The China furniture market is undergoing robust growth, driven primarily by increasing consumer disposable income, rising expenditure on home decor, and substantial investments in the hospitality sector. According to a recent report by Report Ocean, the market, valued at USD 71.5 billion in 2021, is expected to grow to approximately USD 155.1 billion by 2028, at a compound annual growth rate (CAGR) of 11.3%.
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Key factors contributing to this growth include China's large population, which provides a substantial consumer base, along with rising incomes and expenditures on home furnishings. Investments in infrastructure, particularly in the hospitality sector encompassing hotels, restaurants, and other commercial facilities, are also significant drivers. These investments stimulate demand for various types of furniture such as sofas, chairs, and beds.
Despite the optimistic growth prospects, the China furniture market faces challenges due to its highly fragmented nature and the presence of numerous industry participants. This fragmentation could potentially hinder market expansion and intensify competition among market players.
Source: www.taiwannews.com