The furniture market has been somewhat overlooked as everyone was rushing to prepare new year products. However, it is now clear that many well-known furniture brands have announced price hikes. "Raising prices in the low season and selling during peak times" has become a common marketing strategy in the industry.
Furniture sales staff mentioned that this year's sofa price increase seems almost certain. "Our factory is located in Guangdong. Due to rising leather prices, we received a notice of price increase a few days ago. The headquarters said it would be increased by about 15%, but since business is tough at the end of the year, the manufacturer also reduced its profit margin. It ended up increasing by around 5%." They also noted that only two old models were available for special sofas in the store.
In addition to direct price increases, the removal of promotional discounts has also served as a disguised way to raise prices. At another sofa store, all sofa combinations are priced over 10,000 yuan. A customer who was browsing the samples found it hard to accept the change: "I remember that the price of this brand’s sofa was around 5,800 yuan half a year ago, but now it's about 9,000 yuan." A store clerk explained that the manufacturer changed its sales approach. This is the real price now, and it will remain the same in the future, with no more discount activities. Customers might receive small gifts or lottery chances instead. "There will only be price increases, not decreases. The previous price is no longer available. If you don't buy now, you'll have to pay more later."
According to insiders in the furniture industry, the reason for the New Year price hike is due to rising raw material and labor costs. "Salaries have increased from 1,500 to 2,000 yuan. Now some salespeople have returned to their hometowns, and they may need to raise wages when they come back. Some salespeople even said they wouldn’t work without at least 2,500 yuan. Especially for high-end furniture, which is sold in villa-level stores, the base salary for salespeople is already 2,500 yuan, excluding commission." In addition, the cost of materials like sofa leather, solid wood, hardware, paint, and coatings has also gone up. Wages for factory workers, store staff, and installation and distribution personnel have risen as well.
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Founded in Osaka, Japan in 1948, Fujitec Co., Ltd. has operational
headquarters located in the Americas, Japan, South Asia, East Asia and Europe.
With a network of 11 state-of-the-art manufacturing facilities and several sales
service offices, the company strives to lead the industry in safety, innovation
and quality. Fujitec`s worldwide organization includes four research and
development/engineering centers which are located in Japan, Singapore, China and
the United States.
In Japan, Fujitec's [Big Wing" facility houses a 560-foot research tower,
the tallest of its kind in the world. This facility is focused on developing
cutting-edge technologies and integrating all phases of product development,
design and manufacturing. Fujitec's research and development facility in China
is located in the Song Jiang Industrial Zone in Shanghai and is approximately
150,000 m2 (1.6 million sq. ft). This space is utilized for parts and
components procurement. Fujitec America continues to utilize the landmark,
blue-capped 220-foot elevator research/test tower located near its U.S.
headquarters in Mason, Ohio.
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