The furniture industry is expected to stop falling in 2013
2025-07-06 09:37:53
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 of this year, home sales continued to show negative growth. However, in November, the real estate market started to warm up rapidly. Due to pre-purchase policies, a large amount of potential demand was waiting to be released. It is anticipated that this pent-up demand will continue to drive the market for some time.
The furniture industry has been significantly affected by the real estate sector. In 2012, the situation was quite optimistic. Inspired by the success of the old-for-new model in the home appliance industry, which saw strong sales, many furniture stores and companies launched trade-in programs at the enterprise level to attract more customers. These initiatives aimed to boost popularity and stimulate sales.
In November 2012, Beijing launched the first government-led furniture trade-in pilot program, which lasted for a month. According to the pilot results, the impact of the trade-in policy on furniture sales was very noticeable. On December 17, the Beijing Municipal Commission of Commerce officially released the results: within 30 days of implementing the new policy, five participating companies completed 150 million yuan in trade-in sales, with trade-in accounting for 26.3% of total sales. During the last week of the pilot period alone, 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 subsidy amounts per product, mid- to high-end furniture items priced below 10,000 yuan are likely to benefit the most from the policy. This initiative not only helps consumers upgrade their homes but also supports the recovery of the furniture industry.
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