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The furniture sales market shrinks
In 2012, the Qingdao furniture industry faced significant challenges due to the cooling trend in the real estate market. It is reported that profits in the local furniture sector dropped sharply compared to the previous year, with an expected decline of around 20%. In response, merchants were hopeful about the "trade-in" policy introduced in cities like Beijing and Tianjin, which aimed to boost furniture sales.
The furniture market experienced a contraction this year, largely driven by the impact of real estate purchase restrictions and rising operational costs. This downturn spread nationwide, and even coastal cities like Qingdao were not immune to the economic slowdown. Recently, many furniture stores in Qingdao have seen a noticeable drop in foot traffic. Despite being a weekend, most stores remain quiet, with few customers browsing or making purchases. One shop owner mentioned, "Although it's traditionally off-season, this situation has lasted over a year. Except for holidays like National Day or Labor Day, it's rare to see any customers. A single sale in a day is considered a good day."
Furniture dealers in Qingdao are now looking for new opportunities to expand their market. The trade-in policy implemented in several cities since November 2012 has generated interest among local furniture manufacturers. Han Qingsheng, Secretary General of the Shandong Furniture Association, expressed hope that the policy could be adopted nationwide, as it would help stimulate furniture consumption and benefit the entire industry. He also emphasized the importance of national support for such initiatives, as they require coordinated efforts in recycling, fund management, and storage—challenges that individual businesses may struggle to handle alone.
Merchants acknowledged that while the trade-in policy could revitalize the market, its success depends on broader policy support and collaboration across the industry. With the current economic climate, they are cautiously optimistic about future growth and are actively seeking ways to adapt and thrive in a challenging environment.