It's the right time for home furnishing to go global, and the overseas market has become a new growth point in the industry
"Going global means being out of the game." This is a rather popular saying in the home furnishing industry nowadays, and going global is becoming a consensus within the industry.
China is the world's largest exporter of furniture. Going global is an important way for many furniture enterprises to cultivate new growth points. According to the latest data from the General Administration of Customs, from January to May this year, the cumulative export value of furniture and its parts reached 212.55 billion yuan, increasing by 20.5% year-on-year. China's furniture exports have demonstrated a strong momentum. In addition, the "2024 Global Furniture Market Insights Report" predicts that by 2024, the revenue of the global furniture market will reach 766.2 billion US dollars. Faced with the vast global furniture market, leading home furnishing enterprises have launched a wave of going global.
Ming Zhanxi, deputy secretary-general of the Furniture and Decoration Industry Chamber of the All-China Federation of Industry and Commerce and president of the China Home Furnishing Digital Innovation Research Institute, told the Yangcheng Evening News that against the backdrop of the home furnishing industry entering a new cycle of structural transformation, some home furnishing enterprises have deepened their overseas layout. They have showcased the hard core strength of "Made in China" through exhibitions. The positive trend of home furnishing going global conveys a signal of favorable fundamentals for the industry. Further promote the high-quality development of the home furnishing industry.
Leading home furnishing enterprises are vying to enter the overseas market
With the increasingly fierce competition in the domestic home furnishing market, leading home furnishing enterprises in China are accelerating their pace of going global. According to incomplete statistics by reporters, since the beginning of this year, more than ten well-known home furnishing brands such as Shangpin Home Furnishing, Oppein, Sofiia, Juran Home Furnishing, Gold Medal Kitchen Cabinets and Zhibang Home Furnishing have all been actively expanding their overseas markets and seeking new growth points for the economy.
On July 17th, Sunpina, the overseas brand of Shangpin Home Furnishing, collaborated with Vietnam's Global Decoration to open its first overseas brand store in Ho Chi Minh City, Vietnam, marking a significant step forward in Shangpin Home Furnishing's overseas market layout. Li Yang, the general manager of the Central Region operation center of Shangpin Home Furnishing, told reporters that the first brand store of Shangpin Home Furnishing's overseas layout this time not only showcases the style and charm of Chinese home furnishing brands, but also reflects the company's precise layout in the Vietnamese home furnishing and furniture market. Through Sunpina brand stores, we introduce the advanced concepts and technologies of Chinese custom home furnishings to Vietnam, meeting local consumers' pursuit of high-quality and personalized home life.
In addition, the reporter learned that in March this year, the Juran Home Furnishing store in Phnom Penh, the capital of Cambodia, opened. This is the first store of Juran Home Furnishing opened overseas. Wang Linpeng, the chairman and CEO of Juran Home, introduced at the opening ceremony of the overseas store, "The Phnom Penh store is the first stop of Juran Home's internationalization. In the next three to five years, we will complete our strategic layout in ASEAN countries." As of June this year, the enterprise has set up direct-sale stores or branches in Southeast Asian countries such as Malaysia and Singapore.
Ming Zhanxi believes that seeking a second growth curve outside the domestic market is the main reason why leading home furnishing enterprises are actively going global. Taking the overseas financial report data of Oppein Home Furnishing as an example, in 2022, Oppein successively opened new stores in 11 countries including the United States, France, and the Philippines. In 2023, Oppein's overseas channel revenue was 320 million yuan, representing a year-on-year growth of 46.5%.
Major exhibitions will become an important bridge for home furnishing to go global
Nowadays, home furnishing industry exhibitions, which are constantly being optimized in terms of exhibition scale, brand concentration, high-value visitors, and value-added services, are becoming an important window to boost the "going global" of the home furnishing industry.
We also sell many products to all the world. The main products we sell are kitchen organizer series (Bathroom Laundry Storage Baskets, Modern Napkin Holder, Kitchen Organizers With Storage Drawer, Trolley Service Shelving Cart)tabletop series；home organizer series and bathroom series products.
In order to cope with the ever-changing foreign trade situation, our company constantly develops new customers and new products. With a positive and innovative attitude, we lead the industry in innovation.