In 2024, furniture prices will increase by 7-10 percent within the inflation range, depending on a stable exchange rate. This forecast was given to socialbites.ca by Alexander Shestakov, President of the Russian Association of Enterprises of the Furniture and Woodworking Industry.
“It does not seem possible for furniture prices to increase in the spring. As we get closer to autumn, there may be a slight increase in consumer prices due to seasonal demand and the start of the school year. Unfortunately, for now, domestic furniture production is largely dependent on imported components and materials. Most of the parts, fabrics, polishes and paints come to us from abroad,” Shestakov noted.
Therefore, the weakening of the ruble inevitably leads to an increase in furniture prices, the association president added.
“For example, last year the prices of kitchen cabinets increased the most because they were equipped with expensive imported accessories. The share of fittings in the cost price of cabinet furniture can reach 40%. Both cabinet and upholstered furniture manufacturers are the most import-dependent as they use a lot of imported hardware and fabrics,” Shestakov noted.
The expert emphasized that upholstered furniture using domestic spring blocks is much less affected by the weakening of the ruble. This also applies to simple furniture: stools, tables, beds. Last year, furniture prices increased more slowly than other goods. The president of the association stated that furniture prices will increase by 5.6 percent on average in 2023, and inflation will be 7.4 percent.
Before that socialbites.ca saidHe said that the prices of kitchen cabinets in Russia increased by 36% during the year.
Previously reported About the growth of furniture production in Moscow.