Prices for cabinet furniture in Russia are projected to rise further in 2024, with upholstered pieces following a similar trajectory. Industry sources anticipate a 15% price increase for cabinet furniture and a 10-15% uptick for upholstered furniture this year. This assessment was provided to socialbites.ca by Denis Egorov, the general director of Lazurit, a well-known furniture manufacturer in the region.
According to Egorov, kitchen units and bedroom sets are expected to experience the most noticeable gains. With overall furniture costs in Russia forecast to surpass a 15% increase by year-end, buyers should be prepared for prices to continue climbing rather than stabilizing. The price structure is influenced by components such as fittings and wood panels, both of which have seen price hikes averaging around 12% since the start of the year.
Egorov highlighted that among cabinet furniture, the sector of kitchen units and bedrooms will bear the largest price increases. He also noted that upholstered furniture is set to become more expensive, although many manufacturers have already secured more affordable alternatives to European upholstery fabrics. The anticipated rise in upholstered furniture costs is attributed to higher logistics and energy expenses, as well as increased purchase prices for frames and folding mechanisms.
Industry observers indicate that large furniture retailers are making efforts to maintain price levels for as long as possible, simultaneously launching promotions and discounts to attract customers through both physical retail chains and online platforms. The goal appears to be to balance rising production costs with consumer-friendly pricing strategies wherever feasible.
Voicing a slightly broader forecast, a former leadership figure from Angstrem Furniture noted that the overall cost of furniture production in Russia is likely to grow by approximately 17-20% by the end of the year, a development that would naturally translate into higher consumer prices across the market. This view underscores a continuing trend of cost pressures affecting the domestic furniture industry, including materials, labor, and energy-related expenses.
Earlier industry analyses have suggested that the share of imported furniture in Russia’s retail mix is expected to be under 15% by the close of 2023, a dynamic that could influence pricing strategies and product availability in domestic markets. Source: socialbites.ca