KResearch forecasts that the export value of Thai furniture and parts will be approximately USD1.30-1.34 billion in 2014, surging 5.0-8.0 percent YoY. This impressive growth is expected to be driven largely by strong demand in Japan and other secondary markets playing a more important role right now in our export sector, especially ASEAN and other emerging markets, e.g., BRICS states, where good expansion is projected. Brighter prospects in the US and EU should enhance continual growth in furniture/parts exports, apart from the fact that manufacturers now emphasize international market penetration.
One product category that has the potential to seize international market share is our wood furniture, which has gained exceptional demand in Japan – a major market for us. Meanwhile, with the imminent AEC, ASEAN will become another major destination for our furniture products, given booming real estate industry, widening urbanization and changing lifestyles of consumers who are now more into home decoration. Types of furniture expected to sell well this year include interior furnishings (for homes, hotels and offices).
Export markets are of great importance for Thai furniture, particularly amid a situation where domestic purchasing power is rather flat right now. This means that, looking forward, businesses should focus on maintaining their market share in primary markets, along with expansion using new sales channels into attractive markets, which would then improve their chances to reach more consumers. To this end, exporters must closely follow movements in related industries, e.g., real estate, tourism and services, and at the same time keep abreast of consumer tastes and trends.
Trade policies adopted by trade partners must also be closely followed. With these approaches, exporters will be able to devise products that meet consumers' needs in each market. On top of that, they should make use of our strong suit in design and marketing, matching their products with the needs of future customers. New technologies and innovations would be helpful too in making eco-friendly products, furnishings for kids and the elderly, or perhaps even new multi-function pieces for niche markets. Any such strategy would increase manufacturers' competitiveness and thus attain higher profits.
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