As China's economy continues to recover, many industry experts believe that the domestic high-end furniture market is on the verge of significant growth. In response, numerous furniture companies in Foshan have been extremely active in recent days, especially with the launch of four major furniture exhibitions across South China. These events have become a crucial platform for companies to showcase their latest designs and products, aiming to capture more orders and expand their market presence.
"Busy! Busy! Busy!" echoed through the industry as reporters visited several Foshan-based furniture companies. Many were preparing for the exhibitions, entering a final countdown to ensure they could stand out in a competitive environment. Companies are not only showcasing their products but also emphasizing innovation and quality to attract both local and international buyers.
The mid- to high-end consumer demand is expected to rise sharply. According to Zhou Weixin, chairman of Xinshida Furniture, this year will bring new changes to the domestic furniture market, driven mainly by affluent consumers in first-tier cities. He noted that last year, due to economic uncertainty, many high-income individuals hesitated to spend. This year, however, with the improvement in the economic outlook, suppressed demand is expected to be released, leading to a surge in the high-end furniture market.
Innovation has become a key driver for growth. For instance, Valentia Furniture Co., Ltd. introduced groundbreaking products such as the world’s first negative ion purification bed and an Italian high-end soft bed at the exhibitions. The company aims to capture the top end of the market. According to its general manager, Zhou Zhenyang, sales in 2010 are expected to grow by 50% compared to the previous year.
While opportunities exist domestically, the overseas market presents both challenges and potential. Shunde-based furniture exporters noted that global markets, including Europe, the U.S., ASEAN, the Middle East, and Eastern Europe, are expected to see varying degrees of growth as the global economy recovers.
However, developed markets like the U.S. and Europe remain challenging. Trade barriers and technical regulations are becoming stricter, making it harder for Chinese furniture companies to maintain or expand their presence. Ding Zhijun, a marketing director at a panel furniture company, pointed out that EU wood regulations and the revised Lacey Act in the U.S. are increasingly affecting Chinese exports.
Zhou Zhenyang also acknowledged that the furniture industry's export performance remained stable last year, partly due to higher export tax rebates. He emphasized that to succeed globally, companies must focus on product quality, design, and actively respond to trade barriers instead of retreating from them.
Another concern for businesses is the appreciation of the RMB. Zhou Weixin warned that developed countries, particularly the U.S., may push for further RMB appreciation this year, which could hurt Chinese exports. He predicted that while markets in Eastern Europe and the Middle East will grow rapidly, exporting to developed economies will become more difficult.
For more updates and insights, visit the official website of Xianghe Furniture City.
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