Retail sales of furniture in China by month August 2020

In August 2020, the retail sales of furniture in China amounted to approximately 13.85 billion yuan. This equaled to around 86 percent of the revenue generated in the same period of the previous year.

Furniture market in China

After decades of development in the furniture industry, China has become the world’s largest furniture producer as well as exporter. Being among the major export goods of China, a significant part of China’s furniture products are destined for the global market. In 2018, the total value of Chinese furniture exports amounted to nearly 53.7 billion U.S. dollars.

Simultaneously, development of the domestic furniture market is bolstered by an increase in purchasing power among Chinese customers. Continuously rising incomes in both urban and rural China have raised the living standards for a large share of the Chinese population. Hence, Chinese consumers are willing to spend more on household decorations. As a response, the furniture market in the country has developed into a multi-billion dollar industry. China's furniture market value was forecasted to exceed 1.3 trillion yuan in 2020.

Wooden furniture accounts for a major proportion of the furniture manufacturing industry in China. Traditionally, Chinese customers tend to choose solid wood in terms of furniture materials. Operating revenue of wood furniture manufacture in China has been projected to reach about 72 billion U.S. dollars in 2020. Also, bamboo and rattan furniture gained increasing popularity in recent years. In 2020, operating revenue of bamboo and rattan furniture manufacture in China was estimated to reach almost 1.9 billion U.S. dollars.

Retail trade revenue of furniture in China from August 2018 to August 2020

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Source

Release date

September 2020

Region

China

Survey time period

August 2018 to August 2020

Supplementary notes

* According to the source, figures for January and February have been grouped together to curb the influence of the Chinese New Year on the statistic. Chinese New Year falls between January 21 and February 21.

Note: 1 yuan equals approximately 0.15 U.S. dollars and 0.12 euros (as of September 2020).

According to the source, retail sales refer to the trade revenue of tangible goods not intended for business use traded from wholesale and retail companies to individuals or non producing social organizations. Figures include total revenues of the food and beverage service industry.
During the survey, only wholesale companies with an annual revenue of 20 million yuan and above as well as retail companies with an annual revenue of five million yuan were questioned.

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