South Korea’s furniture industry is a rare surge: 503.3 billion won a 9-year high or the IKEA effect

According to data released by the Korea Statistics Office on the 1st, Korean furniture sales in 2015 were 503.3 billion won, up 7% year-on-year, the highest in nine years. recording. This is a rare surge in the Korean furniture home industry since its maturity in the 1990s.

After entering the 21st century, the Korean home furnishing industry has not shown a clear upward trend, and it has continued to regress between 2007 and 2009. Since the Swedish home furnishing brand IKEA entered the Korean market in December 2014, the Korean interior decoration industry has become active. At that time, the huge price and number of offensives of multinational corporations might impact the concerns of Korean local furniture companies. Many people opposed IKEA’s landing in South Korea. However, in response to the huge impact of IKEA, Korean local furniture companies have developed new market strategies to create new brands and competition in the furniture industry and other fields.

In 2015, IKEA sales in South Korea increased by 300 billion won. More than the industry expects, sales of large local Korean home furnishing companies such as Hanssem, Livart and ENEX will also increase significantly.

In addition, the popular variety show “Old Home New Home” and the active real estate transaction market in 2015 are also considered to be the main factors driving the growth of the Korean furniture home industry. (Source: Global Times)

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