At present, China’s furniture production capacity has accounted for 25% of the world’s total, making it the true number one furniture manufacturing country. In 1978, just after the reform and opening up, China’s furniture market had a mere 1.3 billion yuan, but now the total amount has reached over 700 billion yuan. Based on an average growth rate of 22.2% over the past thirty years, this industry is expected to achieve a total output value of 2.43 trillion yuan by 2023.
The Chinese furniture industry has gone through a infancy and early stage of growth in the past thirty years, and is now in the middle stage of growth. It will not truly enter the mature stage of growth until after 2015. In 2009, the total retail sales of consumer goods in the whole society increased by 15.5% compared to the previous year, and the furniture industry surpassed the growth of construction, decoration materials, and automobiles, with a growth rate of 35.5%. In the first three quarters of 2010, the total retail consumption in society increased by 18.3%, with the furniture industry contributing 38.4%, making it the fastest-growing industry.
The furniture industry, which is now entering its thirties, has gradually clarified various norms for industry development, increasingly manifested industry characteristics, and matured industry development. To summarize the current development status of the furniture industry, the evolution and transformation are mainly in the following aspects:
Financing and listing, transformation and upgrading
The office furniture industry requires capital intervention. In a once-in-a-century financial crisis, most small and medium-sized enterprises have never felt panic about their capital chain. Even large furniture companies that have always been “good at money” have changed their mindset and are eager to move closer to capital. In the circulation field, for example, Sijin Furniture, which shouted the slogan of going public in 2012, as well as companies such as Haobai Nian and Huayuan Xuan, are plotting to go public on the ChiNext board. Da Fu Fu Furniture and Jinsheng Home Furnishings have also reported information of going public. Not only in the field of distribution channels, manufacturing, but even in the service sector, there have been rumors within the industry that the Shenzhen Furniture Industry Association is attempting to go public through projects such as exhibitions, stores, industrial education colleges, and furniture newspapers. Some furniture companies have already established management standards and made preparations before going public. Choosing a good consulting firm or waiting in line for approval before going public will be an important step in quickly achieving hope.
Mature stores and early signs of industrial real estate
What is industrial real estate? Industrial real estate is an integrated platform of industrial value chain built on the premise of national industrial planning guidance and policy support, relying on industries and real estate as carriers. It focuses on the development of industrial shops, supporting office buildings, supporting hotels, office buildings, standardized factories, exhibition centers, research and development centers, information centers, logistics distribution warehouses, etc. It integrates industry resources, integrates research and development, production, exhibition, trading, exhibition, design, communication, promotion, office, and financial services, forms a regional industrial cluster center, and creates an industrial trading distribution platform and integrated commercial circulation network covering hundreds of kilometers and even the world.
The formation of factions in office furniture and the start of fierce competition among them
Although it is a competitive landscape with endless disputes, some top tier manufacturers with strong capabilities are bound to stand out and become leaders in this industry. The entire market will form a situation where three forces coexist: leading manufacturers, first tier brands, and other manufacturers.
Post time: Mar-17-2025