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The furniture industry in 2020

2020-11-05

In the blink of an eye, 2020 is coming to an end. At the beginning or end of each year, major institutions and companies will look back to the past and look to the future. Looking back to 2020, the furniture industry has experienced pains. Some business owners even frankly said that 2020 is the most difficult year since their careers. One year. Regarding the furniture industry market in 2020, everyone is generally pessimistic. Of course, we are always in the market and complaining is meaningless. You can only think hard, try your best to adapt to market conditions, adjust your posture and ways of doing things, and embrace the trend to have a future. What other changes will happen in the furniture industry? As a branch of niche furniture, how do we respond to market changes?

The latest data show that consumers accept the price increase of furniture, leading to a slight increase in output and a substantial increase in profits in the furniture industry. According to data from the China Light Industry Information Center, from January to November 2019, the national furniture manufacturing industry produced 805.079 million pieces, a year-on-year increase of 0.2%. In November, the national furniture manufacturing industry produced 79.46 million pieces, a year-on-year decrease of 3.6%.

In terms of benefits, from January to November 2019, the operating income of the national furniture manufacturing industry was 633.07 billion yuan, an increase of 4.3% year-on-year; the total profit was 39.78 billion yuan, an increase of 18.2%.

This set of data can be interpreted as: Consumers are able to pay for higher furniture prices. In the future, the macro rationality of price increases may gradually weaken or even disappear, and the only long-term reason for price increases is the brand's influence and reputation. Behind this lies the product quality and service. With the gradual disappearance of the rationality of price increases, cost performance will become the key to competition in the furniture industry.

In the Chinese furniture industry, furniture factories are the strongest, especially suppliers with independent brands. But in recent years, furniture manufacturers that can only produce have been hit hard.

Those companies that can afford and let go of production, sales, and design are instead aggressively seizing the market.

Companies that understand the real needs of consumers will step onto the pyramid in the industry chain, and profits in other links that cannot create value for consumers will become thinner and thinner.

It is difficult for us to say which furniture company will win the market in the future, but the trend is not deceiving, it is there. From developing countries to developed countries, 2020 is a critical year. The change in the furniture industry's model is driven by the market, the call of consumers, and the inevitable reshaping of the industrial chain. Whoever awakens first can make a profit.


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