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Furniture product prices will continue to rise Foshan furniture industry or the pursuit of economies of scale
Furniture has always evoked mixed feelings among people, especially in 2012, when the furniture industry was struggling through a cold period. Despite the lack of recovery trends in the sector during that year, according to incomplete statistics from the Guangdong Furniture Association, the total output value of the Guangdong furniture industry in 2012 may have reached 300 billion yuan, accounting for about 26% of the national total. This marked a 7.1% year-on-year increase, with an average annual growth rate of 15%.
What is the trend of Foshan's furniture industry amid the continuous growth in the province's total sales? Will furniture prices in Foshan rise in the future? Industry insiders suggest that while the operating area of Foshan furniture stores has been increasing by 20% to 30% annually, fierce market competition is pushing the industry to shift its focus from scale speed to scale efficiency. With rising costs affecting production, furniture prices are expected to continue increasing this year, possibly between 15% and 20%.
Furniture product prices may continue to rise. The average increase in furniture products last year was about 10%, and industry insiders predict that due to rising production costs, furniture prices will continue to climb this year. The increase is expected to be similar to last year or even reach 15% to 20%. Zuo Boyang, Honorary Chairman of the Foshan Furniture Industry Association, noted that despite the expansion of furniture stores in recent years, companies face challenges such as rising costs. Rising raw material prices, store rents, and labor costs are the fastest-growing expenses, which ultimately affect furniture prices.
In the future, it can be observed in Foshan furniture stores that even at the end of the year, discounts are not significant. A salesperson at a brand in Lecong Furniture City mentioned that prices have been rising more than falling over the past few years. "At the beginning of the year, products could be discounted by 20%, but by the end of the year, only 10% discounts were possible. The main reason is high warehouse and mall rents, along with rising timber prices," they said.
The furniture industry may shift towards economies of scale. According to the Guangdong Furniture Association's data, the total output value of the Guangdong furniture industry in 2012 may have reached 300 billion yuan, representing about 26% of the national total. The province’s furniture exports in 2012 totaled approximately 15.23 billion US dollars, accounting for around 32% of the national total. Domestic sales reached about 200.1 billion yuan, making up 23% of the national total.
Under various unfavorable conditions, such as real estate regulation, economic slowdown, and anti-dumping measures, how should the furniture industry develop? Officials from the Guangdong Furniture Association stated that the industry should shift from pursuing scale speed to scale efficiency. In 2013, efforts will focus on strengthening domestic demand, expanding third- and fourth-tier markets, and promoting domestic products. At the same time, export development will continue, with a focus on emerging markets and increasing independent intellectual property rights and brand presence internationally.
According to predictions by the Guangdong Furniture Association, the total output of the furniture industry in the province is expected to reach 330 billion yuan in 2013, accounting for about 25% of the national total, marking a 10% increase from the estimated 300 billion yuan in 2012.