Opportunities and risks facing the custom home furnishing industry
Publish Time:
2019-03-08
The customized home furnishing industry is a sub-sector of the furniture manufacturing industry. Businesses in this sector produce various customized home furnishing products needed for house decoration according to consumers' personalized needs and the structural characteristics of their living spaces. They utilize information technology and flexible production processes for integrated configuration and flexible combination to achieve reasonable space layout, matching overall color and style, and coordinated functionality.
The custom home furnishing industry is a sub-sector of the furniture manufacturing industry. Businesses in this sector produce various customized home furnishing products needed for house decoration based on consumers' personalized needs and the structural characteristics of their living spaces. They utilize information technology and flexible production processes to achieve a reasonable spatial layout, matching overall color and style, and functional coordination. Initially, custom home furnishings mainly focused on custom wardrobes and kitchen cabinets, which are panel-based furniture. However, with the shift in furniture consumption towards personalization, customization, and functionality, the concept of "whole-house customization" has gradually emerged. The categories of custom home furnishings have become increasingly diverse. The introduction of customized doors and wall protection products allows custom home furnishing companies to truly provide consumers with one-stop whole-house furnishing services, meeting various customized needs during the decoration phase and significantly reducing the effort consumers invest in home renovation.
On December 14, 2022, the Central Committee of the Communist Party of China and the State Council issued the "Outline of the Strategy for Expanding Domestic Demand (2022-2035)", indicating the need to ensure stable development of the real estate market, effectively carry out work to protect the delivery of houses, people's livelihoods, and stability, and promote industry restructuring and mergers and acquisitions. Subsequently, many places, including Tianjin, Lanzhou, and Zhengzhou, successively introduced a series of market rescue measures such as canceling sales restrictions, adopting a "recognition of houses but not loans" policy, and providing housing subsidies, undoubtedly giving the real estate industry a shot in the arm. The positive signals released by the real estate industry can also drive the vigorous development of its downstream home furnishing industry to some extent. Therefore, many industry insiders are full of expectations for the revival of consumer confidence in the home furnishing industry in 2023. In August 2022, the Ministry of Industry and Information Technology, the Ministry of Housing and Urban-Rural Development, the Ministry of Commerce, and the State Administration for Market Regulation jointly issued the "Action Plan to Promote High-Quality Development of the Home Furnishing Industry," further pointing to the "upgraded" development of the home furnishing industry and reflecting the importance of the home furnishing industry's development to economic recovery at the current juncture.
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