Market Trends of Vietnam Furniture Industry
This section covers the major market trends shaping the Vietnam Furniture Market according to our research experts:
Bedroom Furniture is Driving the Market
Bedroom furniture includes beds, bedside tables, chest of drawers, wall-mounted shelves, kids' beds, and more. A key driver fuelling the market's growth is the rising standard of living, leading to the increased introduction of premium products. With an increase in disposable income, the consumers' spending capacity and expenditure on luxury goods and services are increasing. Economic growth, rising individual household incomes, and the increasing number of independent dwellings have driven consumers to spend on premium bedroom furnishing products. As rooms get smaller, consumers are increasingly looking for compact and easily movable furniture to use the available space efficiently.
Export of Wood Products is Driving the Market
Wood products of Vietnam have developed strongly and achieved impressive growth. Vietnam is currently the world's leading exporter of wood products. The wooden products sector has now become a key exporter of the Vietnamese economy. The United States is a top export market for Vietnamese wood products and has contributed to the success of Vietnam's exports in the first 10 months of 2021. Another important export market of Vietnamese wood and wood furniture in China. Vietnam is one of the Chinese market's biggest wood and wooden furniture suppliers, together with Italy and Poland. Vietnam's wood businesses have recently made strong and effective changes in technologies and governance to ensure they are competitive within global market trends. The continuous development of technology and new trade deals will boost demand for the Vietnamese wood and furniture industry. Furniture exports are oriented particularly towards North America and Europe, whereas most fuelwood exports are destined mainly for Japan and South Korea.
