Condiment sauces inflation in China stood at -26.920% in April 2023, according to GlobalData’s report on the prices of stock keeping units (SKUs) supplied through online retailers. In Q2 2024, GlobalData monitored the pricing of 808 condiment sauces SKUs from companies such as Haitian, Lee Kum Kee and Chubang that were sold by e-retailers. Buy the report here.
Pricing is crucial, especially in a challenging economic climate, as competitive pricing and price leadership impact consumers’ choices. GlobalData’s pricing analysis reveals that QX-era offered lowest prices of the total SKUs within the condiment sauces category from April through June 2024, followed by Epermarket and RT-MART. According to the analysis, the price range of $5 and below was the most competitive, with 707 SKUs.
The chart below illustrates price leadership among the covered retailers which offer the highest number of low-priced products in the category. Of all retailers, QX-era had greatest share of lowest prices for individual SKUs in condiment sauces in China in Q2 2024.
Analysis of the quarterly price data showed that RT-MART offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed light; soy and soy as the most popular (by number of SKUs) condiment sauces variants. These were priced 13.54% lower than the average price of a condiment sauces SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were QX-era, Epermarket, RT-MART, GZ Grocery and Gome. According to the analysis, QX-era had the lowest average unit price, while the retailer with the widest product assortment was QX-era.
The report brings attention to the intricate pricing dynamics within the condiment sauces market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, QX-era, Epermarket and RT-MART stood out as prominent e-retailers, providing competitive pricing for a substantial number of condiment sauces SKUs. However, to comprehensively grasp condiment sauces market in China, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the China condiment sauces market, buy the report here.
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