China's panel furniture industry in 2022: Get rid of the haze of trade war and epidemic situation, and panel furniture ushers in new breakthroughs in development

From 2018 to 2019, the tariff rate imposed by the United States on Chinese-origin furniture increased from 10% to 25%, and the growth rate of export trade of furniture companies plummeted. Facing the impact of the new crown epidemic in 2020, the furniture industry entered a short-term depression. However, in 2021, the development of China's furniture industry ushered in a strong rebound. The export value of furniture and its spare parts reached 477.19 billion yuan, a year-on-year increase of 18.1 %, the export volume of particleboard, one of the raw materials of panel furniture, surged by 328,000 tons within a year, and the development of the panel furniture industry ushered in a comprehensive recovery.

By 2026, it is optimistically estimated that the market size of panel furniture in China will reach 415.87 billion yuan, and the increase in the urbanization rate and the penetration rate of refined decoration will boost the stable development of panel furniture

China's urbanized population will exceed 910 million in 2021, and the urbanization rate will reach 64.7%. The Academy of Social Sciences predicts that China's urbanization rate will peak at 75% to 80%, which proves that China's urbanization development still has huge room for growth. Local governments are actively promoting refined decoration policies, and major real estate developers have begun to actively cooperate with various furniture brands to promote the competitiveness of their own industrial chains. The increase in urbanization rate and refined decoration rate will promote a new round of breakthroughs in the panel furniture manufacturing industry.

Consumers in third-tier cities and regions below are the most interested in furniture and home improvement; moving to a new home and aesthetic changes are the main motivations for buying new furniture and home improvement

Consumers in third-tier cities and regions below have a strong interest in furniture and home improvement. The age of consumers is mainly concentrated in the 25-44 age group, accounting for 63%. Moving to a new home and aesthetic changes are the main motivations for consumers to buy new furniture or make home improvements. After the epidemic, the long-term home life has prompted consumers to change the aesthetics of home furniture, hoping to make the living environment look brand new through home decoration or buying new furniture. Consumers will compare brands when buying furniture, and 78% of consumers will "shop around three or more", which shows that today's consumers buy furniture from a wider range of information sources, with more information, and can comprehensively choose the most suitable brand.

Smart AR technology empowers the development of the home furnishing industry, promotes virtual matching furniture scenes, and sets off a new wave of furniture purchases. Major Internet platforms launch corresponding applications to stimulate consumers' enthusiasm for furniture purchases

In the shopping scene using AR, furniture is one of the most popular and frequently used categories, and more than 60% of consumers will use AR to assist in shopping. The emergence of AR will greatly increase the online purchase of furniture. At this stage, the online furniture market is still in a blank stage, and no leading enterprises have yet formed absolute competitiveness. The emergence of AR may change this pattern