The prices of furniture have been on the rise due to increasing wages and higher costs of raw materials. As wood is the primary material used in solid wood furniture, its prices have been climbing steadily. In the past year, although the increase was not as significant as that of premium woods like pear, red sandalwood, or rosewood—those saw increases of over 80%—solid wood prices still went up by more than 20%. However, with continued government regulation in the real estate market and a decline in both practical and investment demand, the trend for solid wood furniture prices this year has become quite delicate.
Solid wood furniture manufacturing is considered a resource-intensive industry. China has imposed restrictions on the harvesting and logging of forest resources, leading to an increased reliance on imported wood. For example, common hardwoods used in domestic furniture are mainly imported from Russia. The scarcity of these materials makes it inevitable that solid wood prices will continue to rise in the long term.
In the furniture market, the use of solid wood for luxury woods far exceeds the total amount of trees available in China. To protect forest resources, Chinese forestry authorities have tightened the approval process for logging. Additionally, China’s log import channels have also faced restrictions, especially from major wood-producing countries. As a result, the supply of logs in China is currently very tight, and raw material prices have skyrocketed. Some solid wood furniture manufacturers are now facing a situation where they can't produce without sufficient wood, leading to the common practice of using lower-quality wood as the frame and then attaching high-quality solid wood veneers.
Despite the ongoing price hikes, the furniture sales sector remains affected by rising costs of raw materials and labor. While some manufacturers with long-term supply agreements have managed to avoid immediate price increases, many solid wood furniture brands have announced their second round of price hikes this year, with increases ranging from 3% to 5%.
Southeast Asia, Africa, North America, and Russia have traditionally been the main sources of timber imports for China. However, due to reduced resources, stricter national policies, fluctuating exchange rates, and rising transportation costs, timber prices have surged compared to previous years. These factors, combined with the growing expenses of purchasing and transporting wood, have contributed to recent price increases among some solid wood furniture brands.
"For us, higher prices aren’t always a good thing," said a solid wood furniture agent. "Even if we don’t raise prices, our profits will decrease after accounting for costs. But if the market sees a downturn, consumer enthusiasm could be hit." He added, "I only placed a few orders this month, and after covering rent, utilities, and labor costs, I made no profit at all." However, if manufacturers decide to increase prices, agents have no choice but to follow suit.
Despite the price hikes, most consumers have not changed their purchase plans. Mr. Li, a customer, said that while some brands might try to ease the pressure of rising costs by cutting corners or offering smaller sizes, consumers should look beyond just the price and consider brand reputation and product quality.
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