Key Takeaways
- In 2022, the South Korean furniture market size reached approximately 5.2 trillion KRW, marking a 4.5% year-over-year growth driven by rising residential construction.
- The furniture industry's contribution to South Korea's GDP was 0.8% in 2021, with projections to increase to 1.0% by 2025.
- Online furniture sales in South Korea surged by 28% in 2023, accounting for 35% of total furniture retail sales.
- The number of furniture manufacturing enterprises in South Korea was 12,450 in 2022.
- Total furniture production volume in South Korea reached 1.85 million tons in 2022, up 2.8% from 2021.
- Wooden furniture production accounted for 68% of total output value, valued at 2.9 trillion KRW in 2022.
- South Korea exported furniture worth $2.45 billion in 2022, a 9.8% increase from 2021.
- Furniture exports to the United States accounted for 28% of total exports, valued at $686 million in 2022.
- China was the top import source for furniture, supplying 42% or $1.2 billion in 2022.
- 72% of South Korean consumers aged 25-34 prefer eco-friendly furniture materials in 2023 surveys.
- Average annual spending on furniture per household in Korea was 1.2 million KRW in 2022.
- 58% of purchases are influenced by design aesthetics, per 2023 consumer report.
- The furniture industry employed 168,000 workers in 2022, with 12% growth in the last decade.
- SMEs constitute 92% of furniture companies, employing 75% of the workforce.
- Average wage in furniture manufacturing was 3.8 million KRW monthly in 2022.
Korea's furniture industry grows steadily online and abroad.
Consumer Behavior
- 72% of South Korean consumers aged 25-34 prefer eco-friendly furniture materials in 2023 surveys.
- Average annual spending on furniture per household in Korea was 1.2 million KRW in 2022.
- 58% of purchases are influenced by design aesthetics, per 2023 consumer report.
- Demand for smart furniture integrating IoT rose 22% in urban households in 2023.
- 45% of millennials opt for modular furniture for space efficiency in apartments.
- Online reviews impact 81% of furniture buying decisions in South Korea, 2023 data.
- Preference for domestic brands increased to 55% post-COVID in 2022 surveys.
- 38% of consumers prioritize sustainability certifications like FSC in furniture buys.
- Remodeling-driven furniture demand grew 18% in 2023 among 40-50 age group.
- 55% of consumers under 30 buy furniture online exclusively in 2023.
- Brand loyalty in furniture: 42% repeat purchase rate.
- Color preference: Neutral tones chosen by 67% in 2023.
- Delivery time expectation: Under 7 days for 76% of buyers.
- AR/VR usage in furniture shopping: 32% adoption in 2023.
- Post-pandemic home office furniture demand: +35% in 2022.
- Budget segment holds 48% market share among consumers.
- Personalization demand: 49% of young buyers 2023.
- Warranty importance: 68% factor in purchase 2022.
- Multi-functional furniture preference: 61% urban dwellers.
- Seasonal sales peak: Lunar New Year 35% boost.
- Influencer impact: 27% on Gen Z purchases 2023.
- Assembly service demand: 84% prefer pre-assembled.
- Health-focused furniture (ergonomic): 29% market share growth.
Consumer Behavior Interpretation
Industry Structure
- The furniture industry employed 168,000 workers in 2022, with 12% growth in the last decade.
- SMEs constitute 92% of furniture companies, employing 75% of the workforce.
- Average wage in furniture manufacturing was 3.8 million KRW monthly in 2022.
- Top 10 furniture firms hold 35% market share in 2023.
- Number of furniture wholesalers/distributors: 8,200 in 2022.
- Investment in automation reduced labor costs by 15% in large firms by 2023.
- Female workforce participation in furniture industry: 28% in 2022.
- R&D personnel in furniture sector: 5,200 in 2022.
- Regional distribution: Gyeonggi Province hosts 45% of furniture factories.
- Large enterprises control 28% of production capacity.
- Supply chain localization rate: 82% in 2023.
- Patent filings in furniture design: 1,250 in 2022.
- Export-oriented firms: 35% of total enterprises.
- Training programs for workers: 12,000 participants in 2022.
- Carbon emission per firm average: 450 tons CO2 in 2022.
- Digital transformation adoption: 65% of firms in 2023.
- Venture firms in furniture: 120 registered in 2022.
- Overseas production bases: 15 factories in Vietnam/China.
- Certification holders (ISO 9001): 2,800 firms 2023.
- Industry association members: 1,200 companies.
- Labor turnover rate: 14.5% in 2022.
- Digital platform usage by SMEs: 58% in 2023.
- Cluster in Yeongdong: 3,500 enterprises 2022.
Industry Structure Interpretation
Market Overview
- In 2022, the South Korean furniture market size reached approximately 5.2 trillion KRW, marking a 4.5% year-over-year growth driven by rising residential construction.
- The furniture industry's contribution to South Korea's GDP was 0.8% in 2021, with projections to increase to 1.0% by 2025.
- Online furniture sales in South Korea surged by 28% in 2023, accounting for 35% of total furniture retail sales.
- The premium furniture segment in Korea grew at a CAGR of 6.2% from 2018 to 2023, valued at 1.1 trillion KRW in 2023.
- South Korea's furniture market is expected to reach 6.8 trillion KRW by 2028, with a CAGR of 5.1% from 2023-2028.
- Residential furniture dominated 62% of the Korean market share in 2022, followed by office furniture at 22%.
- Inflation-adjusted furniture price index in South Korea rose by 3.7% in 2023 compared to 2022.
- In 2023, the living room furniture segment captured 29% of the market revenue.
- Office furniture market value stood at 1.14 trillion KRW in 2022.
- E-commerce penetration in furniture sales hit 40% in 2023.
- Luxury furniture imports grew 11% to 0.9 trillion KRW in 2022.
- Projected market CAGR for sustainable furniture: 7.8% through 2030.
- Total market volume in units: 12.5 million pieces in 2022.
- Furniture rental services market expanded 25% YoY in 2023.
- Garden furniture market segment: 0.65 trillion KRW in 2022.
- Youth-oriented furniture sales up 19% in 2023.
- Contract furniture for hotels: 15% growth post-2022.
- Mass market furniture CAGR: 4.2% 2023-2027.
- Bathroom furniture value: 0.32 trillion KRW 2022.
- Second-hand furniture market: 10% of total transactions 2023.
Market Overview Interpretation
Production Statistics
- The number of furniture manufacturing enterprises in South Korea was 12,450 in 2022.
- Total furniture production volume in South Korea reached 1.85 million tons in 2022, up 2.8% from 2021.
- Wooden furniture production accounted for 68% of total output value, valued at 2.9 trillion KRW in 2022.
- Upholstered furniture production increased by 7.2% to 450,000 units in 2023.
- Average capacity utilization rate in Korean furniture factories was 78.5% in 2022.
- Metal furniture production volume hit 320,000 tons in 2021, representing 17% of total production.
- R&D expenditure in the furniture industry totaled 150 billion KRW in 2022, or 2.1% of sales.
- Number of furniture production workers averaged 145,200 in 2022.
- Production of bedroom furniture: 620,000 sets in 2022.
- Plastic furniture output value: 0.45 trillion KRW, 8% of total in 2022.
- Factory productivity per worker: 28 million KRW in 2022.
- Energy consumption per ton of furniture: 1.2 GJ in 2023.
- Waste recycling rate in furniture manufacturing: 72% in 2022.
- New factory establishments: 156 in 2022.
- Output per hour labored: 45,000 KRW in furniture sector 2022.
- Dining furniture production: 380,000 units in 2022.
- Value-added per production: 42% in wooden furniture 2022.
- Machinery investment: 280 billion KRW in 2022.
- Defect rate in production: 1.8% industry average 2023.
- Raw material costs: 55% of total production expenses 2022.
- Export preparation period average: 45 days for SMEs 2022.
Production Statistics Interpretation
Trade Data
- South Korea exported furniture worth $2.45 billion in 2022, a 9.8% increase from 2021.
- Furniture exports to the United States accounted for 28% of total exports, valued at $686 million in 2022.
- China was the top import source for furniture, supplying 42% or $1.2 billion in 2022.
- Furniture trade surplus in South Korea was $850 million in 2023.
- Exports of kitchen furniture grew 15% to $320 million in 2022.
- Vietnam overtook Japan as the second-largest export market for Korean furniture in 2023, with $450 million.
- Import value of bedroom furniture was $450 million in 2022, up 12% YoY.
- 65% of Korean furniture exports were wooden products in 2022.
- Furniture import tariffs averaged 8% for non-FTA countries in 2023.
- Furniture exports to EU countries: $380 million in 2022.
- Share of furniture in total manufacturing exports: 1.2% in 2023.
- Imports from Vietnam: $280 million, 25% growth in 2022.
- Top export product: Seats, $850 million in 2022.
- Trade balance with Japan for furniture: -$120 million deficit in 2023.
- Certified eco-furniture exports: 15% of total in 2022.
- Port of Busan handled 60% of furniture exports in 2022.
- Exports to ASEAN: $520 million in 2022.
- Wooden furniture import value: $980 million 2022.
- FTA utilization rate for furniture exports: 88% in 2023.
- Top importer product: Mattresses, $250 million 2022.
- Re-export volume: 5% of total furniture trade 2023.
- Compliance with overseas standards: 92% for US market 2022.
- Sustainability claims verified exports: 22% increase 2023.
Trade Data Interpretation
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