The Furniture Market In China
The explosive development of China’s appearing middle class has taken sweeping monetary change and cultural transformation–and it isn’t over yet. Powered by large-scale urbanization and Chinese language government’s strategy of investment on infrastructure and house building to keep pushing the current economic climate to a soaring high, the global world has seen the climb of a robust new – generally metropolitan – middle income. Having grown up in an environment of non-stop economical growth and abundance, mass middle income are well informed that their personal incomes will rise. They tend to be brands loyal also, more adventurous in adopting new services, and even more willing to trade up to premium products and prefer everything healthy and green.
A sigificant number of middle and high-end consumers have a tendency to choose furniture that can fit their new living strategy “eco home”. These consumers have a solid inclination for “eco” and “environment-friendly” furniture, such as odour- and formaldehyde-free products, despite the fact that the price of almost all of such furniture is higher than like products.
Addititionally there is a growing demand for kid’s furniture and kid’s bedroom decor. The growing family income and one young child coverage bring parents ‘attention with their children’s living conditions. Plus, it is more accepted by parents that well placed furniture are advantageous to children’s development, therefore, potential clients for the children’s furniture market are appealing.
Another pattern is any office and hotel furniture. Chinese cities booming development permit them to develop large commercial business districts where work place is usually organized in conformity with American office concept like airy and open space to produce upper-end and comfortable office atmosphere, which brings about growing purchase of upgraded furnishing, which is the same story with star-ranked hotel construction in China. They also require high-end and upgrading decoration to fully take good thing about the flourishing tourism industry.
China has an enormous human population size and has a multi-layer furniture market seemingly, as estimated predicated on a consumer study done by Hong Kong Trade Development Council (HKTDC), there have been about 438.93 million homes countrywide in the Chinese language mainland, and presume that folks would consider eliminating their outdated household furniture and replace it for new one once every a decade, around 44 million homeowners would purchase new furniture every year.