China Furniture Market Set to Expand Amidst Urbanization and Rising Disposable Incomes

Mordor Intelligence has published a new report on the China Furniture Market, offering a comprehensive analysis of trends, growth drivers, and future projections.

The China furniture market is poised for significant expansion, driven by rapid urbanization, increasing disposable incomes, and a burgeoning middle class. According to Mordor Intelligence, the market is expected to register a compound annual growth rate (CAGR) of 7% during the forecast period leading up to 2030.

Report Overview: https://www.mordorintelligence.com/industry-reports/china-furniture-market

Key Trends

Urbanization and Real Estate Development

China's swift urbanization has resulted in the development of new residential properties, escalating the demand for home furniture. As more individuals migrate to urban centers and acquire homes, there is a heightened need for furniture to furnish living spaces, including living rooms, bedrooms, dining areas, and kitchens. This urban shift is a significant driver of the furniture market, as consumers seek to enhance their living environments with quality furnishings.

Rising Disposable Incomes and Middle-Class Expansion

The expanding middle class in China, coupled with higher disposable incomes, has cultivated a growing appetite for consumer goods, notably home furniture. Middle-class consumers prioritize comfort, style, and quality when selecting furnishings, leading to increased demand for a diverse range of furniture products. This demographic shift underscores the market's potential, as more consumers are willing to invest in premium and aesthetically pleasing home decor.

E-commerce and Online Furniture Sales

China's e-commerce industry is evolving rapidly, providing growing avenues for the furnishing industry. E-commerce portals have great features to attract digital customers and provide new growth options for furnishing retailers. Buying furniture online is becoming a trend as customers prefer online buying due to the convenience and comfort of logistics and shipping of furniture items to their doorstep. Many furniture retailers are creating a strong online brand presence and increase their sales with online stores and e-commerce portals. Some of the prominent expert sites for furniture sales in the country include Alibaba, JD.com, and Made-In-China. As per estimates, China leads online furniture sales globally, with an estimated sale of over USD 68.6 billion in 2019. The rapid development of e-commerce in China has increased the sales channels for furniture in the past 2-3 years. The online sales of furniture through online distribution channels increased from 54% in 2018 to around 58% in 2019, as consumers are showing a rising preference for the purchase of furniture products online. The steady growth in e-commerce and the rise in retailers adopting online channels for selling their furniture products is anticipated to further increase the demand for furniture products in the country.

Export Growth and International Trade

China is also one of the biggest exporters of wooden furniture. According to data from the General Administration of Customs of China, the export value of Chinese furniture and parts in 2018 was USD 53.69 billion. Some of the major countries to which China exports furniture include the European Union, the United States, Hong Kong, Japan, and Vietnam. The country also imports furniture from countries like Italy and Germany. This robust export activity underscores China's pivotal role in the global furniture industry, contributing to the market's growth and resilience.

Market Segmentation

The China furniture market is segmented based on material, application, and distribution channel:

By Material:

Wood: Predominantly used due to its durability and aesthetic appeal.

Metal: Valued for its strength and modern design applications.

Plastic and Other Materials: Chosen for affordability and versatility.

By Application:

Home Furniture: Encompasses living room, bedroom, dining room, and kitchen furnishings.

Office Furniture: Includes desks, chairs, storage solutions, and other workplace essentials.

Hospitality Furniture: Covers furniture for hotels, restaurants, and other hospitality venues.

Other Furniture: Comprises specialized furniture for various applications.

By Distribution Channel:

Supermarkets & Hypermarkets: Large retail stores offering a wide range of furniture products.

Specialty Stores: Boutique shops focusing on specific furniture styles or brands.

Online: E-commerce platforms providing consumers with convenient access to diverse furniture options.

Others: Including direct sales and other retail formats.

Get a Customized Report Tailored to Your Requirements. - https://www.mordorintelligence.com/market-analysis/furniture-and-furnishings

Key Players

The China furniture market is highly competitive, featuring both local and international players. Notable companies include:

Interi Furniture: Renowned for its high-quality, custom-made furniture, catering to both residential and commercial clients.

Qumei Furniture: One of China's leading furniture manufacturers, offering contemporary designs that blend functionality with style.

IKEA China: The Swedish furniture giant has established a strong presence in China, known for its ready-to-assemble furniture and home accessories.

Kinwai Group: Specializes in modern furniture designs, exporting products to numerous countries while maintaining a significant domestic market share.

Chengdu Sunhoo Industry Co., Ltd.: Focuses on producing a wide range of home furniture, emphasizing innovative designs and quality craftsmanship.

These companies are actively expanding their market presence through strategic initiatives such as opening new stores, enhancing online platforms, and diversifying product offerings to meet the evolving consumer preferences in China.

Conclusion

The China furniture market is on a robust growth trajectory, fueled by urbanization, rising disposable incomes, and the expansion of e-commerce. As consumers increasingly prioritize quality, design, and functionality, the demand for diverse furniture products is set to rise. Manufacturers and retailers that adapt to these trends, embrace technological advancements

Industry Related Reports

Japan's Furniture Market: Japan's Furniture Market is categorized based on material (Wood, Metal, Plastic, and Others), application (Home Furniture, Office Furniture, Hospitality Furniture, and Others), and distribution channel (Supermarkets and Hypermarkets, Specialty Stores, Online, and Other Channels).

To know more visit this link: https://www.mordorintelligence.com/industry-reports/japan-furniture-market

DIY Furniture Market: The DIY Furniture Market Report is segmented by type (Metal, Wood, Plastic, and Glass), application (Residential and Commercial), distribution channel (Online and Offline), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

To know more visit this link: https://www.mordorintelligence.com/industry-reports/diy-furniture-market

Vietnam Home Furniture Market: The Vietnam Home Furniture Industry Report is segmented by type (Kitchen Furniture, Living Room Furniture, Bedroom Furniture, Dining Room Furniture, and Others) and distribution channel (Home Centers, Specialty Stores, Flagship Stores, Online, and Other Distribution Channels).

To know more visit this link: https://www.mordorintelligence.com/industry-reports/vietnam-home-furniture-market

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