From The "Double 11" Shopping Festival, We Can See The Maturity Of Chinese Consumption

Did you stay up late for double 11 yesterday? In this extremely cold Shopping Festival, the main category of clothing in the past years has not been able to continue to create miracles.

Not to mention the past few years when UNIQLO, Adidas, GXG and other brands exploded, even if it was Shuang 11, which was retrogressive last year, there were bright spots such as taipingniao's Omni channel sales exceeding 1 billion in 5 minutes and LiLang's single store breaking 100 million in 3 minutes. What is there this year?

Yesterday morning, in an e-commerce industry discussion group, the number of people in the live broadcast room could only be regarded as the highlight of brand communication, which became the object of ridicule and lament.

We should know that this year's double 11, after the rectification of "one out of two", put an end to the interruption of text messages, and strengthen the transparency of prices, the real discount of major clothing brands is almost unprecedented.

Hailan home, consumption over 600, the top 100 send iPhone 13, the top 2000 send 600 yuan no threshold gift certificate; Youngor is about 2 pieces of 60% off, 4 pieces of 50% off; Buy the first 1000 pieces at 0 yuan, 30% off for 3 pieces and 60% off for 4 pieces

Behind such a considerable discount is a vigorous and vigorous de stocking campaign promoted by clothing brands.

A few years ago, Hailan home due to 10 billion class inventory hot search, to now, A-share clothing boss pressure has not reduced much. By the end of September 2021, the inventory scale of the company was as high as 9.251 billion yuan, an increase of 613 million yuan over the same period of last year, and the proportion of inventory in current assets reached 41.33%.

How serious is the inventory situation of the whole clothing industry? After the mid season of this year, some media counted the data of 88 textile and garment listed companies in a share market, and found that the total inventory size was as high as 97 billion yuan, and their total revenue in the first half of the year was only 113.7 billion yuan. Of course, the estimated data is only the tip of the iceberg. With many giants in the Hong Kong stock market and a large number of unlisted textile and garment enterprises, the actual total inventory may be a very alarming figure.

Zebra consumption combed the inventory situation of mainstream clothing brands (excluding textile raw material suppliers and clothing agents) at the end of the third quarter of 2021, and found that the overall inventory backlog of the industry has not been improved.

The inventory scale or the ratio of current assets of most garment enterprises has increased in the past year. Only a few enterprises such as septenaeus, Dishu fashion and biyinlefen have realized normal inventory optimization. The main reason is that the company is in deep crisis, the production end is nearly stagnant, and the existing stores try to reduce prices to remove inventory.

Hailan house has been controversial for a long time because of its high inventory, but the company has a large plate and can still maintain normal de circulation. The inventory of anzheng fashion is 1.218 billion yuan, accounting for more than 50%. Before, the company's inventory turnover days often reached 200 or 300 days, which has affected the operation efficiency and even directly affected the performance.

Due to the increase of inventory falling price reserves and other reasons, Hailan home made asset impairment losses of 188 million yuan, 127 million yuan, 383 million yuan, 474 million yuan and 569 million yuan respectively from 2016 to 2020, which increasingly endangered the company's market.

It is difficult to solve the inventory problem of the industry, leading to the fatigue of clothing enterprises before 2020, and many enterprises such as Meibang clothing and La chapel are in a storm. Last year, when the impact of the epidemic situation was superimposed, the industry was even more bleak. Although some enterprises have recovered this year, most of them still fail to recover to the situation in 2019. Some enterprises are still in the predicament of continuous decline, and their performance is not as good as that of the same period last year.

In the first three quarters of 2021, the operating revenue of anzheng fashion was 2.210 billion yuan, an increase of 3.13% over the same period of last year. However, the net profit attributable to the parent company decreased by 10.39% to 119 million yuan.

In the clothing sector of a share, there are few companies that have a better living by their main business. The common ground of these companies is that the inventory is properly controlled.

Recently, a number of consumer goods industries are brewing to raise prices, oil, salt, soy sauce and vinegar rise in turn, tofu rises after the price of snacks rises... It is clear that the prices of raw materials in the upstream of clothing industry have also risen, but brands still have to reduce prices to promote inventory.

Maybe your subjective feeling is not so strong, but you can confirm the price fluctuation of clothing from the enterprise financial data: after combing, it is found that in 2020, the average unit price of T-shirt, trousers and shirt of Hailan home's three main products are 58.91 yuan, 131.75 yuan and 114.96 yuan respectively, which is 11.43 yuan, 12.35 yuan and 1.9 yuan less than the average price in 2019.

If we say that the de stocking of clothing industry in recent years is a big escape hunger game, then this year's double 11 was originally regarded as the most important climax. As a result, the contestants were eager to try, but no one won.

The next shopping festival, the major clothing brands can only lower their heads. Whether it can be rationalized means how far and to the end, otherwise it will become the next La chapel or Meibang clothing.