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This year’s traditional peak season for home stores, known as the "Golden September and Silver October," is drawing to a close. However, instead of witnessing the long-awaited recovery in sales, many retailers are struggling to see any significant improvement. Factors such as a slowing economy, declining real estate activity, and the growing influence of e-commerce have made it increasingly difficult for home stores to turn things around this year. As a result, they’re being forced to rethink their strategies and explore new paths to survive.
**No Sales During the Peak Season**
Every year, home stores begin promotions in early September, capitalizing on the Mid-Autumn Festival and the National Day Golden Week. The National Day holiday, in particular, has always been a time when sales reach their peak. Traditionally, the “Golden September and Silver October†period lasts through the end of October, with the National Day holiday serving as a key indicator of market health. Industry standards suggest that the seven-day sales during the Golden Week account for 10-15% of a home furnishing company's annual revenue, making it a critical time for many businesses.
This year, however, the scene was quite different. Instead of bustling stores filled with shoppers, many home retailers reported fewer customers and lower turnover. A brand franchise store owner in Beijing shared that despite increasing discounts and expanding promotional items, consumer interest remained low. “We were hoping to make a profit during the Golden Week, but it didn’t happen,†they said. “Consumers are holding onto their money tightly.â€
According to Ding Ling, director of planning at Jimei Home Group, the Beijing store saw a 10% increase in sales compared to last year, but foot traffic was significantly lower than usual. “The store used to be packed during the Golden Week, but this year, it felt more like a regular day,†she noted. Interestingly, while overall orders dropped, the average order value increased, indicating a shift in consumer behavior.
**Market Suffers Multiple Shocks**
Industry experts believe that the decline in home store sales stems from multiple factors. The broader economic slowdown has dampened consumer confidence, while the real estate sector’s downturn has reduced the number of new homeowners, who are typically the main buyers of home products. Additionally, the rise of e-commerce has disrupted traditional retail models.
Today’s home product consumers are largely from the post-80s and post-90s generations, who are more comfortable shopping online. They’ve expanded their online habits beyond clothing and daily necessities to include furniture, appliances, and even building materials. E-commerce platforms have capitalized on this trend by launching aggressive campaigns during the “Golden September and Silver October†period, siphoning off potential customers from physical stores.
Online forums show that many users now compare prices and share experiences before making purchases, often opting for e-commerce over traditional stores. This shift has left home stores struggling to compete with the convenience and variety offered by online retailers.
Despite efforts to attract customers through gifts, discounts, and lotteries, many consumers are no longer impressed. “People are more cautious now,†one salesperson explained. “They look for styles first and wait for promotions before buying.â€
**Home Market Finds a Way Out**
Faced with these challenges, major home stores are exploring new strategies to remain relevant. Some have launched their own e-commerce platforms, while others are opening suburban locations to reduce costs and tap into new markets. Others are partnering with decoration companies to boost foot traffic and enhance their appeal.
For example, Jimei Home has opened two stores in the suburbs of Beijing, including Yanjiaodian and Lugouqiao. These areas have seen stable real estate transactions, creating a steady demand for home goods. Suburban stores also offer easier access, reducing parking and traffic concerns for customers.
In addition, some stores are collaborating with interior design firms to bring in more visitors. By hosting these companies, they not only reduce rental pressure but also gain exposure to potential customers.
In regions like the Pearl River Delta, innovative approaches are emerging. Some stores are transforming into lifestyle shopping hubs, combining home goods with dining, leisure, and social spaces. This approach aims to create a more engaging and diverse shopping experience.
Industry insiders emphasize that innovation is crucial, but success ultimately depends on understanding and meeting consumer needs. Maintaining trust and offering a positive shopping environment will be key to long-term survival in an evolving market.