Speakers at the Global Furniture Outlook forum at CIFF (7-10 Sept). From left: Alessandra Tracogna, Senior Partner, Centre for Industrial Studies; Patrizia Torelli, CEO, Australian Furniture Association; Kevin Castellani, Executive Director, Progressive Business Media; Fabrizio Todeschini, Edimotion Srl.
Asia Pacific will continue to be at the centre of the world furniture market with China leading sales, according to the Centre for Industrial Studies (CSIL).
Alessandra Tracogna, senior partner at the Centre for Industrial Studies (CSIL), however cautions that regional competition and newly inked trade deals could pull the brakes on China’s leading position.
“Some issues affecting China’s competitiveness include the ability to meet legal requirements in Europe such as the EU Timber Regulation. In future, the Trans-Pacific Pact may also have an impact on China’s appeal,” Ms Tracogna said.
In the face of serious competition, larger companies are now realising the purchasing power of the domestic and regional consumer and turning their focus to these markets, Ms Tracogna remarked. From 2010 to 2015, the market share of Chinese furniture products in Asia rose from 24% to 30%.
In 2015, global furniture sales was almost US$400 billion. Although the sector experienced a few hiccups in 2015 due to fluctuating exchange rates against the Euro, figures from CSIL indicate that sales volumes are on a general upward trend from 2006 to 2015.
Look out for a full report in the upcoming issue of Panels & Furniture Asia.