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INTERPRETING_CHINA. TALES FROM THE SALONE DEL MOBILE
China just entered into the Year of the Tiger. While red lanterns are lit to attract energy and prosperity, experts confirm that 2022 will see the world’s second-biggest economy grow and the macroeconomic and monetary disparities between China and the West reversed. ICE furnishing sector performance data for 2021 evidence a 32.98% rise in Italian furniture exports compared with 2020, accounting for 670 million dollars overall.
China just entered into the Year of the Tiger. While red lanterns are lit to attract energy and prosperity, experts confirm that 2022 will see the world’s second-biggest economy grow and the macroeconomic and monetary disparities between China and the West reversed. ICE furnishing sector performance data for 2021 evidence a 32.98% rise in Italian furniture exports compared with 2020, accounting for 670 million dollars overall. Chinese data show that demand for Italian imports rose 11.9%, making Italy its top supplier country, with a 29.3% share of the market. While it is a positive market thanks to the rapid growth in domestic demand, it is also a complex and multi-faceted reality of which we have only a partial understanding. Interpreting China is a challenge that the Salone has embraced for some time. Here’s the latest. Performance on the Chinese market was positive, above all thanks to rapid growth in domestic demand, even if as a country China is a complex and multifaceted reality of which Italy, and indeed the rest of the West, has but limited knowledge. Interpreting the Italian furniture industry’s performance in China is a challenge, not least because of the numbers themselves. Italy was the leading supplier nation to China, with a January to November 2021 market share of 29.3%. Gianpaolo Bruno, Director of the ICE office in Beijing, explains that comparisons between the ISTAT data and Chinese government figures should be made with due caution: a number of technical differences mean that the Italian data is a more reliable measure of bilateral relations, whereas the Chinese figures are a fundamental benchmark against other countries, helping to ascertain what market share Italian products have in China. “Driven by 8% GDP growth, the furniture market fared particularly well in the first part of 2021. Interestingly, China is now the world’s biggest furniture producer and exporter. For Italy, the balance is actually negative, and this trend has been growing in recent years,” says Bruno. “The uptick in performance in 2021 is first and foremost ascribable to domestic demand for imports and domestic output. We must not forget that it is a comparison against the depressed market values registered in 2020. The 2021 result is in part due to China’s advancing urbanization and householders’ greater disposable income. Consumption benefits as people enjoy more widespread well-being and rising socio-economic status, especially in the country’s second- and third-tier cities.” With only minor exceptions, data from individual Italian production segments like wooden furniture, seating and upholstered furniture posted double-digit growth in 2021. “Made in Italy continues to be highly esteemed, synonymous with creativity, reliability, taste, and luxury,” says the Beijing ICE Director.
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