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In 2013, the home building materials industry experienced significant price volatility, creating uncertainty for both manufacturers and consumers. The shortage of raw materials triggered a wave of price hikes across several sectors, including furniture, cabinets, and flooring. This instability disrupted operations for home furnishing companies and left consumers confused about budgeting for their purchases.
According to industry reports, the soft furniture sector was expected to see an average price increase of around 5% this year, with the rise anticipated to begin in the fall at the latest. Upholstered furniture, which includes both fabric and leather options, has been gaining popularity due to its comfort, durability, and eco-friendly appeal. As technology advances, these products are becoming more efficient in resource use, offering longer lifespans and contributing to a more sustainable lifestyle that aligns with global efforts toward a low-carbon economy.
With rising costs for leather and foam materials, the price increases in soft furniture are seen as unavoidable. The growing demand for environmentally friendly and long-lasting furniture has led to a shift in consumer preferences, making upholstered furniture a key trend in the market. As a result, the industry is preparing for a steady upward trend in prices, which will have a notable impact on business strategies and customer expectations.
In addition to soft furniture, rosewood and solid wood furniture also saw significant price increases. Due to export restrictions from major rosewood-producing countries in Southeast Asia, the availability of raw materials became limited. Moreover, the labor-intensive nature of rosewood furniture manufacturing, combined with rising wages and a shortage of skilled workers, contributed to higher production costs. These factors pushed up the prices of rosewood furniture significantly.
Solid wood furniture, too, faced increased costs due to the scarcity of raw materials. While panel and upholstered furniture saw smaller price adjustments, solid wood furniture experienced a general price increase of between 10% and 20% since the end of the previous year. The overall pressure on wooden furniture companies came not only from rising material costs but also from increased energy prices, supply chain challenges, and higher logistics expenses.
As these external pressures continue to mount, businesses are forced to pass on additional costs to consumers. This means that the trend of rising furniture prices is unlikely to reverse anytime soon. For companies, this presents both a challenge and an opportunity to adapt their marketing strategies and maintain customer loyalty in a competitive and evolving market.