In 2017, China realized a new leap to surpass the US and rank the first place worldwide with its consumption market accounting for 31% of the global consumer market.
Currently, the upholstered furniture market in China is a mature market of rapid growth and great potential. From 2010 to 2016, output value of the upholstered furniture presented an overall rise trend in the world, which rapidly developed to USD 53.8 billion in 2016 from USD 27.978 billion in 2010, with the compound growth rate of about 11%; in 2017, influenced by the industrial periodicity, the output value declined, and the output value worldwide was about USD 46.706 billion in 2017.
According to the statistics of UPHOLSTERED FURNITURE:WORLD MARKET OUTLOOK 2018 released by The Centre for Industrial Studies, consumption of upholstered furniture worldwide in 2016 reached USD 42.25 billion, with the year-on-year growth of 1.88%. It is estimated that total consumption of upholstered furniture worldwide in 2017 will reach USD 43.56 billion, with the year-on-year growth of 3.1%.
Developed countries are the main consumption market but the focus has gradually shifted to the developing countries
The world’s top 10 consumption markets include 8 developed countries and only two developing countries including India and China so it can be seen that the most consumption of upholstered furniture occurs in developed countries; from the perspective of the world, more than 40% of consumption of upholstered furniture occurs in the world’s seven major economic entities which are ranked as the US, Germany, the UK, France, Canada, Japan and Italy.
In recent years, China has surpassed the US and become the world’s first consumption market of upholstered furniture. The upholstered furniture manufacturing industry belongs to the labor intensive industry so the global upholstered furniture industrial will continuously shift to the developing countries having the labor price advantage and sufficient raw material resources influenced by the factors such as the high labor cost in the developed countries.
Predication of development trend of global upholstered furniture industry