2,300 merchants in the clothing city, of which nearly 2,000 sell ready-made down jackets.
"Since 2017, many businesses have started selling off-season items. This year, they have put up discount promotion signs early, and some even put up 'starting from 10% off all items', which has attracted many wholesale buyers. Some businesses also display their products directly to consumers through live streaming and short video marketing." A relevant person in charge of Pinghu China Garment City told reporters on August 12.
On social media and e-commerce platforms, "off-season hot sales" are also hot. On a certain e-commerce platform, many official live broadcast rooms of down jacket brands are marked with the words "off-season promotion"; on a certain social platform, there are more than 500,000 notes about "off-season", most of which involve down jackets, woolen coats, etc.
The reporter noticed that the reason behind buying clothes off-season is the price contrast. "The wholesale price of down jackets is half the price this season. The average purchase price of a piece of clothing during the peak season is 400 yuan, but now it is less than 200 yuan." According to "Chao News", a Hunan merchant made a special trip to Pinghu Garment City in early August to prepare for autumn and winter sales. A boss of Pinghu China Garment City also said that the processing fee of down jackets is low in summer, so he will prepare more off-season goods during this period. He started to enter the "off-season" market in 2020, and he can clear out the off-season stock almost every year before the peak season.
According to the 2024 China Youth Consumption Trend Report released by Beijing News Shell Finance, young consumers have become more cautious and savvy, focusing on cost-effectiveness and actual value, ensuring that every penny can get more valuable enjoyment. According to a research report by Founder Securities, about 75% of consumers have a budget of 200-1,000 yuan for buying down jackets.
In a win-win situation for both buyers and sellers, the June report of the Pinghu China Down Jacket Index shows that the sales volume of off-season down jackets reached a peak that month. 36% of the merchants in Pinghu's clothing city are fully or largely open for business, 43% of the merchants said that the number of new orders has increased, and 33% of the merchants said that downstream sales have increased.
The July report of "Pinghu China Down Jacket Index" shows that the down jacket prosperity index was 104.28 points that month, which was above the boom-bust line. Among them, the development confidence index was 106.06 points and the business conditions index was 102.64 points, both within the boom range. The market survey results show that 43% of the merchants in Pinghu Garment City have increased their order volume that month, and more than half of the merchants have positive confidence in the future market.
However, the summer marketing strategy for down jackets may become a double-edged sword. The index's July briefing pointed out that the off-season live broadcast sales of down jackets has set off a craze, which has gradually changed from clearing inventory to a marketing tool, but the surge in sales in the short term may overdraw consumer demand and impact the autumn and winter market.
The above briefing suggests that the off-season down jacket market is hot recently, and merchants need to clear off-season stocks before the peak season arrives. However, the sales boom during the off-season consumes some of the potential demand in autumn and winter in advance, so merchants need to delve into the field of original design, use unique creativity as a driving force, and increase product added value to stand out in the upcoming peak season.
