Report on the Development Status, Market Prospects and Investment Direction of China's Wooden Furniture Industry in 2024

Products in the furniture industry include various beds, tables, chairs, stools, cabinets, boxes, racks, sofas, screens, etc. According to different materials, industry products can be divided into 5 categories: wooden furniture; bamboo and rattan furniture; metal furniture; plastic furniture and other furniture.

Wooden furniture refers to furniture made of wood materials such as wood and artificial boards, except for decorative parts and accessories in the main components. Wooden furniture has the characteristics of light weight, high strength and easy processing. It has natural texture and color, good feel, and is loved by consumers. China's furniture industry has developed from a traditional handicraft industry to a modern industrialized industry with a considerable scale. Referring to the relevant standards formulated by the state for furniture products, China's wooden furniture can be divided into solid wood furniture, artificial board furniture and comprehensive furniture according to the main materials of the product.

China's economy is in a stage of rapid development. The rapid development of urbanization, the rising proportion of the middle class, and the growth of national disposable income have all promoted consumption upgrades. New house purchases, secondary renovations, strengthening of infrastructure construction, housing projects, and construction of low-cost housing have all provided a broad market space for the development of the wood furniture industry.

From the perspective of China's wood furniture production from 2015 to 2022, in 2018, due to the increase in the types of non-wood furniture and the pressure of environmental protection policies, some small and medium-sized enterprises went bankrupt or stopped production for repairs. In addition, due to factors such as restrictions on log exports by various countries and the impact of trade wars on the export of finished products, the output of wood furniture fell to 241.821 million pieces, a decrease of 28.908 million pieces compared with the previous year. However, China's wood furniture production has shown an upward trend as a whole. In 2021, China's wood furniture production reached 380.081 million pieces, an increase of 58.448 million pieces from 2020. In 2022, the domestic output of wood furniture was about 393.457 million pieces.

In the era of fast-paced life, fine-decorated houses have become the best choice for many homebuyers with high work pressure and little free time, driving the growth of demand for wooden furniture. From 2016 to 2020, the number of fine-decorated houses launched in China showed an upward trend, but fell after 2020. In 2022, affected by the overall market downturn, the number of fine-decorated houses fell to 1.458 million sets. Although the number of fine-decorated houses launched after 2021 has declined, fine decoration is still the development trend of the future real estate market. At present, the penetration rate of fine decoration in my country is still low. In the future, the penetration of fine-decorated houses will accelerate, releasing huge potential market space.

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