Young people's love of beauty is the exquisite dress from head to toe, who can bear to have Zhang Dongsheng's bald head? Even a slight upward hairline can cause resentment. Having seen Zhang Dongsheng before and after wearing a wig, we have to believe the importance of hair on the level of appearance. And a number of stars have brought fire hanging ear dye, comic fringe and other wig products, so that wigs return to the public.
In fact, the wig is not a new track, the first wig track Rebecca has been launched in 2003. In recent years, wig track investment events in about 5, compared to other track investment, wig track presence is very low.
On September 28, LUCY LEE, A wig jewelry brand, announced the completion of a series A financing of tens of millions of dollars. The high transfer of capital has awakened the long-dormant wig track again.
Wigs are back on the appearance level track
Hair has been called our "second face" and its impact on the level of appearance is obvious. In recent years, the appearance level track has run out of beauty, dentistry, cosmetic contact lenses and other hundreds of billions of tracks. The wig track that has been famous for a long time can not run, struggling in the hair loss economy, and there is a looming trend of being dumped out of the consumer market. Fortunately, with the change of young people's consumer demand for wigs, wigs have reappeared on the appearance level track.
Initially, hair loss groups hid their embarrassment by wearing wigs. With the increasing stress of life, most people are affected by hair loss problems such as upward hairline and thinning hair. There are currently three solutions to hair loss: hair plugs, hair extensions and wigs. The first two schemes are high cost and long time, and wigs are low cost and convenient and efficient, which has become the heart of most bald patients.
Nowadays, fashion groups are wearing wigs to keep up with trends. With young people's pursuit of beauty, alternating hairstyles have become commonplace. Hair products such as colored headsets and wig pieces not only reduce the damage to hair, but also have rich colors and changeable shapes to meet the fashion needs of consumers. For consumers, wearing wigs can save money, time and safety. At present, wigs have become a fashion item and become the new favorite of fashion people.
Looking at the consumer demand of the wig track, whether it is to cover hair loss, or to catch up with the trend, wigs have the attributes of making people beautiful. Hair volume and style both affect the level of appearance, and as user needs evolve, this old track is heading for a new outlet.
The wig track is promising
Wigs began to evolve from just needed products into ornaments, and are quietly capturing the minds of consumers. The signs of the wig market make people feel its strong potential for growth, and the wig track will be promising.
On the one hand, China's wig market demand is increasing, and the domestic market is growing fast. According to data released by the National Health Commission, more than 250 million people in China have hair loss, with an average of one in every six people losing their hair. According to the data of the White Paper on Saving the Fun of Hair Loss, hair loss in China is becoming more and more serious, with a rapid growth rate of 15%-18% per year.
With the increase in hair loss and the change in consumer perceptions of wigs, the market size of wigs continues to expand. According to CCTV financial reports, the domestic wig market has maintained a growth rate of more than 20% for six consecutive years, and the domestic market size is expected to reach 14.43 billion yuan in 2023.
On the other hand, capital is pouring into the wig circuit, and new brands are emerging. With the change in the concept of young consumers, the concept of wigs as accessories has been deeply rooted in people's hearts, and the wig track is once again optimistic about the capital. The makeup and hair brand Angry Zebra has obtained 3 rounds of financing, and the wig brand LUCY LEE has obtained 3 rounds of financing only one year after its establishment, and the intervention of capital has catalyzed the competition of the wig track.
With the rapid growth of the wig market, the value of the wig industry has once again been excavated. Capital has heard the news, brand rookies have entered the industry, and the wig industry is booming.
China's wig industry short board is obvious
Although the wig track has great potential, there are still many problems in China's wig industry, and the short plate is obvious.
On the one hand, China's wig enterprises focus on production, light brand. Most of the domestic wig industry belongs to the trade concentrated industry, based on production and processing, and its core business is brand OEM and OEM production. Therefore, although China is the world's largest wig manufacturer and exporter, there are not many well-known wig brands. Xuchang wig is the epitome of China's wig enterprises.
Xuchang is known as the wig capital, there are more than 5,000 small and small wig workshops, many small and micro brands, but the well-known wig brand is only one Rebecca, and the market share is low. According to the data, Xuchang wigs accounted for 60% of the global wig market, while Rebecca accounted for only 9%, and other low-end brands accounted for 85%. This shows that Xuchang's wig enterprise production is large, but the brand awareness is not high, and the market share is low.
China's wig enterprises ignore their own brand construction and rely on brand owners in sales. The wig enterprises alone by the production and processing of hair products output is difficult to form their own brand effect, thus losing the pricing power, low corporate profits.
On the other hand, the domestic wig industry management disorder, disorderly competition. China's wig enterprises are mainly small workshops, and the wig industry has not yet established a unified industry standard. Therefore, the quality of wigs is rarely guaranteed and affects the consumer's consumption experience. Wig companies also compete for market share, and constantly reduce product prices, hoping to win a price war, disrupting the market order.
As the world's largest wig producer and exporter, China is in a passive situation due to various problems existing in wig enterprises and industries. Externally, wig enterprises mainly produce, lack of brand building, no well-known brands; Internally, the industry standard of wigs is missing, and malicious competition continues. These factors lead to low profits of wig enterprises in China, and the wig industry is difficult to become a climate.
Industry embraces consumers
Although China's wig industry is beset with problems, but with the aging, hair loss of young people, wig trend, user demand for wigs gradually expanded, wig market contains great potential. As we all know, consumers, as the judges of the market, hold the wind of the track. Wig track players want to force "overhead consumption", you can not ignore consumers.
First of all, research and development should follow the user's consumption concept. Different consumer groups have different needs for wigs. For example, young consumer groups pursue trend personality, and are more sensitive to the color and style of wigs. Rebecca will release popular hair colors according to the international color authority PANTONE's fashion color of the year, LUCY LEE launched a wig style that caters to the aesthetic needs of young people, such as hanging ear dye, princess cut and boxing dreadlocks.
The elderly consumers will require the wig real, Tang Fengcai according to the characteristics of the elderly hair launched the elderly ultra-thin hair program, but also launched in line with the actual age of the ultra-thin silver elderly hair. To develop new products for different user needs, products can meet consumer concepts and adapt to market consumption trends.
Secondly, channel construction should be close to users' consumption habits. The sales of wig products in China are mainly offline channels, accounting for 90%, and the e-commerce platform has become the most common shopping channel for the public. For example, Rebecca power e-commerce platform, settled in Tmall, Jingdong, Vipshop, Pinduoduo and small red book and other well-known e-commerce platforms. At the same time, the brand should also speed up the construction and upgrading of offline stores, improve user experience, increase user stickiness, and improve product re-purchase rate.
Finally, marketing promotion should keep up with the consumer psychology of users and open brand awareness. With the change of consumption concept, more and more consumers will choose wigs according to the brand, and the brand should improve its own visibility through marketing. On the one hand, the brand can rely on offline stores and hairdressing institutions to promote and publicize products and achieve precision marketing.
On the other hand, brands can use social media, live streaming and other means to increase exposure. The new brand LUCY LEE knows how to "grow grass", and its official Tiktok account has accumulated more than 270,000 video likes and more than 100,000 fans. Online and offline marketing can build brand awareness for consumers and promote transaction transformation.
At present, the consumption trend of wigs is constantly changing with the needs of consumers. Only by building products around consumers can we gain market recognition. The tuyere of the wig track has appeared, and we will see if the players can seize the tuyere and play new tricks on this old track.