In 2024, various strategies in the home industry have been gradually unfolding. Understanding trends and grasping directions undoubtedly help us seize opportunities in the new year. So, what new changes might occur in 2024? An expert made a prediction to this at the China Home Expo.

1. In terms of market size, there is a possibility of overall recovery, but fluctuations in different markets remain evident. Markets such as retail, whole-house furnishing, and e-commerce show growth potential. The demand for home furnishings brought by the existing housing market will account for a more significant share. Categories like smart products and products for the elderly are expected to continue growing.

2. Developing existing markets will attract more attention from enterprises, leading to the introduction of more products, marketing strategies, customer acquisition methods, and services. Based on the development of renewal products, renewal packages, and one-stop services from demolition to renewal, there will be more new strategies to be implemented, gradually building an operational system for existing markets.

3. Strategies like large-scale home furnishing, multi-category integration, whole-house customization, integrated door-wall-cabinet strategies, and smart space strategies are expected to remain hot topics in 2024.

Product improvement and delivery will further enhance, with more companies and distributors entering the market. Successful transitioned distributors will continue to emerge, serving as models for others.

4. Capital markets may see improvement in 2024 after a significant decline this year, leaving ample room for enhancement.

Both the performance of listed companies and the number of new listings are expected to improve. Financing remains challenging for growing home furnishing enterprises. There is still a possibility for potential companies to be acquired by leading players, with more merger and acquisition cases anticipated.

5. Intelligent technology, ergonomics, digital design, digital production, AIGC, and other smart technologies are expected to make new breakthroughs, offering even more surprising products and experience for customers.

6.In terms of channels, efforts in developing resources like whole-house furnishing channels, live streaming e-commerce channels, rural channels, and designer channels will continue to be substantial.

Distributor retailing remains dominant, with a focus on establishing offline and online marketing around distributors to achieve comprehensive customer acquisition, serving as a key point for 2024. Bulk procurement channels will continue to follow a stable path, maintaining strict risk control measures, with state-owned enterprise resources being a focus for development.

7. The popularity of elderly-friendly home furnishings is expected to manifest in new ways, starting from scenarios like smart bedrooms and smart bathrooms, leading to a further increase in the market. However, the high growth potential of this business is relatively limited, with 2024 being a stage of consolidation, enhancement, and accumulation.

8. Cost reduction and efficiency enhancement will remain the theme for 2024.

If you want to know more about the home furnish industry, please visit the China Home Expo website for more information.

Source: Dacai Research

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