wen | lianxianinsight wanghuiying

编辑 | 子夜

mairudongji，yurongfuyeyinglaileyinianyidudexiaoshouwangji，danjinnianyurongfushichangqueyin“dijia”chulequan。

jinri，zhibodianshangpingtaishangyoubushaobudao200yuandeyurongfu，xiangbiyudongzhejiqianyuandepinpaiyurongfu，zheigejiageyinqileshichangdezhuyi。

budao200yuanjiunengmaiyijianyurongfu，shiyurongyuanliaojiagejiangdilema？

shizeburan。yuzhixiangfan，jinnianyurongyuancailiaobuduanshangzhang。yurongjinwangshujuxianshi，jinbannian，hanrongliang90%debaierongjiagecong5yue6ride1069.66yuan/gongjinshangzhangzhi11yue4ride1143.92yuan/gongjin，shangzhangfududa6.94%；hanrongliang90%debaiyarongjiagecong5yue6ride481.9yuan/gongjinshangzhangzhi11yue4ride535.62yuan/gongjin，shangzhangfuduwei11.15%。

pubiandexingqingxia，jinniandeyurongfuyaobiwangniangengguicaidui。anchengbenjisuan，yidangxia90%baiyarongdejiagejisuan，ruotianchong200gdeyurongfu，jintianchongwudejiagejiuzai102yuanzuoyou。ruoshiyongerong，jiagezegenggao。

xianran，200yuandejiagecunzaixiqiao。juyangshixinwenbaodao，suoweidijiadeyurongfudaduoshiyicichonghaodezaojiachanpin。suizhi，“7wanjianyurongfuchachuhanrongliangwei0”“zaojiatongzhuangyurongfuliangyuemaichu6wanduojian”“yurongfuganmai199dudejiushinibudong”denghuatiluxudengshangresou。

shishishang，xiaofeizhebingbulinseweizhilianghaodeyurongfumaidan。tianmaoshuangshiyishujuxianshi，qianyuanyishangdeyurongfuchengjiaotongbiqunianzengzhangle30%，zhonggaoduanpinpaizaishuang11qijianyinglaijitibaofa，qizhonggaofanchengjiaopoyiyuan，bosidengchengjiaopo10yiyuan。

gaoduanhuashiyurongfupinpaimendegongshi，guochanpinpaimendouzaishituyonggaoduanzhanlvejiaoyushichang、yongkejixiyin“chengfendang”，yuguowaipinpaiyijuegaoxia。

guimoliannianzengzhangdeyurongfushichangxiyinyuelaiyueduowanjiadeyongru，chulebosideng、yayadengchuantongyurongfupinpai，haiyougaofan、tiankongrendengxinjinwanjia。xiangyaoyingdeshichang，pinpaiyaozaichengbenheshoujiashangzuopingheng，yeyaozaishejiheyingxiaoshangxuntupo。

keyiquedingdeshi，shouyuancailiaochengbenshangzhangyingxiang，jinnianyurongfudejiagehezhilianghennanliangquan。buguo，huozhenjiashideyurongfucaishixiaofeizhedeshouxuan，yeshigedayurongfupinpaizhengduonianduxiaoliangdeguanjian。

zheizhudingshiyichangbuhaodadexiaoliangzhizhan。

01 价格战激烈，但便宜没好货？

“2024nianyurongfushichang，yaomegui、yaomejia”。jinniandongtian，gangjinruyurongfuwangji，xiaofeizhemenyoulexindeganshou。

zaimouzhibojian，90erongtianchongyurongfu，zhiyao159.9yuanjiunengdaihuijia。kansiqinmindejiagexiyinlebushaoxiaofeizhe，gaiyurongfuyiwanmaichu1.2wanjian，xiaoshouechaoguo200wanyuan。

zheileihaochengbayurongfujiagedaxialaidezhibojianbuzhiyijia。genjuyangshi《caijingdiaocha》baodao，zaijiangsunantong，yixiechangshangyi“feisi”dai“rong”，kongzhichengben。tongyangyikuanwaiguandeyurongbei，chong“90rong”，chengbenxuyao800yuan，chong“gaosi”，chengbenzhiyao400yuan。

youshangjiacheng，lianggeyuejiumaichule6wanduojianweilietongzhuangyurongfu。yurongfudetianchongwudoushifeisi，yejiushisuoweide“fensuimao”。

yijialuanzhen、yicichonghaodebaipaiyurongfubuyoudejijinniandeyurongfushichangdangtouyibang，suowei“bianyimeihaohuo”gengshifanfushangyan。

jubaodao，zhejianghuzhouzhiligongandaohuiyishengchan、xiaoshouweilieyurongfuwodian，xianchangchahuo“jiayurongfu”7wanyujian，sheanjiazhi700yuwanyuan。bananminjingzhichu，sheshiyurongfudiaopaishangbiaomingle70%detianchongwu，danjingguozhuanyejiancehoufaxian，zheipiyiwuzhongyuronghanliangjihuwei0%，shiweiliezhiyurongfu。

zhideguanzhudeshi，suoweidijiayurongfugengshichengjiuleyitaochengshude“zaojiachanyelian”。congzhibojiandaofuzhuangchang，zaidaotigongyuancailiaodegongyingshang，meigehuanjiederenduijiahuodouxinzhiduming。

zheiwuyitiaobozhexiaofeizhedeshenjing。dijiayurongfuzaojiayinqiguanzhu，shangjiayicichonghaobaolirundelingyimianshiyurongfushichangyuancailiaojiagedeshangzhang。

wulunshiyarong，haishijiagegenggaodeerong，jinnianyilaigeleibiedeyurongjiagedouzaishangzhang。yi95%hanliangdebaierongweili，jinniannianchumeigongjinjiagejiutupoleqianyuan。jibianshixiatian，95%hanliangdebaieronghaichuangxialejinnianyilaidezuigaodian1386.95yuan/gongjin，tongbiqunianshangzhang61%。

youyuzhangjiataiguoxunmeng，yuancailiaoyiduxianghuangjin、agushichangchuxianleshishibaojia。xuyaomingquedeshi，zaiyurongfushengchanchengbenzhong，yuancailiaochengbenyuezhanzongchengbende75%，eryurongzhanbi50%。yejiushishuo，yurongfujiageyuyurongyuanliaojiagechengzhengbi。

fanyingdaojinniandeyurongfushichang，bushaoxiaofeizhefanying，tongyijianyurongfu，jibiandacudawanzhedejiageyemeiyouqunianhuasuan。

lazhangshijiankan，yurongfuyuemaiyueguiyeshishishi。juzhonghuaquanguoshangyexinxizhongxinshujuxianshi，2015—2020nian，woguoyurongfupingjundanjiayou452yuanzhangdao656yuan；daxingfanghanfudechengjiaojiatupo1000yuan，qizhong2000yuanyishangdezhanbiyijingjiejin70%。

yipinpaiweili，xuezhongfei、yayaduokuanshangpinjiagedadaoqianyuan，yurongfupinpaiskypeopleyurongfujiagechaoguo7000yuan，bosidenggengshijiejinwanyuan。

youyisizhichuzaiyu，pinpaileiyurongfuzhangjia，sihubingmeiyouyingxiangxiaofeizhedegoumaili。

taobaotianmaobujiuqianlianhemojitianqifabude《tianmaoshuang11nianqingrenjiangwenbaonuantujian》xianshi，jinniandongtian，yurongfuzhongxinhuiguidongzhuang“cwei”，zhimingpinpaideyurongfuyuelaiyuebeixiaofeizhehuanying。

jinnianshuang11qijian，tianmaofushizhanbaoxianshi，yurongfupinleitongbizengfuchao60%，gaofan、yaya、xuezhongfeichengjiaopoyi，bosidengchengjiaopo10yi。ciwai，zhonggaoduanpinpaibiaoxiantuchu。yuqunianxiangbi，tianmaofushizongbang top20 pinpaizhongyou5gexiweiyizhu，jiangnanbuyi、ugg、gaofandengxinshangbangpinpaijunweizhonggaoduanpinpai。

jingzhengjiliedeyurongfushichang，xiaofeizheyongjiaotoupiao。xiangbiyujiagezhanjiliedebaipaiyurongfu，xiaofeizhegengyuanyiweiyoubaozhangdepinpaiyurongfumaidan，suiranyouxiegui，danzhishaomaigeanxin。

02 羽绒服品牌集体冲高端，究竟靠什么？

gui，shizheijinianxiaofeizhegoumaiyurongfushidediyiyinxiang。

ruguoshuoguoquguojipinpaicanada goose、monclerdingjiashangwandeyurongfuduizhongguoxiaofeizheeryanhaihenyaoyuan，rujin“ehua”debosideng，“zhongguomoncler”gaofandengpinpaiyetuichushangqian，shenzhijinwanyuanxilie，zezhijixiaofeizhedeyanqiu。

yurongfuzhangjiadebeihou，shiguochanpinpaimenzaijitizouxianggaoduan。

yigedaqiantizaiyu，yurongfushidianxingdejijiexingchanpin，bujinchengbengaoyuqitajijiedeyifu，shiyongchangjingyexiangduiyouxian，yinciyonghugoumaipincidi、fugoulvdi。gongjicehexuqiuceshuangxiangzuoyongxia，yurongfudekucunyalishibaizaipinpaimianqiandedashan。

yiwangguochanpinpaigengqingxiangyuyongfanjixiaoshouxiaohuakucun，dandijiacuxiaobingbuliyupinpaijianshe，gengbuliyuyuguojipinpaiqiangshichang。

zheijinian，guochanpinpaizhuanhuanlesilu：yuqidaxingjiabi，buruzougaoduanhua。

jinkanguochanyurongfupinpai，bosidengshigaoduanhualuxiandejiandingzhuyizhe。qianbujiubosideng24/25cainianzhongqicaibaohuishang，bosidengshiyebuzongjingliruijingsongzhiyan，jiangjiazaiduanqikenenghuiyouyixiexiaoguo，dancongzhangqilaikan，jiudengjiayuzisha，“zheiyidingshimeiyouweilaide，meiyouyigepinpainengwanquantongguojiangjiajiunengyuezuoyuehao。”

图源波司登官方微博

tongyangzhuanxingdehaiyouchengli20duoniandegaofan。jingliyongdijiaqiangshichangdediguhou，gaofanzhongxinhuidaogaoduanluxianshang。2020nian，gaofanmiaozhunqianyuanerongyurongfushichangdekongbai，kaiqiercizhuanxing，zhuda“heijinerongfu”。

hegaofanyiyangmiaozhunerongdehaiyouyaya。jinnian，yaya2024heibiaoexiliedenglumilanshizhuangzhou，dingjiabijinsanqian，hanchugaoduanyushishangjianjudekouhao。

kanyunkongguqixiadeskypeopletiankongren，zexuanzejinrugaoduanyurongfushichang。congdingjiashangkan，tiankongrenzhuda3200yuan—7200yuandejiagedai，gaoyubosidengdezhuliuchanpinxian，diyujianadaehemoncler。

wulunshipingjiazhuangaoduan，haishikuajiezhuanxing，pinpaimenxiangyaozougaoduandouyaohuidatongyigewenti——xiangyaomaichugenggaodejiage，jiuyaonachuyugaojiapipeidepinzhi。

beimianhuwaifeng、jianadaejihanfeng、monclerheijinfengyijinglvxianjiaoyuleyurongfudegaoduanshichang，“bosidengmen”kaoshenmechonggaoduan？

congyurongfudeshiyongchangjingshangkan，baonuanshizuijibendegangxu，zheijiniansuizhexingyejiliejingzheng，chanpintongzhihuayanzhong，mianduixiaofeizhetesehuadexiaofeixuqiu，dachuxifenmaidianchengweipinpaimendegongshi。

jutilaikan，bosidengjiangzhongdianfangdaolebaonuanshang。zaiyanfaduan，bosidengtongguo“fengyuxueshiyanshi”moniduozhongjiduantianqichangjingyanfafanghanjishu；zaixiaoshouduan，bosidengyimianliao、xure、fangfengsuowensandabaonuankejiweimaidian。

lingyibian，gaofanweiraoheijinxilieqiangdiaokejiheshishanggan。yigaofandedaibiaozuoheijin4.0weili，mianliaocaiyongronghezhuanlikejiyuxiquecaizhiheishinuanganzhuguangsha，jianjukejiheshishang；baonuancaiyongdisidaizhongkexurejishu，kezaijihanhuanjingliweirentizengwen2.5℃。

tiankongrenxuanzedeshishangwujinengfeng。qubieyuhuwaifengdebaonuan、heijinfengdeshishang，tiankongrenzhudadeshiqinglianghua。yi“tianjilvxingjia”weichuchalvxingchangjingshejideyurongfuweili，yurongfuneidanhanyouyitaoneibushounaxitong，jiangyixiuxianghouzhediezaixiangneijuanhoulashanglalian，jiunengguazhizaixinglixiangganshang，huoshichongdangyaozhen。

图源天空人官方微博

zhideyitideshi，bansuihuwaichangjingdehuore，shanxi、gongzhuangfenggechengweixiaofeizheyiniansijidexintouhao。zaishizuniao、kaileshidenghuwaipinpaidedaidongxia，fangshuifangfengdeqingyingxingcailiaoyezhujianbeiyingyongdaochongfengyiyurongfuzhong。

xiangbosidengjidijihanxilieshiyongleshijizhibu gore-tex；gaofanquanxinfengqiao4.0erongdemianliaodazai“huwaijufengbaokeji”；yayade“bingqiao”xiliezaimianliaoshangyeshixiantouqitoushikangbaoyu。

cengjing，moncler、jianadaeyijingyanzhenglegaoduanyurongfudeshichang，gengzhengminglegaoduanluxianduipinpaijianshedezhuli。rujin，renleizaihanlengtianqixiaduishushidu、shishangdu、baonuanxingdeyaoqiuqueyibuke，gaoduanhuashiyurongfupinpaimenjitixuanzedeyitiaolu。

dangran，pinpaixiangyaozhanwengaoduan，zuizhongrengyaonachuyingshilihejiafenxiang。

03 羽绒服品牌抢蛋糕，各有奇招

xingyedefengyizhichui，mianduixiangtongdeshichang，douzaizuogaoduanyurongfu，zenmecainengtuoyingerchu？

huidazheigewentizhiqian，bufangxianlaikanxiagepinpaidechengji。meinianshuang11dacu，fushidoushirexiaopinlei，diejiajijieshuxing，shuang11wangwangshiyurongfupinpainiandichongxiaoliangdeguanjian。

jinniantianmaoshuang11kaifuweikuandediyitian，gaofanxiaoshoue4xiaoshipoyi，tongbizengzhangchao200%，chengjiaoliangyiduzaiyurongfupinleizhongpaimingdiyi；10yue22ri，douyindianshangfabude“2024douyinshangchengshuang11haowujie”zhengshiqikaimenhongbangdanzhongxianshi，yayayurongfuweinvzhuangbangdanbangshou；bosideng24/25cainianzhongqicaibaohuiyishang，bosidengshiyebuzongjingliruijingsongtoulu，jinnianshuangshiyi，ruguoanzhaotianmaodetongjikoujing（weituihuodingdan），bosidengzhengtigmvzengzhangle30%yishang。

yurongfupinpailiangyanchengjidebeihou，shiwendingzengzhangdeyurongfushichang。

zhongguofuzhuangxiehuixiangguanshujuxianshi，zuoweiquanqiuzuidadeyurongfuxiaofeishichangzhiyi，zhongguoyurongfushichangkuaisuzengzhang，shichangguimocong2017niandebuzuqianyiyuan，dao2023nianyijiejin2000yiyuan，tongbizengzhang15.81%，yuji2025nianwoguoyurongfushichangguimohuidadao2500yiyuan。

shichangzaizengzhang，wanjiayezaizengduo，qizhong，jibaohanchuantongfushipinpai，youyoukuajiewanjia。muqian，shimianshangchangjiandeyurongfugenjupinpaikeyifenweisandalei：yibosideng、yaya、gaofan、tiankongrendengweidaibiaodeyurongfupinpai；yibeimian、luotuo、jianadae、shizuniaodengweidaibiaodezhuanyehuwaipinpai；yiyouyiku、lululemon、senma、taipingniaoweidaibiaodesijihuapinpai。

xingyehenrenao，jipinpaidailaijihui，yedailaitiaozhan。

congshangshushuang11zhanbaokeyikandao，yurongfu“laodage”yijingshoudaolexinjinpinpaidetiaozhan。

xiangbosidengzheiyangdetoubu，xuanzeduoyuanhuafazhan，yongfupaitigaojingzhengli。

suizhezhupinpaibosidengjiadazai3000yuanyishangzhonggaoduanyurongfushichangdebuju，bosidengxuanzeyongxuezhongfeiqiangzhanxingjiabiyurongfushichang，duotiaotuizoulu。bosidengcaibaoxianshi，2024/25zhongqi，xuezhongfeiyingshoutongbizengzhang47.1%zhi3.9yiyuan，maolilvtongbizengzhang6%zhi50.1%。

xuezhongfeizhizhideshipanjuxingjiabishichangduoniandeyaya。zhangqiyilai，yayatongguo300-400yuandejiagequjianqierudazhongshichang，bingzai2020niangufenzhongzuhoujiangzhanlvezhongdianzhuanyidaoxianshang，zhongxinhuidaodazhongshiyezhong。

yayaqiangduoxiaoliangdediyigedongzuojiushidatongxianshangqudao，xingchengzhibojuzhen。2020nian，yayadatongletianmao、douyindianshang、jingdongdengchuantongdianshanghezhibodianshangqudao，jiezheyoubujuledarenbo、zibo，dangnianxiaoshouedadao35yiyuan。

zheiqijian，yayahaiduipinpaidingweizuoleshengji，qianghuaguominyurongfupinpaidingweidetongshi，gengzhongshinianqingxiaofeizhe。yayaxianhouxuanbuwangyibo、jujingyiweipinpaidaiyanren，tongguomingxingxiaoying，dakaishichang。

图源YAYA鸭鸭官方微博

heyayasilubumouerhehaiyougaofan。chengli20duoniandegaofanzuijinjinianzaigaoduanyurongfusaidaopinpinchuquan。

yifangmian，gaofanweiraochanpinlinianjiangqilechangjinghuadegushi，biruzaixuanchuanshipinzhonghuipaishexiniuzhizaodequanguocheng，rangyonghuganshouyijianerongfudekejihuashengchanguocheng，congerjifaxiaofeixingqu；

lingyifangmian，gaofanzhuazhuzhibohongli，tongguoxianshangqudaozhuazhuxiaofeizhe。qunian，gaofanchuangshirenwukunmingcengzai36kedecaifangzhongbiaoshi，douyinyunyingshigaofande“yibashou”gongcheng。

jutidongzuoshang，gaofanxuanzeyuyoukejishuxingdeluoyonghao、gaoduanshuxingdezhangbozhidengmingrenhezuo。ciwai，gaofanhaimiaozhunshangwuzongcaiquanceng，haolilai“ergongzi”luocheng、jieliyasandaijiebanrenshizhanchengdengdoushigaofandehezuoduixiang。

图源高梵官方微博

benzhishang，jiadapinpaiyingxiao、qudaozhenghe，shixianzaideyurongfushichangyijingjinru“jiuxiangyepaxiangzishen”dejieduan。

xianggaofangenju“zhongguomoncler”dedingwei，weiraoheijinxiliedachuyingxiaozuhequan，qinglaishishangshuxinghenqiangdenvxingyangmidaiyan；bosidengjihanxilieyouguailingdaiyandeguanggao，yebujudaogedachangsuo；senmayuxuzhishengchoumengxingxiangde“fanxiangdaiyan”rangsenmazhongxinzaiyurongfusaidaozhaodaocunzaigan……

rujindeyurongfuxingyezhengchuzaigaosuzengzhangqi，suizhegengduowanjiadeyongru，cengjingdeyichaoduoqianggejuzhengzhujianbeidapo。shichangshibuduanbianhuade，dangtiaozhanpingdengdichuxianzaimeigepinpaishenshang，yiyonghuweihexin，dazaopinpaidutedehuchenghecaishizouxianggaoduandeziben。