The share of imported furniture in sales in the Russian market will be below 15% by the end of 2023. This forecast was given to socialbites.ca by Denis Egorov, general director of the Lazurit furniture company.
“Even before the introduction of sanctions and open borders, the domestic furniture market was showing annual growth, while we observed a decline in the share of imports. “Reasons for this trend include lower prices, availability of information about the manufacturer, extended warranties for furniture and additional services such as a free design project,” he said.
According to the Russian Association of Enterprises of the Furniture and Woodworking Industry, from 2019 to 2022 the share of imported furniture sales in Russia decreased by half, from 49% to 24%.
“The increase in international logistics prices and the increase in exchange rates made imported furniture more expensive than Russian furniture, which allowed domestic companies to occupy the vacated space,” Egorov said.
Vadim Chernushkin, formerly general director of the Angstrem furniture company said “socialbites.ca” says that the cost of furniture production in Russia will increase by 17-20% by the end of this year, which will lead to a comparable increase in prices. According to him, the purchase prices of materials and accessories for furniture production have already increased by an average of 13%, which leads to an increase in costs.
Previously reported About the growth of furniture production in Moscow.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.