Forecast: Turnover of Retail of Furniture Markets in China

The turnover of the retail furniture market in China demonstrated significant fluctuations over the past decade. Starting from 653.22 hundred million Yuans in 2013, it saw robust growth reaching 758.19 hundred million Yuans in 2015. However, this was followed by a mixed performance with peaks and troughs notably in 2017, 2019, and 2020. The market experienced substantial contractions, particularly in 2020 with a significant year-on-year slump of -29.13% due to external factors likely related to the global pandemic.

The recovery phase showed promising signs with a notable increase in 2022, as the turnover rebounded to 745.8 hundred million Yuans, marking a year-on-year growth of 36.81%. In 2023, the market stood at 798.84 hundred million Yuans, displaying a moderate yearly growth of 7.11%. Overall, the recent five-year CAGR is at -0.32%, indicating a period of recovery and stabilization.

Going forward, the forecast until 2028 suggests a steady but modest growth with the 5-year CAGR projected to be around 0.32%, translating to an overall growth rate of 1.62%. This indicates a slow but stable recovery trend with the market reaching approximately 817.39 hundred million Yuans by 2028.

Future trends to watch for include:

• The impact of evolving consumer preferences towards sustainable and smart furniture.
• The potential influence of e-commerce growth on traditional retail channels.
• Economic policies and potential disruptions from global trade dynamics.