The Chinese furniture industry has gone through a period of infancy and early growth over the past three decades, and is now in the mid-stage of its development. It is expected to truly enter a phase of sustained growth and maturity by 2015. According to partial data, total retail consumption in society increased by 15.5% in 2009 compared to the previous year. The furniture industry outperformed construction, decoration materials, and automobiles, growing by 35.5%. In the first three quarters of 2010, total social retail sales rose by 18.3%, with the furniture sector contributing an impressive 38.4%, making it the fastest-growing industry at that time.
Currently, China's furniture production capacity accounts for 25% of the global market, establishing the country as the leading furniture manufacturing nation. In 1978, just after the reform and opening-up, China’s furniture market was worth 1.3 billion yuan. Today, the total value exceeds 700 billion yuan. With an average growth rate of 22.2% over the past three decades, the industry is projected to reach a total output value of 2.43 trillion yuan by 2015.
We are now entering the "year of standing" for the furniture industry. Industry standards are becoming clearer, characteristics more defined, and overall development more mature. Looking at the transformation and development of the furniture industry, we can summarize several key aspects:
**First, the formation of furniture factions and the start of competition**
Although there are many players in the market, strong first-tier manufacturers will eventually rise to prominence, becoming leaders in the industry. This will lead to a market structure where leading brands, top-tier manufacturers, and other companies coexist.
**Second, financing, listing, and transformation**
The furniture industry requires capital investment. During the unprecedented financial crisis, even small and medium-sized enterprises faced liquidity challenges. Large furniture companies, which had previously felt secure, began to rethink their strategies and sought capital support. For example, Red Star Macalline, which went public in 2012, and companies like Hundred Years, Huayuanxuan, have all aimed to list on the GEM. Dafuhao Furniture and Jinsheng Home also announced plans to go public. Not only in retail, but also in manufacturing and service sectors, the Shenzhen Furniture Industry Association has explored going public through exhibitions, stores, and educational institutions. Some companies have already met management standards and are preparing for IPOs, choosing advisory firms to speed up the process.
**Third, the maturation of retail spaces and the rise of industrial real estate**
What exactly is industrial real estate? According to senior real estate experts, it refers to real estate developments guided by national industrial policies, serving as a platform for integrated industrial value chains. These include industrial shops, office buildings, hotels, workshops, exhibition centers, R&D facilities, logistics warehouses, and more. Industrial real estate combines resources, research, production, display, trade, design, communication, promotion, and financial services into one, forming regional industrial clusters and building large-scale business networks that span hundreds of kilometers or even globally.
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