The turnover of retail of furniture in China demonstrated a fluctuating trend over the past decade. From 2013 to 2018, there was a general growth with occasional dips, reaching a peak in 2018. However, the years 2019 and 2020 saw significant downturns, especially in 2020 where the turnover dropped by 23.18% likely due to the global pandemic. Recovery began in 2021 with modest growth, which significantly accelerated in 2022 at 35.24%. By 2023, the turnover stood at 1,010.0 billion Yuan, reflecting a 5.68% year-on-year increase.
Future forecasted data from 2024 to 2028 suggest a stable but slow growth, with a Compound Annual Growth Rate (CAGR) of approximately 0.29%. By 2028, the turnover is expected to reach 1,030.0 billion Yuan.
Future trends to watch for:
- Potential shifts in consumer behavior and preferences towards sustainable and eco-friendly furniture.
- Impact of digital transformation in retail strategies affecting sales dynamics.
- Economic fluctuations and their impact on disposable household incomes driving furniture purchases.
