Soft furniture refers to various types of furniture primarily made with wooden or metal frames, utilizing elastic materials (such as springs, serpentine springs, tension springs, etc.) and soft materials (such as coir, cotton, latex sponge, foam plastic, etc.) as major components. These are supplemented by binding materials (such as ropes, straps, burlap, etc.) for filling and bearing loads, and are finished with textiles (such as cotton, wool, synthetic fabrics, etc.) or leather materials (such as cowhide, sheepskin, synthetic leather, etc.). Notably, innovations in these materials were prominently featured at the recent Shanghai Furniture Expo.

Soft furniture mainly includes soft beds, mattresses, and sofas, which are essential daily living items in modern family living rooms and bedrooms. Besides providing comfortable functionality, soft furniture also features characteristics such as fashion, personalization, and artistry, becoming an important carrier of modern high-quality home living. This was clearly demonstrated in the diverse range of products showcased at the Shanghai Furniture Expo.

1、Steady Growth in the Global Soft Furniture Market Size

With the development of the global economy and the improvement of living standards in various countries, consumers' demands for comfortable home environments are increasing. Influenced by old house renovations in developed countries and new house decorations due to urbanization in developing countries, the global consumption of soft furniture has shown a steady overall upward trend. According to statistics from CICC Enterprise Credit, global soft furniture consumption grew from USD 53.9 billion in 2010 to USD 69 billion in 2021, an increase of 28.01% with an annual compound growth rate of 2.27%.

2、China is the Largest Consumer and Producer of Soft Furniture Globally

According to statistics from CICC Enterprise Credit, China and the United States are the major consumers of soft furniture globally. In 2020, the Chinese market's consumption of soft furniture accounted for 28%, ranking first globally, with the U.S. market's consumption accounting for 26%, ranking second. The United Kingdom and Germany, as traditional consumers of soft furniture, have market shares of 4% and 6%, respectively; India, with its large population, also holds a significant market share of 4%.

Soft furniture is both capital and labor-intensive. With ample industrial workers and a complete industrial chain, and possessing the world's largest consumer market, China has become a primary destination for industrial relocation. According to statistics from CICC Enterprise Credit, global soft furniture production in 2020 was concentrated in China, the United States, Poland, Vietnam, and Italy, with China's output share at 45%, making it the largest producer of soft furniture globally.

3、Overview of China's Soft Furniture Market

Soft furniture is widely used in various settings, requiring purchases of sofas, soft beds, and mattresses for both first-time decoration of new homes and secondary renovations of old homes, with a replacement cycle of about 3 to 8 years. Additionally, as residents' consumption levels continue to rise, the frequency of replacement and penetration rate of soft furniture are gradually increasing. According to statistics from CICC Enterprise Credit, from 2010 to 2021, China's annual output value of soft furniture rose from USD 18.9 billion to USD 36 billion, with an annual compound growth rate of 6.03%. Many of these trends were discussed at the latest Shanghai Furniture Expo.

4、Development Trends in the Soft Furniture Industry

The trend towards complete sets of furniture is becoming more apparent. Complete sets of furniture refer to those provided by the same brand furniture manufacturer for one or more interior spaces (living room, bedroom, dining room, etc.). Compared to single-category furniture, complete sets save consumers considerable time in selecting, matching, and purchasing styles and designs across different brands, meeting the overall personalized needs of consumers for furniture products. From the dealer's perspective, products like cabinets occupy less space and, when paired with soft furniture, can effectively utilize store space, dilute customer acquisition costs, mitigate the large display space required for soft furniture, and hence result in lower turnover per square meter. They also increase the average spending per customer, becoming an important development trend for the future of the soft furniture industry. To adapt to industry trends, future soft furniture manufacturing enterprises will need to continuously enrich their product categories and service functions, shifting from single products to complete sets, and from merely offering products to providing integrated home services, to meet consumer demands and enhance market competitive advantages.

Source: CICC Enterprise Credit International Consulting Sohu

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