For the Greater Bay Area, this year is a rather special time: the 25th anniversary of Hong Kong's return to the motherland, the third year of the official implementation of the "Guangdong-Hong Kong-Macao Greater Bay Area Development Plan", and in the previous work report of the Guangdong Provincial Government, the The construction of the Bay Area is seen as the top priority this year.
There is a saying that, leaning on the land to the sea to view the Great Bay, the upsurge is surging. The grand blueprint of a world-class bay area has already been rolled out, and the development process has accelerated in an all-round way, bringing front-end opportunities to the bay area.
Data is the best evidence! After several years of rapid development, the economic aggregate of the Greater Bay Area has increased from more than 10 trillion yuan in 2018 to about 12.6 trillion yuan in 2021, and the GDP of the five cities in the Bay Area has exceeded one trillion yuan.
This positive momentum has profoundly affected every industry. Even the large home construction and decoration industry, which has always been low-key, has also benefited from the prosperity of the Bay Area and is heading for another peak.
Especially in the holding of major exhibitions such as the Construction Expo (Guangzhou) and the Home Expo (Guangzhou), the former attracted more than 1,200 brand enterprises, more than 120,000 high-quality professional audiences, and held more than 80 forum activities, while the latter attracted more than 2,500 people. Several brand enterprises participated in the exhibition, nearly 140,000 high-quality professional audiences, and more than 130 conferences and forums were held.
The release of tens of thousands of new products in the two exhibitions once again attracted the attention of the industry to Guangzhou and ignited the enthusiasm of the large home furnishing industry in the Bay Area.
The analysis believes that with the prosperity of the economy, capital, digitalization, consumption and other sectors in the Greater Bay Area, the large home construction and decoration industry will usher in a new wave of opportunities on this 56,000 square kilometers of land.
Among them, there are at least two types of opportunities to grow vigorously, forming a typical Bay Area phenomenon:
First, the generalization of household consumption upgrades for users in the Bay Area has brought more room for improvement to brand factories and distributors.
Second, the industrial chain is prosperous and the ecology is prosperous. The Bay Area will become a fertile ground for the healthy growth of the home furnishing group and the starting point for the expansion of the brand army. It is expected that there will be more household strength groups from the Bay Area to the country and the world.
The scenery is just right: fertile soil for household consumption, manufacturers grow, see here
9+2 cities, 56,000 square kilometers, a per capita GDP of 146,000 yuan, and a population of 86.6923 million are the digital foundation of the Greater Bay Area.
In terms of area alone, among the urban agglomerations in my country, the Greater Bay Area is not the most vast, but the cities on this land are generally more economically developed. The two special administrative regions of Hong Kong and Macau, plus 9 in Guangdong Province. The cities are all first-class masters in the economic field. They are connected together to draw a galloping horse on the map.
The population is continuously gathering from the whole country and even the world to the Bay Area. When the "Framework Agreement on Deepening Guangdong-Hong Kong-Macao Cooperation to Promote the Construction of the Greater Bay Area" was signed, the total population of the Bay Area was about 70 million, and the population increased in the following five years. More than 16 million.
Among them, Guangzhou, Shenzhen and Dongguan, as of the end of 2021, have a permanent population of 18.8106 million, 17.6816 million and 10.5368 million respectively, adding up to 47.029 million.
In addition to Hong Kong and Macau, other cities in the Bay Area include Foshan, Huizhou, Jiangmen, Zhongshan, Zhaoqing, Zhuhai, etc., with populations ranging from more than 2 million to more than 9 million. With a huge population as the foundation, they have a solid enough consumption base.
More importantly, most households in the Bay Area have strong economic strength and strong spending power, which is a considerable impetus to the home furnishing market.
The judgment of the huge consumption potential of the Bay Area can be evaluated from two indicators:
First, the per capita GDP is as high as 146,000 yuan in the Bay Area, which can be called the "vanguard" in the domestic urban agglomeration.
The second is per capita disposable income. According to information from the Yangcheng Evening News, Guangzhou and Shenzhen are members of the 70,000-yuan club, leading the rise in the Greater Bay Area and ranking among the top in the country. Foshan and Zhuhai have stepped up to 60,000 yuan, Zhongshan has reached 5.7 yuan, followed by Huizhou with 40,000 yuan, and Jiangmen and Zhaoqing have exceeded 30,000 yuan.
Jiangmen, in particular, has a growth rate of 10.1% in per capita disposable income, ranking first among cities in the Bay Area that have published data.
It is worth noting that the flow of a large number of young people to the Greater Bay Area has brought high-quality potential purchasing power, which is good for the property market and also good for household consumption.
A survey by the Index Research Institute found that 75% of the population in the Greater Bay Area were 25-44 years old, of which 50% were 25-34 year olds.
This means that the decoration crowd will remain at a relatively large base, thereby providing sufficient purchasing power for household consumption.
Furthermore, the real estate market in the Bay Area has developed relatively early, and the old houses built in the early years are facing renovation and refurbishment of furniture. For manufacturers, this is the current main battlefield of traffic, and it will be a piece of consumption worthy of reclamation. Fertile soil.
Taking into account factors such as economic development, population growth, the size of the buying group, and the stock of old houses, the analysis believes that the strong consumer demand for home furnishing is likely to continue for many years, thus making the Greater Bay Area still the core stage for many manufacturers, coupled with the integration of Hong Kong and Macau , is still in the early stage of market development, and the future potential is worth looking forward to.
(Source: Creative Letters, Invasion and Deletion)
