17 Jan 2022

CROSBY Research: Crosby Bi-noculars (Bi-weekly) - Feature Article on Consumer: History to be repeated: Home furniture subsidy program

Consumer - History to be repeated: Home furniture subsidy program

  • NDRC proposed home furnishing/furniture to the countryside program – We expect the subsidy program, with details to be announced, to drive growth of furniture manufacturers like a similar program for appliances during 2007-13
  • Furniture manufacturing: Significant rebound in Rev and NP in 2021
  • Smart furniture – Expect to grow at 12.8% CAGR from 2020 to 2022
  • Functional furniture – Low penetration rate for functional sofa
  • Customized furniture – Sustain double-digit revenue growth