Overview of the economic operation of Chinese furniture industry in 2024

GUANGZHOU, China - Feb. 14, 2025 - PRLog -- In 2024, Chinese furniture industry faces the challenges of volatile international environment and rising costs. Driven by economic recovery and consumption promotion policies, the overall trend is stable and improving, but the growth rate in some areas has slowed down, the industry faces certain pressures and opportunities.

Production

According to data, from January to December 2024, there were 7,459 furniture enterprises above designated size in China (with annual main business income of 20 million yuan or more), with operating income of 677.15 billion yuan, a year-on-year increase of 0.4%, and cumulative furniture production increased by 8.4% year-on-year. The furniture production in December increased by 3.5% year-on-year.

Benefits

According to data, from January to December 2024, the total profit of furniture enterprises above designated size in Chinese furniture industry was 37.24 billion yuan, a year-on-year decrease of 0.1%, and the growth rate was 2.1 percentage points lower than that from January to November; the operating income profit margin was 5.3%, the same as the same period last year, and an increase of 0.2 percentage points from January to November.

Domestic sales

According to the data from the National Bureau of Statistics, from January to December 2024, Chinese total retail sales of consumer goods reached 487895 billion yuan, a year-on-year increase of 3.5%, the same growth rate as from January to November. Driven by the policy of replacing old products with new ones, the retail sales of household appliances and audio-visual equipment, furniture, automobiles, construction and decoration materials of units above the designated size in the fourth quarter drove the total retail sales of consumer goods to increase by about 1 percentage point. From January to December, the retail sales of furniture products of units above the designated size reached 169.11 billion yuan, a year-on-year increase of 3.6%, 0.7 percentage points higher than that of January to November. In December, the retail sales of furniture products of units above the designated size increased by 8.8% year-on-year, a decrease of 1.7 percentage points from November.

Exports

According to the data from the General Administration of Customs, from January to December 2024, China completed the export of furniture and its parts of US$67.88 billion, a year-on-year increase of 5.8%, and the growth rate narrowed by 0.4 percentage points from January to November. The export value in December was US$7.06 billion, a year-on-year increase of 3.2%, and the growth rate increased by 5.8 percentage points from November.

Investment

According to the data from the National Bureau of Statistics, from January to December 2024, the fixed asset investment completed by Chinese furniture (https://www.topmaxfurniture.com/) industry increased by 9.0% year-on-year, and the growth rate decreased by 0.7 percentage points from January to November.