In a recent analysis, Qin Zhanxue, the executive vice president of the China Building Materials Circulation Association, highlighted the challenges faced by the building materials and home furnishings sector. He noted that in December last year, the Building Materials Home Index (BHI) followed a similar trend to November, as major markets entered their seasonal slowdown. During this off-peak period, retailers often rely on holiday promotions as a key marketing strategy to maintain customer engagement and prepare for the upcoming year.
At the start of the year, many stores launched aggressive discount campaigns not necessarily to maximize profit but to build customer loyalty and gain a stronger foothold in the market. This approach reflects a shift in focus from short-term gains to long-term growth and brand retention.
According to data released by the China Building Materials Circulation Association, the BHI for December 2012 stood at 106.48, marking a 3.32% drop from the previous month and a 0.72% decline compared to the same period in 2011. Sales for the month reached 100.6 billion yuan, down 5.92% from the prior month. Annually, total sales fell by 2.46%, reaching 1,246.7 billion yuan in 2012.
Qin Zhanxue pointed out that over the past few years, the real estate market's rapid growth led to a surge in competition among home furnishing chains. Many companies engaged in "land battles" by expanding aggressively into major cities across the country. However, this rapid expansion has now led to significant challenges.
"The current downturn in the building materials market is not only due to the real estate sector's slowdown but also the result of excessive and uncontrolled expansion," Qin said. He added that many large home stores are now struggling with declining occupancy rates, difficulty in attracting investors, frequent changes in management, and challenges in collecting rent.
To overcome these issues, Qin emphasized the need for the industry to undergo transformation and modernization. He suggested that companies should conduct thorough research on the types of products and services that align with the needs of urbanization and evolving consumer demands. By adapting to these changes, the industry can better position itself for sustainable growth in the future.
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