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China Furniture Industry Economic Operation Brief, January-June 2025
To further enhance its bridging and connecting role, better serve industry enterprises, and lead the way to high-quality development, the China Furniture Association regularly publishes the "China Furniture Industry Economic Operation Brief," providing authoritative data, reflecting operational trends, and helping the industry to grasp market dynamics in a timely manner to achieve stable development.
China Furniture Industry Economic Operation Brief, January-June 2025
Overview: In the first half of 2025, China's economic operation was stable and progressive, with new achievements in high-quality development. The furniture industry showed a differentiated trend amid intertwined policy drivers and market pressures. The "trade-in" policy continuously stimulated domestic demand, driving rapid growth in furniture consumption; the year-on-year decline in commercial housing sales narrowed, and the year-on-year growth in second-hand housing transactions provided a foundation for the industry's stable development. At the same time, tariffs and geopolitical uncertainties have negatively impacted the global economy, and furniture exports face multiple challenges. Enterprises need to accelerate diversified layouts, improve the supply of high-quality products, drive development through innovation, and explore new paths for the transformation of old and new growth drivers.
01 Production: From January to June 2025, there were 7,425 large-scale enterprises (with annual main business income of 20 million yuan or more) in China's furniture industry, achieving an operating income of 302.39 billion yuan, a year-on-year decrease of 4.9%, with the decline widening for six consecutive months.
The cumulative output of the furniture industry decreased by 0.6% year-on-year. Among them, the cumulative output of wooden furniture remained flat year-on-year; the cumulative output of metal furniture decreased by 2.6% year-on-year; and the cumulative output of upholstered furniture decreased by 5.0% year-on-year. In terms of monthly data, furniture production in February and March showed year-on-year growth of 5.3% and 3.7%, respectively. Production declined in April and May, with year-on-year negative growth of 5.4% and 5.9%, respectively. Production rebounded in June, but did not exceed that of March.
02 Profitability: From January to June 2025, large-scale enterprises in China's furniture industry achieved a total profit of 10.64 billion yuan, a year-on-year decrease of 23.1%, an increase of 4.8 percentage points compared to January-May; the operating profit margin was 3.4%, 1.1 percentage points lower than the manufacturing industry, and 0.3 percentage points higher than January-May. The year-on-year decline in total profit far exceeded the decline in revenue and output, indicating that enterprises are facing significant market competition pressure.
03 Domestic Sales: In June 2025, China's total retail sales of consumer goods reached 4,228.74 billion yuan, a year-on-year increase of 4.8%, and the retail sales of furniture products in units above the designated size reached 20.77 billion yuan, a year-on-year increase of 28.7%. From January to June, driven by a series of policies to stimulate consumption, the cumulative retail sales of furniture products in units above the designated size reached 98.21 billion yuan, a year-on-year increase of 22.9%, an increase of 1.5 percentage points compared to January-May, 17.9 percentage points higher than the year-on-year growth rate of cumulative retail sales of consumer goods, and achieving double-digit growth for five consecutive months.
04 Exports: From January to June 2025, China's furniture industry's cumulative exports totaled US$34.92 billion, a year-on-year decrease of 6.7%, with the decline narrowing by 1.5 percentage points compared to January-May. In June, the furniture industry's exports reached US$5.93 billion, a year-on-year increase of 1.3%, and an increase of 10.5 percentage points compared to May. Furniture exports show signs of marginal recovery, but the foundation of external demand is still not solid. In the first half of the year, the US market accounted for 23.0% of China's total furniture exports, remaining the main export destination. In February, the proportion reached 29.8%, falling below 20% in April and May, and rebounding to 23.6% in June. Tariff fluctuations have a significant impact on enterprise exports.
05 Investment: From January to June 2025, the cumulative growth of fixed asset investment in China's furniture manufacturing industry reached 17.5%, an increase of 4.1 percentage points compared to January-May; the cumulative investment income reached 1.24 billion yuan, a year-on-year decrease of 50.2%, an increase of 28.6 percentage points compared to January-May. Investment income in June reached 750 million yuan, accounting for 60.5% of the investment income in the first half of the year. The growth of fixed asset investment contrasts with the decline in investment income, reflecting that the industry is in a period of transformation and investment, and enterprises remain optimistic about long-term expectations. (Source: China Furniture Association official WeChat account)
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