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china’s furniture market

i.  market overview

  1. in china, as living conditions continue to improve, people are becoming more and more willing to invest in home decoration. people’s increasing purchasing power has driven the furniture market to develop in leaps and bounds. in 2015, the total retail sales of furniture products by units above a certain scale grew 16.1% year-on-year to rmb244.50 billion. according to data from the national bureau of statistics, there were 5,290 furniture enterprises above a certain scale in china while a total of 769.61 million pieces of furniture were produced during the year.

  2. china’s furniture market has vast room for expansion. take the furniture replacement market as an example. according to figures given in the chinese family development report 2014, there were about 430 million households in all provinces, autonomous regions and municipalities in the chinese mainland. based on the assumption that people would replace their home furniture every 10 years on average, around 43 million households would replace their furniture each year. the furniture replacement market will be worth rmb43 billion based on the average spend of rmb1,000 per household. the number of chinese households is expected to hit 500 million by 2040. moreover, urbanisation, as china’s leading policy of stimulating domestic demand in the years to come, is bound to bolster the development of the furniture market. data from the national bureau of statistics of china shows that the urbanisation rate in china reached 56.1% in 2015, rising by about 1% on average every year. in this urbanisation process, wage and salary earners as well as peasant families who have settled in towns and cities have become major consumer groups in the furniture market. in addition, it is estimated that, by 2020, 37.6 million houses will have been renovated under the country’s shanty town reconstruction project, and these renovated houses will also generate demand for furniture.

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