The furniture industry is expected to stop falling in 2013
2025-07-06 09:07:44
Furniture consumption growth is expected to lag behind the year-on-year growth of real estate sales by 3 to 4 quarters. Since the implementation of China's most stringent real estate regulations, the market has remained sluggish. From January to October 2012, home sales continued to show negative growth. However, in November, the real estate market began to warm up rapidly. Due to the pre-purchase policy, a large amount of potential demand was held back, waiting for the right moment to act. It is anticipated that this pent-up demand will continue to be released over the coming months.
The furniture industry has been significantly affected by the real estate downturn. In 2012, the situation was quite bleak. However, inspired by the success of the "old-for-new" model in the home appliance industry and the strong sales performance of appliances, some furniture stores and companies launched trade-in programs at the enterprise level, aiming to boost popularity and sales.
In November 2012, Beijing initiated the first government-led furniture trade-in pilot program, which lasted for one month. According to the pilot results, the impact of trade-in on furniture sales was very noticeable. On December 17, the Beijing Municipal Commission of Commerce officially announced the outcomes of the pilot period: within 30 days of implementing the new policy, five participating companies achieved 150 million yuan in trade-in sales, with furniture trade-ins accounting for 26.3% of total sales. During the last week of the pilot alone, the trade-in volume exceeded 7,000 units, generating sales of 46 million yuan.
If the trade-in policy continues, and considering the rebound in real estate sales during the fourth quarter of 2012, furniture sales are expected to see a significant improvement in 2013. Given the limited subsidies per product, it is likely that mid-to-high-end products priced below 10,000 yuan will benefit the most from this initiative. The policy not only helps stimulate consumer demand but also encourages sustainable consumption and environmental protection by promoting recycling and renewal of furniture items.
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