In the context of the broader home furnishings sector, Red Star Meikailong recently released its first-half-year consumer trend report for the home industry. The data reveals that sales of building materials rose by 25% year-on-year in the first half of 2013, while furniture sales increased by 13.7%. Considering the typical lag of about 10 months between the real estate market and the furniture industry, the real estate rebound in the second half of 2012 has now begun to fuel a noticeable warming trend in both the furniture and building materials sectors.
Second- and third-tier cities have played a key role in driving this recovery. As early as March, Deng Jianxin, chairman of Hongxing Meikailong, predicted at a press conference that the home industry would see more than 10% growth in 2013. This forecast aligns with the positive trends highlighted in the National Building Materials and Home Furnishings Survey conducted by the Ministry of Commerce’s Department of Circulation Industry Development and China Construction (601668).
Specifically, compared to first-tier cities, second- and third-tier cities have seen even stronger performance in furniture and building materials. For example, in the first quarter, cities like Changsha, Shijiazhuang, and Changzhou reported strong sales of building materials, with household products maintaining stable demand. During the "2 days" promotional event in March, these cities experienced a sharp increase in sales. Cities such as Datong, Shenyang, Dalian, and Taizhou saw significant year-over-year growth, with Datong's shopping malls reporting a 35-fold increase in total sales.
According to Zhu Changling, chairman of the China Furniture Association, 70% of consumers are now paying close attention to product quality and environmental protection. Solid wood furniture has gained popularity and is becoming a major market phenomenon. Although there are no official statistics from the industry association, he notes that both manufacturers and consumers have shown increasing interest in solid wood furniture in recent years.
Zhu explains that the appeal of solid wood furniture is linked to both economic factors and changing consumer preferences. He states, “First, people’s living standards have improved, and their financial situations are more relaxed. Solid wood furniture is seen as more valuable and can reflect an individual’s economic and social status. Second, solid wood furniture is made primarily from natural wood, with fewer adhesives and paints, resulting in lower formaldehyde emissions and being more environmentally friendly.â€
A survey conducted by Red Star Meikailong’s United Household Trends Research Institute found that 70% of consumers prioritize product quality and environmental safety. In their eyes, environmental protection mainly refers to the "smell" of the product, with a non-irritating, natural scent being the most important factor.
An executive from Meikailong added that, in addition to environmental and quality considerations, the popularity of solid wood furniture is also tied to the long-standing "wood culture" in China, which has been around for over 2,000 years. Wooden home products hold a special place in Chinese households, carrying deep cultural significance and emotional value.
Interestingly, building materials sales are booming even during traditionally off-peak seasons. While June is not typically considered a peak month for construction materials, data shows that Red Star Meikailong’s anniversary events generated over 1.5 billion yuan in total sales nationwide, with building materials accounting for nearly 50% of the total. This strong off-season performance signals a shift in the seasonal patterns of the industry.
Previously, after the “Red May†promotional period, the building materials market would typically enter a traditional off-season from June to August. However, the phrase “off-season is not light†reflects the overall upward trend in the home market. More savvy consumers now view the off-season as their own “peak season,†as they believe that during busy periods, decoration companies and workers are overburdened, leading to potential quality and scheduling issues. Off-season renovations offer better service, more flexibility, and greater value.
The industry is expected to continue its recovery. Custom furniture, in particular, is showing great potential. Red Star Macalline anticipates that if the macroeconomic environment remains stable, the home consumption trend in the second half of the year will be significantly boosted by the continued recovery of the real estate market since last October.
With the rise of the 1980s generation as a new consumer group, personalized demands have become mainstream. Custom furniture aligns with the modern young generation’s desire for self-expression and individuality. Currently, advanced custom furniture accounts for approximately 10% of the entire furniture market, and its future prospects look very promising.
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