China exported a total of 2.457 million spring mattresses in the first quarter of 2023, a year-on-year increase of 14.8%. The export value reached USD 194.02 million, a year-on-year increase of 2.5%, according to customs data.
Figure 1: China Spring Mattress Export, 2022-2023 (10,000 pieces)
China exported a total of 7.511 million foam mattresses in Q1 2023, a year-on-year increase of 7.9%. The export value was USD 163.93 million, which remained basically stable compared to the same period last year.
Figure 2: China Foam Mattress Export, 2022-2023 (10,000 pieces)
It is noteworthy that although the export volume increased significantly year-on-year, the growth rate of export value was significantly smaller, and the unit price and profit for exports declined year-on-year.
From January to March 2023, the operating revenue of furniture manufacturers above designated size in China totalled CNY 148.59 billion, a year-on-year decrease of 13.2%; operating costs reached CNY 123.12 billion, a year-on-year decrease of 14.3%; and their total profit was CNY 5.56 billion, a year-on-year decrease of 12.6%, according to the National Bureau of Statistics of China.
Looking at the quarterly reports of listed companies in Chinese home furnishing industry, among nearly 120 home furnishing companies that had already published their reports this quarter, 83 companies experienced a decline in revenue and 29 companies suffered losses.
However, the prosperity of China’s real estate industry in the first quarter partially restored, with housing completions accelerating growth in March and home sales keeping recovery. In terms of end-user spending, there have been signs of a rebound in domestic and foreign consumption. Offline store traffic has significantly increased. Under sales promotions, some demand for replacement in mature markets has been boosted. It is predicted that China’s home furnishing market will experience marginal improvement in the near future.