Brief Report on the Economic Performance of China’s Furniture Industry, January–June 2025

In the first half of 2025, China's economy operated steadily with progress, achieving new successes in high-quality development. The furniture industry showed a diverging trend amidst the interplay of policy drivers and market pressures. The "trade-in" policy continued to stimulate domestic demand, leading to rapid growth in furniture consumption.

The year-on-year decline in new commercial housing sales narrowed, while the transaction volume of second-hand homes increased year-on-year, providing a foundation for the industry's stable development.

At the same time, tariffs and geopolitical uncertainties negatively impacted the global economy, presenting multiple challenges to furniture exports. Enterprises need to accelerate diversified strategies, enhance the supply of high-quality products, drive development through innovation, and explore paths for the conversion of old and new growth drivers.



01 Production

From January to June 2025, there were 7,425 large-scale enterprises (with main business revenue of million CNY or more annually) in China's furniture industry. They achieved an operating revenue of billion CNY, a year-on-year decrease of , with the decline having widened for six consecutive months.

The cumulative output of the furniture industry decreased by year-on-year. Specifically, the cumulative output of wood furniture was flat year-on-year; metal furniture cumulative output decreased by year-on-year; and soft furniture cumulative output decreased by year-on-year. On a monthly basis, furniture output saw positive year-on-year growth in February and March ( and , respectively), declined in April and May (negative year-on-year growth of and , respectively), and rebounded in June, though it did not surpass the March output level.

02 Efficiency

From January to June 2025, large-scale enterprises in China's furniture industry achieved a total profit of billion CNY, a year-on-year decrease of , which was a recovery of percentage points compared to the January–May period. The operating revenue profit margin was , which is percentage points lower than the manufacturing sector and percentage points higher than the January–May period. The significantly greater drop in total profit compared to the decline in revenue and output indicates that enterprises are facing considerable market competition pressure.

03 Domestic Sales

In June 2025, China's total retail sales of social consumer goods reached billion CNY, an increase of year-on-year. Retail sales of furniture goods by units above the designated size were billion CNY, an increase of year-on-year.

From January to June, driven by a series of consumption stimulus policies, the cumulative retail sales of furniture goods by units above the designated size reached billion CNY, an increase of year-on-year. This growth rate was percentage points higher than the January–May period and percentage points higher than the cumulative growth rate of total social consumer goods retail sales, achieving double-digit growth for five consecutive months.

04 Exports

From January to June 2025, the cumulative export value for China's furniture industry was billion USD, a year-on-year decrease of . The decline narrowed by percentage points compared to the January–May period. For June alone, furniture industry exports reached billion USD, a year-on-year increase of , representing a recovery of percentage points from May. Furniture exports are showing marginal signs of recovery, but the foundation for foreign demand is not yet stable.

In the first half of the year, the US market accounted for of China's total furniture exports and remains the main export destination. This proportion reached in February, fell below in April and May, and rebounded to in June. Fluctuations in tariffs have had a significant impact on enterprise exports.



05 Investment

From January to June 2025, the accumulated fixed asset investment in China's furniture manufacturing industry grew by year-on-year, an increase of percentage points from the January–May period. Cumulative investment income was billion CNY, a year-on-year decrease of , which was a recovery of percentage points compared to the January–May period. Investment income for June alone was billion CNY, accounting for of the first half's total investment income. The contrast between the growth in fixed asset investment and the decline in investment income reflects that the industry is in a transformation and investment period, with enterprises maintaining an optimistic outlook for the medium and long term.

Data Sources: National Bureau of Statistics, General Administration of Customs

Please cite the source as: China National Furniture Association if reproduced.

 

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