The furniture industry is an important civilian production industry and an industry with significant international competitiveness in China's national economy. It plays an important role in meeting consumer demand, improving the quality of life, promoting international trade, fully absorbing employment, promoting regional economy, and building a harmonious society. With the improvement of residents' income level and the gradual attention to the living environment, consumers' individualized demand for furniture and household items is increasing. Customized furniture has become a new and rapid growth point in the field of furniture consumption in recent years due to the efficient use of home space, the ability to fully reflect the consumer's personalized consumption needs, and the sense of modernity.
The "13th Five-Year Development Plan for China's Furniture Industry" proposes the main objectives of the furniture industry during the 13th Five-Year Plan period:
The furniture industry should take the initiative to adapt to the new normal of the economy, accelerate the transformation of development methods, and maintain stable development of the industry. After entering the medium- and high-speed development stage, steady progress will be the overall tone of the development of the furniture industry, maintaining the growth of the main business income of 9%-10% annually.
The furniture industry should further strengthen trade exchanges, adapt to the new international situation, fully build industry synergies, actively respond to trade frictions, and increase product added value and foreign trade. It is necessary to continue to consolidate and enhance the leading position of Chinese furniture in the international market, and maintain the annual export value of furniture by 3%-5%.
The furniture industry must tap into the sub-sectors and deepen the domestic market. It is necessary to fully digest and understand national policy planning, constantly adjust the direction of industry development, and adapt to the diverse consumer needs of the people. It is necessary to continue to expand consumer demand, release consumption potential, and maintain an average annual growth rate of 8%-10% of furniture retail sales.
And there is a clear plan for the profit level, keeping the profit rate of the main business of the furniture industry to an average of 6% per year, and maintaining an average annual profit growth of more than 15%.
The data shows that by the end of 2017, China's furniture industry has reached 6,000 enterprises above designated size, an increase of 39 compared with the previous year. At the same time, there were 608 loss-making enterprises, an increase of 108 over the same period of the previous year, and the loss was 10.13%. The overall loss of the furniture industry in China has been increasing. The total loss in 2017 has reached 2.25 billion yuan, an increase of 320 million yuan over the same period in 2016.
Source: China Business Research Institute
According to the monitoring data of the China Industrial Research Institute, in 2017, China's furniture industry enterprises above designated size achieved a revenue of 905.6 billion yuan, a year-on-year increase of 10.1%, a decrease of 1.5 percentage points compared with the previous year. The total profit of the furniture industry reached 56.52 billion yuan, a year-on-year increase of 9.3%, an increase of 1.4 percentage points compared with the previous year.
Source: China Business Research Institute
Source: China Business Research Institute
In recent years, the profitability of China's furniture industry has stabilized. In 2017, the gross profit margin of China's furniture industry reached 15.5%, an increase of 0.4 percentage points compared with the previous year, and the sales profit rate of the furniture industry reached 6.2%. Compared with the previous year, it dropped by 0.1 percentage point.
Source: China Business Research Institute
The above materials and analysis are all from the China Furniture Industry Research Institute's "2018-2023 China Furniture Industry Prospects Survey and Investment and Financing Strategy Research Report".
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