With the progress of society and the growth of the national economy, the awareness of health care has been continuously strengthened, in which the investment in self-maintenance has been increasing. Massagers are one of the sectors that have benefited and developed well in recent years.
From historical data, the overall production and sales rate of the massager industry has declined, from 125% in 2016 to 101% in 2019. However, it is worth noting that the development of massager chairs continues to rise, with the production and sales rate increasing from 85% in 2016 to 98% in 2019. Massage chairs are also the sub-sector with the largest proportion of massage appliances.
Massage Chairs Market with Huge Potential Waits for Further Exploited
Massage chairs are home appliances with a high unit price, large floor area, and certain luxury attributes, so the penetration rate has been low. In the 1960s, Japan invented the world’s first massager. Benefiting from a high awareness of health care and a high purchasing power, massage chairs gained rapid penetration in Japan in the 1990s. Today, it is in Japan that the massage chair penetration rate reaches 27%, the highest one around the world. Then, massage chairs gradually moved from Japan, East Asia, and Southeast Asia markets to North America, Europe, and other regions.
Also, South Korea has a strong massage culture and strong consumption power, in which there are large-scale massage chair companies, with a penetration rate of 12%; Southeast Asia with a high recognition of massage and health care culture has many well-known massage chair brands. China has become the largest production base of massage chairs, but the penetration rate of massage chairs is not as good as that of other regions. The penetration rates of massage chairs in Hong Kong and Taiwan are both 10%, while that in mainland China is about 1%, which has a certain gap compared with other regions, with a larger growth space than other regions.
The Purchase Potential of Domestic Massage Chairs Is Fully Energetic
With the growth of the national economy, per capita disposable income is also increasing, in which the purchase rate of light luxury goods is gradually increasing. To forecast the development of massage chairs can refer to the development of domestic luxury cars. The price of a massage chair was two or three times the price of a family sofa in 2011, with some luxury property. Luxury cars and massage chairs are household durable consumer goods, and the unit price of the former is much higher than that of the latter, both of which are beneficiaries of consumption upgrades. The penetration rate of domestic luxury cars has doubled in the past seven years. Therefore, we believe that the penetration rate of luxury cars can be used as a reference for massage chairs. For family consumption, massage chairs have certain luxury property, but from the perspective of the penetration rate of luxury cars, the group buying luxury cars has the potential to buy massage chairs.
The Aging of the Population Drives the Consumption of Massage Chairs
Massage culture originated from the meridian theory of Chinese medicine， mainly used to relieve sub-healthy symptoms such as backache and backache.
China has entered an aging society around 2005. In 2018, the population over 60 years old accounted for 17.90%, and the population over 65 years old accounted for 11.19%. Relevant data predict that the elderly population in China will account for more than a quarter of the total population in 2035.
At this stage, Japan has the highest penetration rate in the massage chair market, which is also the country with the highest aging level in the world. In 2018, the population of Japan over 65 years old reached 27.47%. Although China has entered the ranks of aging, the market penetration rate of massage chairs is much lower than that of Japan. As a representative consumer product in the age of aging, massage chairs will usher in an increase in demand.
Young People Become Another New Drive of Massage Chairs
The traditional consumer target group of massage chairs is middle-aged and elderly people, but with the spread of health habits, young people have also begun to become the target users of massage chairs. Taking the YELP APP with young and middle-aged groups as the main users as an example, massage service merchants have shown an increasing trend, which reflects to some certain extent the needs of the young and middle-aged groups for massage services. In 2019, there were 26,896 merchants providing massage services in the YELP APP. Among them, foot massage merchants accounted for 40% of health service merchants.
According to online sales platform data, the sales of entry-level massage chairs worth a few thousand yuan have exploded, and massage chairs of Rongtai sold nearly 100 million on e-commerce platforms throughout Shopping Festival, which can be seen that people born in the 80s and 90s also began to pay attention to health preservation and their health, willing to pay more attention to massage chairs that relieve stress and regulate sub-health. The overwhelming emergence of shared massage chairs in airports, railway stations, and movie theaters provides young people with opportunities to promote and experience massage chairs for a little fee.
OSIM Occupies the First Place in the Domestic Massage Chair Market, Domestic Rongtai Has a Rich Product Line
In the massage chair market of China, OSIM occupies the first position in terms of market share and brand awareness; Shanghai Rongtai and Ogawa are in the second echelon.
OSIM was established in November 1980 in Singapore, mainly engaged in massage chair products based on the OSIM brand. Since 1981, it has introduced massage chairs and other health products from Japanese manufacturer Daito Electric. At this stage, all series of OSIM massage chairs are produced by itself, highlighting design, development, and marketing. The OSIM brand focuses on massage chairs, with a comprehensive coverage, divided into medium, low, and high-end operations, of which under $1,000 are mid- and low-end, between 1,000 and 3,000 US dollars are mid- to high-end, and over 3,000 US dollars are high-end, mainly concentrating on the high-end luxury products.
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