We were honored to visit the chairman of Taiwan Furniture Manufacturer Association (TFMA) Sam Chen to ask him for his views on the furniture industry.Following is the key point of his statement .

       For domestic demand, the sales of imported furniture and other retail sectors increased by 14.16% YOY in the first half of 2020. It showed that, under the epidemic, more people increased their budget in healthy family lifestyle, driving growth for related industries. Since 2021, with the accessible vaccines, the world has developed a way of life that coexists with the virus. Entering the post-pandemic era, we found that a M-shaped consumer preference has shown in furniture market. Even though global market was suffered from the increased cost due to the shortage of labor and materials, the bantique furniture market has been growing. Thus, there still have huge potentials in luxurious bantique furniture sector.

       On the other hand, environmental protection, energy saving, and carbon reduction are still the mainstreams in the market. Enterprises can achieve the goals through eco-friendly production, recyclable materials, or eco-materials, such as popinac or bamboo. Meanwhile, custom furniture service with AI virtual technology,  multifunctional furnitures with composite structure for small spaces are ongoing trends. And, under the lower birth rate in East Asia, pet furniture become more popular. With its huge potentials, more furniture malls and exhibitions has launched pet segments.

       In regards of export market, since 2016, the global furniture value had gradually recovered to $490 billions along with the world economy as of 2019. Since then, the market has been steady growth. In developed countries, citizens have stronger purchasing power that would make them pursue higher quality living spaces, generating a steady furniture demand from redecorating old houses or rental houses.

       In developing countries, the increasing number of people in cities has led to the expansion of housing demand and the demands for furniture. Meanwhile, the rapid economic development of emerging market has increased residents' purchasing power. As a result, people have more capabilities and more desire to seek better living condition, which would drive continuous growth. Industry Consulting Expert in China predicted that the market scale of global furniture market will reach $556.1 billions. For most of the TFMA members who had bravely stepped forward to participate exhibitions, for instance, Orgatc Tokyo, AFF, MIFF, IWF, or Orgatec, had already tasted the opportunities of post-epidemic recovery. This year, many global buyers respond that they have not seen new products from various countries for a long time and are looking forward to finding more opportunities. Moreover, many of the exhibitors' ran out of their catalog and name cards in the first day of the exhibitions. Hence, We expected to have more members join us to participate the shows next year.

       On the other hand, benefited from the development and lower cost of logistic, onlines furniture stores bring more choices and convenience for consumers. Statistics showed that, during 2017 to 2020, the market share of online sales in global furniture market has been increasing. Online channels become a new market driver worldwide. In the future, with the continuous development of e-commerce channels, logistics, and e-payment, online furniture market share is expected to have more expansion.

       The report shows that the market scale of global furniture market will reach $650.7 billions, increased by $140.9 billion, with a growth rate of 27.6%,  compared with 2020. Although the global epidemic in 2020 has caused a certain impact in the furniture industry, enterprises will have further integration that increase brand concentration, advantages of scales, and overall quality of industrial development.

       Also, benefited from more popularity of the internet and payment technology, e-commerce has flourished that develops consumers' online shopping habits and behaviors. Due to the convenience of using images, videos and other media to display products online, and fast online payment, transaction efficiency has been greatly improved. According to the report, the revenue of the furniture e-commerce channel in the United States will reach $61.212 billions in 2025. Meanwhile, the scale in Europe will reach $51.964 billions. E-commerce channel will become a new highlight in global furniture market.

Source: TFMA