As an important livelihood industry, the furniture industry is an important field to meet the needs of the people for a better life. With the optimization and adjustment of local real estate market policies to boost market expectations, the consumption potential of the furniture market has been further released, coupled with the improvement of product innovation and customization capabilities of the furniture industry, which greatly meet the diversified and personalized needs of consumers, and drive the economic operation of the furniture industry to continue to rebound. From January to May 2024, the operating income of furniture manufacturing enterprises above designated size was 252.91 billion yuan, an increase of 5.9% year on year; The total profit reached 10.81 billion yuan, an increase of 18.5%.

Policy environment analysis

In recent years, the state has actively promoted the consumption of green home improvement and environmentally friendly furniture, and introduced a series of relevant policies. These policies encourage consumers to choose green energy-saving appliances and environmentally friendly furniture, pointing out the development direction of environmental protection and energy saving for the China Home Expo. At the same time, the implementation of the recycling policy of waste materials has also prompted the sofa industry to pay attention to the recycling and reuse of waste sofas in order to promote the sustainable development of the industry.

In-depth analysis of industrial chain

Upstream raw materials: mainly including leather, wood and sponge, etc., whose supply directly affects the cost and quality of sofa manufacturing. Midstream manufacturing: involves product design, leather treatment, frame production and other key links, is the core part of the sofa industry chain. Downstream sales channels: including offline physical stores and e-commerce platforms to provide consumers with diversified purchasing options.

Market perspective

The current sofa market competition is fierce, especially the functional sofa market. Many enterprises are involved, but most of them are small in scale and have limited R&D and design capabilities, resulting in homogenized competition in China Home Expo. Nevertheless, some leading enterprises such as Minhua Holdings and Gu Jia Home Furnishing have occupied a large market share and formed a certain market pattern.

Industry challenges and opportunities coexist

Factors such as fluctuating raw material prices and strengthening environmental regulations pose challenges to the sofa industry. However, with the pursuit of consumers for the quality of home life and the continuous development of the real estate market, the sofa industry is still facing huge market potential and growth space.

Forecast of future development trend

Both quality and innovation: Sofa companies will be committed to improving product quality and innovation to meet consumers' pursuit of high-quality life. Intelligent development: The future sofa will integrate more intelligent functions, such as massage, heating and voice control, to enhance the user experience. Multi-functional design: With the compression of living space, consumers have increased requirements for the versatility of furniture, and the sofa will have more practical functions. Internal and external double cycle: excellent export brands will shift to the domestic market, inject new vitality into the industry, and enrich the supply of the domestic home market.

Brand building and marketing promotion

In the fierce market competition, brand building and marketing promotion are particularly important. Sofa enterprises need to enhance their brand awareness and reputation through various channels. This includes participating in well-known home exhibitions at home and abroad, collaborating with well-known designers, and promoting brands on social media. At the same time, enterprises need to use diversified marketing strategies to attract and retain consumers. For example, it can carry out online and offline linkage promotional activities, provide customized services, or create a special sofa experience museum.

Technology development and product innovation

Technology research and development and product innovation is the key to promote the sustainable development of the sofa industry. Companies need to continuously invest in research and development resources to explore new sofa materials, design concepts and production processes. For example, developing more environmentally friendly materials, designing ergonomic sofa structures, or developing sofa products with unique functions. In addition, enterprises can also consider cooperating with universities and scientific research institutions to jointly promote the technological progress and innovative development of the sofa industry.

The sofa industry will continue to grow in the future and develop in the direction of quality, innovation, intelligence and multi-function. Enterprises need to keep up with market trends and constantly innovate products to meet the changing needs of consumers.

If you want to learn more about the food industry, please visit the China Home Expo website to learn more.

Source: Hengzhou Chengsi

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