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Socks consumption upgrade: accessories for personal clothing or professional socks brands?

Socks consumption upgrade: accessories for personal clothing or professional socks brands?

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  • Time of issue:2020-09-04
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(Summary description)In 2015, the per capita consumption of socks in Japan reached US$37.3/person, the per capita consumption in European and American countries was US$20/person, while that in China was US$15.1/person. If one pair of socks is calculated at 5 yuan, the Chinese only replace 6 pairs of socks every year than in Europe and America.

Socks consumption upgrade: accessories for personal clothing or professional socks brands?

(Summary description)In 2015, the per capita consumption of socks in Japan reached US$37.3/person, the per capita consumption in European and American countries was US$20/person, while that in China was US$15.1/person. If one pair of socks is calculated at 5 yuan, the Chinese only replace 6 pairs of socks every year than in Europe and America.

  • Categories:News
  • Author:
  • Origin:
  • Time of issue:2020-09-04
  • Views:0
Information

China is the largest exporter of socks.

  Datang Town, which has been developed for less than 30 years, accounts for more than 70% of the total socks produced in the country each year, and 1/3 of the world's total. Therefore, there is a saying that "Datang hosiery machine sounds, the world has a pair of socks". China's foundry factories also provide foundry services for international brands such as Adidas, PUMA, Okamoto, Decathlon, Uniqlo, and MUJI.

   Based on such a complete industrial cluster, socks have already become a fully competitive market in China. From various price bands, to material, pattern, design sense, function, and subdivision of specific groups, it covers almost all the consumption characteristics and needs of all groups.

   Socks on the floor: 5 wool ~ 8 wool/pair, 10 yuan/tie, 10 yuan/8 pairs, 2 yuan/pair, 10 yuan/3 pairs;

  Traditional clothing store and underwear shop: 5 yuan/pair, 6~8 yuan/pair, 10 yuan/pair;

   home living halls such as MINISR, MUJI: 10 yuan/double, 20 yuan/double;

   Sports brands and Uniqlo: 27 yuan/pair, 39 yuan/pair; 20 yuan~30 yuan/pair, 60 yuan/pair;

  Emerging home furnishing brands (such as Hanori House, Body.ing, Tutuanna): 99 yuan/4 pairs, 99 yuan/3 pairs, 20 yuan~30 yuan/double;

   Socks specialty stores (such as Happy Socks, Stance): high-end 100 yuan ~ 300 yuan / pair, low price 160 yuan / 3 pairs, 80 yuan / pair, 120 yuan / 3 pairs.

  Different consumption channels correspond to different consumption needs and consumer groups.

  01 Socks, a two-tiered ladder of consumption upgrade

   The consumption upgrade and demographic segmentation of socks have gone earlier than other consumer products that have received widespread attention today.

  As early as 2015, China’s per capita consumption of socks was comparable to Europe and the United States.

   In 2015, the per capita consumption of socks in Japan reached US$37.3/person, the per capita consumption in European and American countries was US$20/person, while that in China was US$15.1/person. If one pair of socks is calculated at 5 yuan, the Chinese only replace 6 pairs of socks every year than in Europe and America.

(Considering that some places in Japan have to take off their shoes, it is extremely embarrassing to expose ripped socks. The quality and replacement requirements of socks in Japan are much higher than those in China and Europe and America. It is more suitable to compare the per capita consumption of socks in Europe and America. .)

   The direction of consumption upgrade is nothing more than faster replacement frequency or higher single and double prices, which are all factors that promote the growth of the industry (socks demand = quantity * price). When consumers have worn out their socks, sew them and mended them, then throw them away when they are worn out. This change has given birth to low-end brands such as Antarctic and Langsha. Until today, hundreds of thousands of socks are sold on Taobao and Pinduoduo every month, and the prices are uniformly concentrated at 1 yuan to 2 yuan per pair. This is the first wave of socks consumption upgrade-the frequency of replacement increases.

   As the world's largest consumer market for socks, China's market space is undoubtedly huge and diverse.

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