2023 is coming to an end, and according to industry statistics, the transaction volume of the agarwood trading market this year has reached 100 billion. In addition to China, the demand for agarwood in the Middle East, the Far East, the United Arab Emirates, Saudi Arabia, Japan and other places is also increasing year by year.
At present, the income of the Chinese people is constantly rising, and more and more families have reached the middle class level. According to industry insiders, the post-60s and post-70s groups in the agarwood market still occupy a position in market traffic, but now many post-80s and post-90s groups are also pouring into the market. This kind of consumer group is generally highly educated and has a more thorough understanding of agarwood, and has become a force that cannot be ignored in the market.
And agarwood brands targeting this part of the consumer group have begun to appear in the market. Many old players in the circle believe that the current brand differentiation trend in the domestic agarwood market is obvious. With the boom of live broadcast traffic, there are many new brands in the agarwood industry, which are positioned in the mass consumer market, and in order to meet everyone's pursuit of taste, many series of products have been launched. The other type is the industry's "time-honored" agarwood brand, the traditional high-end agarwood brand represented by Xiang Supreme Agarwood has been firmly rooted in the market, with excellent agarwood quality and mature agarwood system to bring high-quality agarwood to the market. It has always been recognized by old players in the circle and people in the upper circle who have high requirements for the quality of agarwood.
Looking back at the performance of this year's agarwood consumption market, it is not difficult to see that high-quality agarwood is leading the market orientation and is more supported by consumers. To sum up the reasons, the current new consumer groups pay more attention to product quality, and no longer believe in the so-called gimmicks of "picking up leaks" and "sending benefits" by merchants. For agarwood, it is indeed positively related to quality, and it is a common perception of new consumer groups to choose more professional brands and let more professional people do professional things.
In this regard, Sun Yuhui, founder of the leading domestic agarwood brand Xiang Supreme Agarwood, said that the current public's consumption concept is changing, and controlling the quality of agarwood materials is the foundation for development. As a brand, it is still necessary to adhere to professional development in the future, although agarwood resources are becoming increasingly scarce, but the unique value attributes and market recognition of high-quality agarwood will definitely be recognized by more people. Regardless of whether the positioning of the brand is high-end or popular, we must put quality in the first place and provide a stable and healthy environment for the majority of fragrant friends.
In recent years, the international situation has been turbulent, and the people's consumption behavior has become more cautious and conservative, which is both an opportunity and a challenge for the agarwood market.