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Market Weekly Report | The "Three Nines" season saw a sharp drop in temperature, which is expected to revive the down products market; a substantial increase in imports eased the domestic raw material supply shortage

2025-01-11 来源：金绒浏览量：271

Market Summary

The market in the second week of 2025 (1.6-1.12) is generally stable.

At present, garment factories in various regions are gradually entering the holiday season, and the finished down market is actually close to closing. The supplier's quotation is only based on the raw materials, and the market transaction price has not changed much. Now some brand companies have begun to prepare orders for next year. It is expected that after the spring, the market conditions of the raw materials market will be able to be transmitted to the finished down market.

In terms of foreign trade, as Japan, South Korea, Europe and the United States are facing severe cold weather, the shipment of down is still good, but it has not yet brought a decisive impact on the down market. The import and export situation in December 2024 will be announced soon, and according to some people's analysis, due to the stable economic trend of major economies in the world, there may be a certain growth trend in that month.

Although there are several waves of cold fronts, the temperature is also rising across the country at the same time, which has become a "cold and hot" showdown. However, from the 13th to the 15th, a strong cold front will affect the central and eastern regions of our country, bringing large-scale strong winds and cooling weather. This may revive the down product market before the festival.

Good News This Week

Pinghu Garment City fully opens retail, ushering in a busy time

At the end of the year and the beginning of the next year, Pinghu China Garment City (hereinafter referred to as Garment City) in Jiaxing, Zhejiang, ushered in a busy time. Many stores hung down jackets with yellow retail labels, and customers shuttled through the market with large and small bags, selecting their favorite New Year clothes. With the Spring Festival approaching, buying new clothes is one of the necessary rituals for everyone to bid farewell to the old and usher in the new.

"We come here every year when we come back." Customer Ms. Chen tried on the off-white short down jacket in her hand and bought it for more than 300 yuan. She is from Pinghu and usually works in other places. As for buying down jackets in the clothing city, it has become a habit for her every year when she returns home.

Consumers flocked to the store, and the market was warm. "The current retail price of down jackets in our store ranges from 280 yuan to 980 yuan, divided into special price models, duck down models, goose down models, etc. For example, the price of white duck down starts at 400 yuan." In the Youji brand women's clothing store on the third floor of the clothing city, the person in charge, Xu Yao, has just ended the wholesale peak season and ushered in the retail peak season.

In China Fashion City, the peak wholesale season for down jackets is generally from October to November, when the hot-selling season in the north meets the new season in the south. Xu Yao recalled that after the peak wholesale season, the company's busy focus gradually shifted from the factory to the store. During the period before the New Year, four people including her were busy in the store.

It is worth noting that while the clothing city has fully opened its retail period, the wholesale market is still "hot". Lin Minli, the manager of Dashu-Yiran Clothing, has recently had a "happy trouble": down jacket wholesale has entered the traditional end period, but several classic models in the store have been receiving orders, and the factory is still operating.

Lin Minli picked up a short down jacket and said that customers are still placing orders in recent days, ranging from 400-500 pieces to 1,000 pieces. "Actually, I want to wrap it up, but since customers have orders, I still have to do it." Recently, Lin Minli's store still continues the "wholesale + retail" model. After counting the orders, she preliminarily estimated that the revenue in 2024 will exceed that of the previous year.

While wrapping up at the end of the year, most merchants have recently been preparing to design new winter styles for 2025. Chen Jie, operations director of Pinghu China Garment City, said that merchants have basically started to develop clothing for the new year after selling out their remaining goods in December, and will not hold customer order meetings until after April to test and order styles, and will gradually start production from June to August to ensure that they can provide customers with spot goods in September.

As the country's largest single-category down clothing market, the clothing city has more than 2,000 merchants, most of whom are engaged in wholesale business, attracting wholesalers from all over the country to purchase goods here every winter. According to statistics from relevant departments, from January to November 2024, the total shipment volume of down jackets in Pinghu City was nearly 200 million pieces.

source | 浙江在线

The "New Year's uniform" entered its peak season, with a small shop on Hanzheng Street selling 500 pieces a day

"Boss, do you have a larger size of this down jacket?" "Please get me a red sweater!" "This one is out of stock, I can help you get it..." Recently, Hanzheng Street Yunshang Wuhan International Fashion Center has been bustling with people, and the sounds of buying and selling are mixed together, making it very lively.

Inside the store, many customers couldn't wait to queue up to try on clothes, and directly picked up the clothes and put them on, and the shopping guides were busy; outside the store, customers were carrying large and small bags, and they had to turn sideways to pass through the aisles between some merchants' stalls.

"It's almost the New Year, so I'm here to buy new clothes for my family. Now there are many styles and the prices are reasonable. Many styles will be sold out in a while." Ms. Zhao, who drove all the way from Huanggang to shop that day, bought a total of 13 pieces of clothing.

"The 'New Year's uniforms' have basically entered their peak season from now on, with up to 500 pieces sold a day. Down coats are selling especially well, with some styles even out of stock." said a salesperson at a YS women's clothing store.

In major business districts in Wuhan, from modified versions of the retro and elegant cheongsam to modern casual wear incorporating buttons and cloud shoulders, Wuhan citizens have chosen new Chinese-style clothing as their first choice for "New Year's uniform."

Sun Xiaoting, the manager of the new Chinese clothing store Liyuefeng, showed a new Chinese thin down jacket that has been popular recently: it is embroidered with pine and cypress patterns, and is made of silk inside and out. "The price of this product is around 1,000 yuan, which is generally acceptable to citizens." Sun Xiaoting said.

source | 湖北日报、长江日报

Many places will face the "Three Nines" cold weather

The weather has been too warm recently, and some netizens lamented that "I only wore my down jacket once." It is reported that 2024 is the warmest year since complete meteorological observation records began, and the vigorous warming that has continued from the end of 2024 to the present has made many places in the south warmer than they should be at this time of year.

However, the great warming is coming to an end. On January 8, we entered the "Three Nines", the coldest period of the year. At present, the cold air has gradually become active and strengthened, and the temperature in many parts of our country will fluctuate and decline, turning to low.

From the 8th to the 10th, the maximum temperatures in many places in central and eastern China will drop to periodic lows, and the maximum temperatures in many places will set new lows after the beginning of winter. The maximum temperature in the middle and lower reaches of the Yangtze River will drop from around 15°C in the past two days to around 5°C on the 9th. Especially in areas from southwest to western Jiangnan, it will be cloudy and rainy, and the feeling of coldness will be more prominent.

Recently, cold air activities have been frequent but generally not strong. The temperature in most parts of central and eastern China is close to normal, and it is 1-3℃ lower in parts of northeastern and southern China. There are three major cold air processes, of which the 7th to 9th and 14th to 16th will affect most of the country, and the weak cold air will mainly affect the northern region from 10th to 12th.

source | 央视财经、中央气象台

The market size of children's down jackets will grow in 2024

According to Magic Mirror Insight data, based on data from Tmall and Taobao platforms, the market size of children's down jackets from January to November 2024 was 5.99 billion yuan, a year-on-year increase of 32%.

From the category perspective, the top three fastest-growing categories in the children's down apparel market from January to November 2024 are down pants, down liners and down vests, with year-on-year sales growth of 77.0%, 53.4% and 44.6% respectively. Driven by the trend of outdoor sports and functional needs, children's down pants may become a new growth point in the market.

In terms of price, high-cost-effective products priced between RMB 200 and RMB 400 are most popular in the mass market, accounting for 37.06% of the market (34.76% in 2023); high-end products priced between RMB 1,000 and RMB 1,200 and above also have a significant growth rate, accounting for 4.01% of the market (2.56% in 2023). This also means that the two major trends of high-endization and the pursuit of cost-effectiveness will coexist at the same time.

According to Magic Mirror Insight data, based on data from Tmall and Taobao platforms, in the children's down jacket market from January to November 2024, Balabala ranked first in the industry with a market share of 9.5%, and YaYa and Bosideng also occupied a relatively high market share.

In terms of growth rate, the top 10 brands in the children's down jacket market all experienced positive growth from January to November 2024. Among them, Yalu Kids had the fastest sales growth of 320.1%, followed by Yalu with a year-on-year sales growth of 106.8%, Baomu'e with a year-on-year sales growth of 89.1%, Xuezhongfei Kids with a year-on-year sales growth of 76.7%, and Yaya with a year-on-year sales growth of 72.6%.

At the same time, children's down jackets have also reached new heights in functionality. Most products on the market have functions such as windproof and waterproof, lightweight and warm, and three-in-one. Brands that choose goose down as filling also have more premium space.

source | 童装观察

Bad News This Week

A well-known anti-counterfeiting expert randomly sent 15 down jackets from Pinduoduo for inspection, and all of them turned out to be counterfeit

On January 6, Wang Hai, a well-known anti-counterfeiter, published a post exposing that his team randomly purchased 15 down jackets from Pinduoduo for inspection, and found that all of them were counterfeit. Six of the down jackets had no down at all, and the remaining nine were falsely labeled with down content, and more than 90% of the down content marked on the tags was purely fictitious.

From the test results, we can see that children's down jackets are the hardest hit. Most stores advertise goose or duck down, but of the eight children's down jackets tested, seven had a down content of only 1.3% to 3%, and the last one was unpacked and found to be filled with flying silk.

Adult down jackets were not immune. Of the seven down jackets tested, four were found to have zero down content, two had down content ranging from 5.5% to 47.7%, and the remaining one was duck down disguised as goose down.

Among them, a children's down jacket that claimed to have a down content of 81%-90% had sales of 547,000 pieces, while an adult down jacket with sales of 700,000 pieces had a filling of 100% polyester fiber.

Wang Hai said that if you want to buy down jackets that meet the new national standards, it is best to buy them at the brand's own store or specialty store. If there are consumers who have bought some of the down products he listed, they can directly report the complaint platform and manufacturer and demand a refund of three times the amount.

Anti-counterfeiting expert Wang Hai said that currently all counterfeit products have been reported to the regulatory authorities.

source | 中国基建报、微博号王海

Domestic manufacturers' demand for imported down and feathers continues to rise

my country is a major down and feather processing country, and the demand for imported down and feathers by domestic manufacturers continues to rise. As an important production and processing base for down and feather products, Anhui's down and feather imports have always been high. According to statistics, in the first 11 months of 2024, Anhui's imports of down and feathers were worth 630 million yuan, a year-on-year increase of 86.2%.

Recently, at the inspection platform of Wuhu Port International Container Terminal, customs officers from Wuhu Customs under Hefei Customs conducted on-site quarantine supervision on a batch of 16 tons of imported washed white duck feathers. After sampling and inspection and passing the inspection, the feathers will be shipped to relevant enterprises for production.

"Winter is our peak export season. With the current rising prices of raw materials and tight supply, our imports of down and feathers are also growing. Customs strictly controls the quality of down and feathers at the import stage so that our imported raw materials can be safely put into use." said Tao Guoqiang, deputy general manager of Anhui Huajun Down Products Co., Ltd.

It is reported that down feathers are poultry products. Down feathers that are not cleaned or rinsed properly are prone to mold and deterioration during transportation and storage, which not only seriously affects the product quality, but also poses a potential risk of introducing related animal diseases.

source | 中国国门时报

News Situation

With the arrival of festive consumption, traditional markets such as Pinghu Garment City and Hanzheng Street performed well, attracting a large number of consumers to buy new year clothing, forming a new consumption peak. At the same time, merchants are actively preparing new models for 2025, which is conducive to the healthy development of the national down industry.

Although the temperature was relatively high before, many parts of our country have ushered in a new round of cooling after the arrival of the "Three Nines" cold days. This has a direct driving effect on the sales of down jackets, especially the inventory products that were previously affected by the warm winter and had poor sales, which are expected to be cleared faster in this round of cooling.

As an important down and feather processing base, Anhui's imports of down and feather raw materials increased significantly last year, reflecting the increasing dependence of domestic manufacturers on imported raw materials. This phenomenon highlights the current situation of tight supply and rising prices of domestic down raw materials, and also shows that domestic down product companies still need a stable upstream supply chain.

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