Recently, reporters learned from the Consumer Goods Industry Department of the Ministry of Industry and Information Technology that the growth rate of China’s home furnishing industry has slowed down for three consecutive years. In 2013, the main business income growth rate was 14.3%. Since then, the rate has declined year by year, to 10.9% in 2014, 9.3% in 2015, and dropped by 0.7 percentage points to 8.6% in 2016. Similar to the overall domestic economic situation, China’s home furnishing industry has bid farewell to the era of “surge” and entered a new normal stage of steady development.
China’s home furnishing industry bids farewell to the “surge” era
Data obtained from the Consumer Goods Industry Department of the Ministry of Industry and Information Technology show that from January to December 2016, the main business revenue of furniture manufacturing was 855.95 billion yuan, a cumulative year-on-year increase of 8.6%; the total profit 53.75 billion yuan, a cumulative year-on-year increase of 7.9%. The production and sales rate of the furniture manufacturing industry was 97.9%, a decrease of 0.3 percentage points from 2015. By the end of 2016, the number of enterprises above designated size in my country’s furniture industry reached 5,561, an increase of 271 compared with the previous year. According to relevant data, the growth rate of China’s furniture manufacturing main business revenue has slowed down for the third consecutive year. In 2013, the main business income growth rate was 14.3%. Since then, the rate has declined year by year, to 10.9% in 2014, 9.3% in 2015, and dropped by 0.7 percentage points to 8.6% in 2016. Of course, the furniture industry’s growth rate is still 3.7 percentage points higher than the national industrial growth rate, which is 4.9%.
In terms of profit, the growth rate of China’s home furnishing manufacturing industry in 2016 dropped by 6.1 percentage points compared with 2015, to 7.9%; compared with the national industrial profit growth rate, it was 0.6 percentage points lower percentage points, with the latter growing at 8.5%. In terms of exports, according to customs data, the cumulative export value of China’s home furnishings and parts from January to November 2016 was US$42.832 billion, a cumulative year-on-year decrease of 9.67%; it should be noted that while the export value is declining, the export volume is growing. Industry insiders said that this shows that the export price of a single piece of home furnishing products has decreased, but the international share of home furnishing export trade has not decreased.
“Consumption upgrade” promotes the transformation of the home furnishing industry
In the new normal stage, people’s consumption habits have gradually shifted from food and clothing consumption to personalized consumption. People’s demand for household products is no longer just to meet their basic functions, but also to More independent creativity is added to home life, and more attention is paid to design concepts, brand connotations, health and environmental protection and other factors. Home products that are too popular and standardized can no longer meet the needs of consumers. At present, customized home products that are more personalized and integrated have been widely accepted by consumers, and the social awareness and market demand for customized home products are constantly increasing.
In order to comply with market development trends and meet consumer demand, my country’s home furnishing manufacturers must increase investment and development in original designs, improve production technology, and improve products and base materials Environmental protection standards, increase brand added value, expand brand influence, continuously enhance market competitiveness, and optimize industry resource allocation and promote industry transformation and upgrading through branded operation, design and services.
2016 has passed and 2017 has arrived. The era when home furnishing companies generally made money is over. Currently, the construction industry is changing rapidly, whether it is the demand structure or national policies, technology and management. Advantageous companies continue to grow, ordinary companies feel the biting cold, and some companies are crying out in despair. This is an era of development, an era of wealth redistribution, and an era of differentiation. The trend of accelerating “differentiation” is coming. 2017 is the starting point for new competition in the home furnishing industry.
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