Rapid expansion of hardware and bathroom market tends to be saturated

In recent years, the hardware and bathroom market has experienced rapid growth, but signs of saturation are now becoming more apparent. According to data from the China Building Sanitary Ceramics Association, in 2012, building ceramics companies saw a 2.93% increase in sales, while sanitary ceramics firms faced a 3.08% decline. Meanwhile, hardware and sanitary ware companies only managed a 0.27% rise in sales. On the profit side, building ceramics companies reported an 8.31% growth, but sanitary ceramics firms fell by 5.55%, and hardware and sanitary ware companies suffered a steep 25.43% drop in profits. This sharp decline reflects an "abnormal" performance for the sector. Industry experts believe that the hardware and bathroom market is nearing saturation, especially as the overall sanitary industry continues to shrink. During interviews with several hardware companies, executives expressed concerns about the bleak outlook. One company representative said, “Last year was tough, and this year might be even worse.” While sales have dropped, the fall in profits has been even more severe compared to other products in the sector. The export market, which once played a major role in the hardware and bathroom industry, has also seen significant challenges. In 2011, China’s exports of hardware and sanitary products declined sharply, particularly in North America and Japan. By 2012, the U.S. still accounted for 19.92% of China's exports in this sector, but Japan had fallen out of the top ten. As domestic competition intensified, many former export-oriented companies turned to the local market, leading to fierce price wars. During an interview with a representative from a well-known plumbing brand, the spokesperson noted that foreign demand had dropped drastically, leaving many companies unprepared. “Some businesses resorted to endless price cuts just to stay afloat,” he explained. “One company lowers prices, and others follow, resulting in a race to the bottom. The industry’s healthy competition is being undermined.” Recent media coverage of incidents like "lead-tap" scandals has raised concerns among foreign buyers, further impacting exports. In Nan’an and Zhejiang, some companies reported that certain countries have increased their inspections on heavy metal content in hardware and plumbing products, affecting export operations significantly. Domestically, price cuts have become a common strategy in the hardware and sanitary market. Small workshops have taken advantage of this trend, offering low-quality products at rock-bottom prices. “Original sales were based on price first, then quality,” one market worker said. “This has led to a flood of cheap, substandard products, pushing out reputable brands and creating a vicious cycle of price competition.” By the first half of this year, the hardware and bathroom market remained highly competitive, with many companies earning less than 5% profit. Industry analysts believe this indicates a saturated domestic market. Rising raw material costs have further squeezed profit margins. Since 2010, copper prices have surged by 32% within six months, reaching historic highs above $9,000 per ton. Steel prices also rose sharply after October 2012 and remained high through mid-2013. These increases have made it difficult for companies to maintain profitability, especially when market prices continue to fall. A dealer named Mr. Wang described the situation: “We’re acting as porters for consumers, barely covering our costs.” With rising wages, logistics expenses, and store rents, the final profit margin for each product is often just single digits. As the market shows no clear signs of recovery, many large building materials stores have reduced their hardware and bathroom inventory. Some retailers have even pulled out entirely, signaling a worrying trend for the sector.

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