How to make women's money is a university question, especially at a time when women are increasingly becoming the main force of consumption.
According to data from the Guotai Junan Research Report, the population of women aged 25-40 in my country is 290 million, and nearly 75% of household consumption decisions are dominated by women. It is expected that the female market will reach 4.5 trillion in 2020, mainly in beauty, clothing, and accessories. The "her economy" of China is an important growth point in the consumer market now and in the future.
Many industry reports also pointed out that data on sanitary napkins, underwear, jewellery, food delivery, film and television dramas, games and even alcohol consumption show that women’s spending power in various fields has increased, and the female consumer market is large.
"She economy" is not a new concept. As early as 2007, "her economy" and "other economy" were frequently mentioned. This concept has been continuously strengthened in more than ten years. To a certain extent, it needs to be attributed to the awakening of social consciousness-the issue of women in society The discussion on the topic gradually deepened and became multi-dimensional, and niche issues such as extreme poverty and menstrual poverty began to attract more and more attention on the Internet. The social awareness of women’s attention was finally revealed in economic life.
Taking Japan as an example, the female economy is the "third arrow" of Abe's implementation of Japan's economic reforms. It is used to increase the participation and activity of women in enterprises, increase the number of Japanese laborers, and promote economic recovery. The reason behind this is that the negative impact of the long-term low status of women on the Japanese economy is hard to ignore.
In the domestic market, with the further rise of female consciousness in our country, the presence of "her economy" is also getting stronger.
So, when the market is touting the "her economy", what are the actual operating conditions of the companies that have devoted themselves to the trend of women's economy? For women as consumers, whether their actual needs are met, and whether the "her economy" is fake? Many questions such as entrepreneurial outlets are more to be answered.
What will women spend for?
In fact, there are many female consumption scenes involved in daily life, especially when women are the representatives of household consumption, and the consumers of their consumer products are often families, husbands, and children, rather than female consumers themselves.
The concept of "she economy" narrows the scope of the incision, which means consumer products designed specifically for female consumers. These include products related to women's physiological characteristics such as hygiene products and women's underwear, as well as sub-categories specifically designed to cater to women's preferences in mass consumer products such as games and movies.
In this article, the three most representative "her economy" industries of hygiene products, women's underwear, and games are selected to try to clarify the characteristics and development context of women's economy.
In September this year, keywords such as "bulk sanitary napkins" and "menstrual poverty" frequently occupied the hot search on Weibo. For all women of the right age, sanitary products are an unavoidable consumer expenditure item. Social discussions on this topic are more centered on whether to reduce the tax on sanitary products and how to ensure the basic health needs of poor women.
Another perspective worth observing is how high the manufacturing cost of sanitary napkins is, and how sanitary napkins have gradually become a burden to some women’s lives.
Sanitary napkins is a highly concentrated market. Major manufacturers include Hengan International
This is an industry with simple technology but high gross profit margin. One of the main reasons for the high premium of sanitary napkins is that brand owners have invested heavily in advertising. Both men and women must have seen sanitary napkin advertisements frequently in various channels. Low-priced FMCG products such as toiletries are similar.
Chongqing Baiya, the “first share of sanitary napkins,” which has just been listed on the SME Board of the
In addition, the traditional sanitary napkin sales system relies on dealers, and after increasing the prices, it will eventually reach more than three times the ex-factory price. Zhongtai Securities’ in-depth report on the sanitary napkin industry shows that Chongqing Baiya Sanitary Products Co., Ltd. has an ex-factory price of 0.38 yuan for sanitary napkins at a terminal price of 1.25 yuan, and each level of dealers increases the price by up to 20%-30%.
At present, with the prevalence of the concept of "new consumption", the development of sanitary napkins also shows two obvious trends in consumption upgrade and e-commerce.
Sanitary napkins, as an indispensable daily necessities for women, are one of the first consumer categories swept by the consumption upgrade.
According to the survey data of Zhongtai Securities, the scale of sanitary napkins in 2018 exceeded 80 billion yuan. The integrated development of China's sanitary products industry has a high degree of market concentration. As of 2018, the sanitary napkin retail market has exceeded 80 billion, with a consumption of 1,200 pieces, and a penetration rate of 100%. In 2018, the market size increased by 5.7%, the price of a single chip increased by 4.7%, and the proportion of high-end products continued to increase.
The consumption upgrade is not only reflected in the increase in sanitary napkin prices, but also in the expansion of categories. Pants-type sanitary napkins, liquid sanitary napkins, as well as sanitary cups and tampons are gradually flowing from the overseas market to the domestic market. The average price of these products is higher than that of ordinary sanitary napkins. Although traditional sanitary napkins still dominate the market, emerging sanitary products have shown their potential in the mid-to-high-end market: On Double Eleven in 2018, Hushubao liquid sanitary napkins, which have just entered the Chinese market, reached an 11-minute breakthrough. With a score of 100,000 sets, this figure continued to rise in the next two years.
Under the trend of consumption upgrade, the market size of sanitary napkins will continue to expand and the market size of sanitary napkins will continue to expand, and it is expected to exceed 100 billion in 2021. This data depends more on the impact of brand manufacturers on the mid-to-high-end market. At present, the sinking market is still the world of "bulk sanitary napkins" and "OEM sanitary napkins".
However, after the topic of "bulk sanitary napkins" detonated public opinion, it is foreseeable that this neglected market will attract the attention of some manufacturers. Aiming at a large number of users in the sinking market, after abandoning the concept of large marketing expenses and consumption upgrades, there is no room for imagination for a standardized and large-scale low-priced sanitary napkin brand.
In addition, with the further popularization of mobile networks in marginal areas, more low-consumption groups have begun to shop on special e-commerce platforms such as Pinduoduo, Taobao Special Edition, and 1688. This is also a development opportunity for companies focusing on sinking markets. In the Taobao message area of bulk sanitary napkins, many female consumers can see how the quality of the product is. Therefore, the cost and quality of the product are the most critical issues for companies and consumers in the sinking market.
Similar to the development stage of the sanitary napkin market, the overall growth rate of the underwear market in my country has also begun to slow down. The annual growth rate has dropped from 15.98% in 2017 to 7.5% in 2019. After the end of the market expansion curve, products began to develop in the direction of refinement.
However, compared with sanitary napkins, the awakening of female consciousness is more obvious in this field.
Regardless of whether it is underwear or underwear, female consumers are currently showing a tendency to value quality more and prefer comfortable models: According to data from underwear online retailer Figleaves, sales of steel-free bras increased by 40% at the beginning of the epidemic, and continued to increase in June 42 %. From 2016 to 2018, the market size of underwear made of “pure cotton” increased by 172%, indicating that consumers are increasingly favoring “pure cotton” materials with better texture and more comfort when choosing underwear materials.
Therefore, several women's underwear companies that seize the trend and focus on comfort have achieved good results and are favored by the capital market. For example, Ubras, which has a non-sizing design based on steel ring underwear, announced in September this year that it has completed hundreds of millions of yuan in B+ round financing led by Sequoia Capital; the main cotton and comfortable life care brand, the cotton era, the parent company is stable Medical successfully listed on the Growth Enterprise Market.
因此，几家抓住趋势并注重舒适性的女性内衣公司取得了不错的成绩，并受到了资本市场的青睐。例如，具有基于钢圈内裤的非尺寸设计的Ubras，在今年9月宣布，已完成由红杉资本（Sequoia Capital）牵头的B +轮融资数亿元人民币；棉花和舒适生活护理的主要品牌，棉花时代，母公司稳定医学成功在创业板市场上市。
In contrast to this trend, products that once neglected wearing comfort and catered to mainstream aesthetics are gradually being abandoned.
In May of this year, Victoria’s Secret, a world-renowned lingerie brand founded in 1977 with the labels "sexy" and "elegant", declared bankruptcy of its subsidiary Victoria's Secret UK, and its parent company L Brands will permanently close 250 stores in North America. One month later, Victoria's Secret UK entered the bankruptcy liquidation stage. At the same time, the Victoria's Secret Angel Show has also been suspended since last year.
今年5月，维多利亚世界的秘密品牌（Victoria's Secret）于1977年成立，旗下品牌为“性感”和“优雅”，该品牌的子公司维多利亚世界的秘密英国公司宣布破产，其母公司L Brands将永久关闭其250家门店。北美。一个月后，维多利亚的秘密英国进入了破产清算阶段。同时，自去年以来，维多利亚的秘密天使秀也已暂停。
There have been criticisms of the poor quality and inadequate comfort of the underwear produced by Victoria's Secret. What pushed Victoria's Secret into the abyss this year is the rejection of "sexy" and "standard body" by women.
The Victoria's Secret Show was once the most watched commercial show in the world. Its biggest gimmick was the hot-shaped Victoria's Secret Angel with wings on its back. In 1999, when the Victoria's Secret show was at its strongest, the official website’s live broadcast exceeded 1 million views within 30 minutes, and the audience’s enthusiasm once paralyzed the network; in 2001, the Victoria’s Secret show was broadcast live on TV for the first time, achieving more than 12 million The ratings scores people watch are like the difference between the current situation where big shows are stopped. It can be said that the Victoria's Secret brand succeeded in being sexy but also defeated in sexy.
维多利亚的秘密秀曾经是世界上观看次数最多的商业秀。它最大的花招是热形的维多利亚的秘密天使，背面有翅膀。 1999年，当“维多利亚的秘密”节目表现最出色时，官方网站的实时广播在30分钟内观看了超过100万次观看，观众的热情曾经使该网络瘫痪； 2001年，“维多利亚的秘密”节目首次在电视上直播，获得了超过1200万的收视率。人们观看的收视率得分就像是大型节目停止的当前状况之间的区别。可以说，Victoria's Secret品牌在性感方面取得了成功，但在性感方面也失败了。
From the product perspective, Victoria's Secret sells aesthetics, not demand. The sexy label of Victoria's Secret underwear has become the core element of Victoria's Secret brand attributes. However, sexiness is often associated with "pleasing men". However, the consumers of underwear are women, and the setting of "please men" has been criticized in the awakening female consciousness.
从产品的角度来看，维多利亚的秘密出售美学而不是需求。 Victoria's Secret内衣的性感标签已成为Victoria's Secret品牌属性的核心元素。但是，性感常常与“讨人喜欢的男人”有关。然而，内衣的消费者是女性，并且在唤醒女性意识中批评“请男性”的设置。
From the perspective of female consumers, sexy must give way to comfort. No matter how exquisite and sexy underwear is, it is uncomfortable behind you and destined to be abandoned. After all, the big show on the tall, the dreamy and luxurious underwear still needs a large number of female consumers in daily life scenes to pay. When the brand breaks away from the actual needs of female consumers, the decline is inevitable.
While Victoria's Secret is declining, Aerie, Lively and many other emerging brands that realize that "comfort is king" have begun to rise. At the same time, many advertisers have begun to launch advertisements for independent women. Big-name underwear brands such as CK have begun to cater to the position of progressive women, using large-size, transgender, and colored models, and progressive women gradually exert their influence in the consumer market. .
当维多利亚的秘密在下降时，意识到“舒适为王”的Aerie，Lively和亚博网址许多其他新兴品牌已经开始崛起。同时，许多广告商已经开始为独立女性发布广告。 CK等大牌内衣品牌已开始使用大码，跨性别和彩色款式迎合进步女性的地位，而进步女性逐渐在消费市场上发挥影响力。 。
The game is regarded by many male players as a place to stay, and it is customary to think that males account for the majority of players. However, actual data shows that this is just a stereotype. According to the China Game Industry Report 2019, domestic game users have reached 640 million, of which female players have reached 300 million, accounting for 46.2% of the total domestic game users.
The number of female gamers is increasing year by year, and is gradually equal to the number of male gamers. The increase in the number of female gamers means that the potential consumption of the female group will increase. The gradual prosperity of the female game market has begun to attract more and more companies to develop female-oriented games.
In the domestic market, the budding of female-oriented games began in 1995. Daewoo, the manufacturer of "Legend of Sword and Fairy", launched a female-oriented game "Celebrity Volunteer" and continued to launch "Celebrity Volunteer 2" four years later. These two games brought a whirlwind from women to games in those years, but unfortunately, after these two games, no high-quality women in the domestic market have launched games, and women's participation in the game market is gradually silent.
Until the establishment of Orange Game in 2012, the main scope of the game included Otome Love Games. At this time, games with a strong female label appeared again in the domestic market. A year later, the paper folding game was established, and the "Warm Nuan" series was released. These two manufacturers later became the dominant players in the female game field.
在2012年Orange Game成立之前，该游戏的主要范围包括Otome Love Games。这时，具有强大女性烙印的游戏再次出现在国内市场。一年后，建立了纸质折纸游戏，并发行了“暖暖”系列。后来这两家制造商成为女性游戏领域的主导者。
The outbreak of female-oriented games In 2017, June, the TV series "The Stars of the Counterattack", adapted from Orange Games, was watched as scheduled, and the ratings exceeded 100 million. At the end of the year, "Love and Maker" went on sale, and it took less than two weeks to squeeze "King of Glory" to the second place on the App Store free game list.
面向女性的游戏的爆发2017年6月，如期收看了由Orange Games改编的电视连续剧《反击之星》，收视率突破了1亿。在今年年底，“爱与制造者”开始发售，并用了不到两个星期的时间将“荣耀之王”挤到了App Store免费游戏排行榜的第二位。
Female-oriented games have become a new continent for game makers. At the beginning of this year, Perfect World publicly tested the mobile game "Dream Collection Cygnus" for women; Tencent Games' "Love of Light and Night" recently opened its second test; Netease Games' "Painted Traveler in Time and Space"; 360 games feature cute pets "Hamster Story-Sweet Baking House" have entered the show.
面向女性的游戏已成为游戏制造商的新大陆。今年年初，Perfect World公开测试了面向女性的手机游戏“ Dream Collection Cygnus”；腾讯游戏的《光与夜之恋》最近开启了第二次测试；网易游戏的“时空绘画旅行者”；展示了360种可爱宠物的游戏“仓鼠故事-甜蜜的烤房”。
According to gamma data, in 2020, the Chinese female game market will reach 56.84 billion yuan, of which 40.19 billion yuan will come from mobile games.
It is worth pointing out that the current market definition of female-oriented games is relatively narrow-with obvious labels such as plot, dress-up, and love. But in fact, the consumption scenes of female game players are not limited to the above-mentioned subdivision tracks. In games with higher competitive and operability requirements, female groups cannot be ignored either.
For example, in the game "Fifth Personality" launched by NetEase that focuses on horror and suspense elements, female players have reached 60% of the total number of gamers. Station B will explain the production of Nintendo’s classic adventure game "Zelda: Breath of the Wild" 》There are too many female UP owners. It can be seen that women-oriented games should not be limited to dress-ups and love. It has a broader blue ocean market for all categories.
Women have gradually become in-depth participants in the game industry, creating and sharing game content on their active platforms. According to the official game player illustration data released by Xiaohongshu, in the past six months, Xiaohongshu has more than 20 million users watching game content; 480,000 creators have posted game notes on Xiaohongshu; games in Xiaohongshu The notes have been viewed more than 2.1 billion times.
In the girl's ecology, the presence of games is getting stronger and stronger.
In fact, with the awakening of social consciousness, the “her economy” that has gradually gained more and more attention in the market is not limited to the three directions listed above. So, how to determine the scope of "her economy", and does the concept of "her economy" really hit the dividend?
In the usual analysis logic, "her economy" is regarded as an independent track with dividends, which is mainly driven by two factors: demand and supply.
For example, Liu Bo, a partner of Qingliu Capital, once stated that on the demand side, female consumers have cleared their original brand views and tended to choose selective payment. , And jointly expand the imagination of "her economy".
Specifically, after the popularization of overseas shopping, purchasing agents, and outbound travel, female consumers have seen and used many good things, the information has become symmetrical, and the choices have increased. Female users, especially young female users, show a state of "clearing" the original brand concept, original shopping mode, and are willing to try new things.
At the same time, compared with the 20-year-old women of the previous generation, the 20-year-old women of this generation have more choices, and there is no inherent brand view. The consumption upgrade of girls is reflected in the brand switching. New categories will also generate many opportunities as lifestyle changes and consumption power increase.
Ji Wei, the founding managing partner of Huaying Capital, believes that “the education level of Chinese women is improving, and the proportion of girls in colleges and universities has reached 52%. Women have a very clear understanding of what they want and what they want to consume." This has become an important reason for the rapid development of the "her economy".
Combing different viewpoints, we can see that the rise of "her economy" is inseparable from the awakening of female consciousness. In this issue, social consciousness and economic benefits influence each other. In addition, as an important participant in the market economy, female consumers' consumption awareness and preferences have a deeper impact on the development of the entire market economy.
In the context of the disappearance of the overall demographic dividend of the Internet, vertical groups are the key to corporate competition, and the industrial layout around relevant consumer groups is accelerating the economic development of the Internet groups.
The excavation and stimulation of the female economy is an important growth point in the current consumer market. Part of the growth comes from the excavation of women's consumption power, and part of it comes from the social reexamination of gender, which has caused changes in the consumption structure.
Games, cosmetics, liquor, and other products that were previously considered as a single-sex-specific consumption, gradually tend to balance the consumption of both sexes. The important reason for this phenomenon is that with the improvement of the economic level, many traditional concepts have gradually changed in the social changes. More and more people have accepted DINKism and celibacy and are willing to invest more in themselves.
Therefore, there is always a controversy-is "her economy" a false proposition?
A trend worthy of attention is that, in addition to industries that are closely related to physiological characteristics, such as hygiene products and women’s underwear, in more mass consumer categories, the consumer preferences between men and women are converging—in essence, "her economy", The opposite concept of "other economy", as well as many gender consumer categories and gender added value are artificially constructed. In today's rapidly changing society, many constructions are beginning to dissolve and reconstruct.
As a company, you need to find the right direction in this kind of dissolution and reconstruction, because every dissolution and reconstruction means a major change in the industry and the emergence of an outlet.
So, for venture capitalists who wish to seek development opportunities from the adjustment of consumption structure, how to find the outlet in this continuous change should be the return of demand itself: whether male or female consumers, first of all, They are consumers, and respecting consumers instead of putting men or women in front of consumers is a more rational choice.
In terms of power structure and aesthetic orientation, consumer culture is reshaped under the new rules. Women are consumed by consumer culture, and women also consume consumer culture. At the same time, both sexes are also subverting the original gender relationship in consumption. In the matter of consumption, the difference between the sexes is far less than imagined.
Returning to the "her economy" itself, the rapid development of the "her economy" shows that one is that women can gradually face their own consumption desires, and the other is that women's economic income is slowly increasing. It can be found that the progress of the gender concept of men and women in society can promote the increase of women’s income and thus increase their consumption. It is worth noting that it is still a long-term process of slow change to de-gaze the "her economy", grasp the actual needs of consumers, and re-examine the "her economy" and "other economy".