A brief summary on the trends in China's furniture exports in the year 2024

A brief summary on the trends in China's furniture exports in the year 2024

Growth and Market Expansion

• Overall Growth: According to customs data, from January to November 2024, the export value of furniture and its parts reached 432.61 billion yuan, an increase of 7.5% compared with 402.52 billion yuan in the same period last year.

• Expansion in Emerging Markets: In recent years, more Chinese furniture companies have been actively laying out the Southeast Asian market. For example, in 2023, Zhibang Home held a global strategic conference in Bangkok, Thailand, launching the home+ global development plan. In 2024, Sophia opened high-end custom experience stores in Ho Chi Minh City and Jakarta, Indonesia.

  
  

Transformation of Export Mode

• Shift from Product to Brand Export: Many companies are changing from simply exporting products to establishing their own brands overseas, enhancing brand awareness and influence. For instance, companies like Haier and Midea have made remarkable achievements in brand building overseas, and now furniture companies are also following suit, investing a lot of time and resources in understanding local market needs, customs and consumption habits, and re-cultivating overseas talents and sales teams.

• Supply Chain Going Global: Some leading companies have begun to extend their supply chains overseas, moving towards supply chain "going global". For example, Golden Home has set up factories in Thailand, and Airi Home has formed a regional supply chain closed loop in North America.

  
  

E-commerce and Digitalization

• Rapid Development of Cross-border E-commerce: The cross-border e-commerce of furniture is developing rapidly, and more and more furniture companies are using e-commerce platforms to directly reach overseas consumers, reducing intermediate links and costs. The Opinions on Expanding Cross-border E-commerce Exports and Promoting the Construction of Overseas Warehouses, jointly issued by the Ministry of Commerce and other 9 departments in June 2024, provides policy support for the development of cross-border e-commerce in the furniture industry.

• Increasing Digital Marketing: Furniture companies are also increasing their investment in digital marketing, using the Internet, social media and other channels to promote products and brands, improve product visibility and influence, and attract more overseas customers.

  
  

Product Upgrades and Diversification

• Improvement of Product Quality and Design: With the continuous improvement of international market requirements and the intensification of competition, Chinese furniture companies are constantly upgrading their product quality and design level, paying more attention to details, materials and craftsmanship, and introducing more fashionable, environmentally friendly and functional products to meet the diverse needs of consumers.

• Diversification of Product Categories: In addition to traditional sofas, beds and other furniture, some Chinese companies have also begun to expand their product lines, such as office furniture, outdoor furniture, smart furniture and other fields, and continuously enrich product categories to enhance market competitiveness.

  
  

Policy Support and Optimization of the External Environment

• Government Policy Incentives: The Chinese government has introduced a series of policy measures to encourage enterprises to "go global" and expand the international market, including the construction of overseas warehouses, financial support, talent training, etc., reducing the costs and risks of enterprises going to sea.

• Improvement of Trade Environment: With the continuous deepening of China's economic and trade cooperation with various countries and regions in the world, the trade environment is gradually improving, providing more opportunities and space for the export of Chinese furniture. For example, the China-EU comprehensive agreement on investment has been reached, and the China-Japan-ROK free trade area is also under negotiation, which will help Chinese furniture companies better enter the European and Asian markets.