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In 2013, the home building materials industry faced significant price volatility, with fluctuations that impacted the entire sector. The shortage of raw materials triggered a wave of price hikes across various industries, including furniture, cabinets, and flooring. This led to confusion among both home furnishing companies and consumers. Industry sources reported that soft furniture prices were expected to rise by approximately 5% this year, with the increase likely to start in the autumn at the latest.
The soft furniture market is growing rapidly in China, showing strong potential and already capturing nearly half of the total furniture industry sales. As technology advances, upholstered furniture is becoming more efficient in resource use, offering longer durability and enhanced comfort. These features align with the broader societal shift towards a low-carbon economy, making it a popular choice for environmentally conscious consumers.
Upholstered furniture, which includes both fabric and leather options, has gained significant market share due to its eco-friendly nature and long-lasting quality. With rising costs for leather and sponge materials, it's no surprise that soft furniture prices are expected to increase by about 5%, with the trend likely to begin in the fall.
Meanwhile, rosewood and solid wood furniture saw even steeper price increases. Due to restrictions on rosewood production and export from Southeast Asian countries, the material became scarce. Additionally, the labor-intensive process of crafting rosewood furniture, combined with rising wages and a shortage of skilled workers, contributed to higher costs. Solid wood furniture also experienced a general price rise, with some segments seeing increases between 10% and 20% since the end of the previous year.
The booming real estate market, rising energy costs, and increased material and logistics expenses have all placed additional pressure on wooden furniture manufacturers. These external factors are expected to be passed on to consumers through higher product prices. As a result, the price increase in wooden furniture is not just a temporary trend but a necessary adjustment that will significantly impact business strategies and marketing approaches.