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The global economic crisis and local instability have significantly affected the foreign trade of the domestic furniture industry. Last year, amid the challenges faced by international trade, the Yiwu furniture market took proactive steps to enhance brand management, improve the market environment, and explore opportunities in the domestic market. In 2012, the annual turnover of the Yiwu furniture market reached 1.012 billion yuan, with an average daily footfall of 815 people, of whom about 30% were foreign investors.
"The positioning of the furniture market is primarily aimed at Yiwu and radiates to surrounding areas, focusing mainly on domestic retail. The share of foreign trade is not significant," said Jin Yinghong, manager of the Yiwu Furniture Market Management Company. He added that most of the foreign trade in the market comes from foreign businessmen who are already in Yiwu. These buyers often purchase small quantities of furniture while shopping for other goods, then return to their countries. "The real wholesale furniture market is still concentrated in areas like Guangzhou," he noted.
Rising prices of furniture raw materials have led many manufacturers to increase product prices, reducing profit margins for dealers. Additionally, rising labor and transportation costs have further squeezed the profits of furniture retailers. As a result, furniture branding has become a growing trend in the market.
To tap into mid-to-high-end consumption channels and attract affluent customers from Yiwu and surrounding regions, the Yiwu furniture market focused on cultivating high-end furniture brand pavilions as a key initiative last year. Currently, the fourth floor of the market has been transformed into an international furniture museum, featuring renowned brands such as Kafinda, Romantica, William Noble, and Mousse. After four years of development, these international furniture boutiques have gained popularity both domestically and internationally, drawing more high-end brands to consider entering the Yiwu market. According to statistics, there are now over 50 high-end furniture brands operating in the Yiwu furniture market.
Solid wood furniture is highly favored by consumers due to its eco-friendliness, simplicity, durability, and robustness. The proportion of high-end solid wood furniture brands in the market is increasing, accounting for around 30% of total brands. The Yiwu Furniture Market also plans to introduce branded solid wood furniture sections in the classic furniture living hall on the third floor.
With the rise of online shopping, the furniture industry has increasingly turned to e-commerce as a new promotional channel. In response, the Yiwu furniture market began constructing an online mall in April 2012. Through collaboration with professional teams, a 24-hour, 360-degree shopping mall was established. This platform allows consumers to experience the entire market virtually through 3D technology, browsing all products and store layouts without clicking or scrolling. Moreover, the online mall addresses major challenges such as poor user experience, logistics difficulties, and conflicts between online and offline sales. By combining online shopping with physical experience centers, the process of buying furniture becomes more convenient and efficient.
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