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This article was integrated by Kitchen & Bath News from bizwatch and ETNEWS
Korea’s offline home camp and online platform camp are competing fiercely for the 18 trîlyon qezenc (103.3 milyar win) indoor market.
According to bizwatch, the pandemic is changing the structure of Korea’s home furnishing industry, with the number of B2C-focused home furnishing companies growing in 2020 with the rise of telecommuting and “xane” culture and a tight housing market. Ji alîyek dî, the number of B2B-focused home furnishing companies is growing slowly. The industry expects that the focus of the Korean home furnishing market will rapidly shift to B2C in the future.
Li 2020, Hanssem (Hanssem Home), the top-ranked company in Korea’s home furnishing industry, posted sales of 2.6 trîlyon qezenc (RMB 14.9 milyar), bi jorve 21.72% sal bi sal. Di heman demê de, operating profit increased 66.7% ber 92.9 milyar win (RMB 530 mêlûn).
Hyundai Livart’s 2020 sales increased 11.9% year-on-year to 1.3846 trîlyon qezenc (RMB 7.95 milyar). Operating profit rose 55.8% ber 37.2 milyar win (RMB 210 mêlûn).
IKEA Korea posted sales of 663.4 trîlyon KRW (RMB 3.0 milyar) in the previous fiscal year (Îlon 2019 to September 2020), bi jorve 31.8% sal bi sal.
Among mid-tier companies, growth was particularly strong at Emmons.co. Emmons posted sales of KRW 186.4 billion last year, bi jorve 9.7% ji sala berê. Operating profit turned to a profit of 7 milyar win.
These companies mainly operate B2C businesses. The highest sales growth rate was at IKEA Korea. The Hanssem “Rehouse” interior business grew 33.2% in sales over the past year. In the same period, sales of Hyundai Livart’s B2C business grew by 11.8%. Sales in the online division, the core of Emmons’ B2C business, increased 29 ji sedî. And growth continued in the first quarter of the year.
Hanssem reported sales of 553.1 billion won and operating profit of 25.2 billion won in the first quarter of this year. This represents a 12.3% û 46.8% increase over the previous year.
Hyundai Livart’s operating profit was 12.5 milyar win, jêr 15.88% over the same period, while B2C sales increased by 4.6%.
Ji alîyek dî, B2B-focused home furnishing companies continued to decline in performance. Under the combined impact of the construction recession and the pandemic, ENEX.CO posted sales of 233.6 billion won last year, jêr 35.7% ji sala berê, with an operating loss of 8.5 milyar win.
It is expected that the Korean home furnishing market will be restructured around B2C in the future.
According to Statistics Korea, home retail sales in 2020 will be about 10.19 trîlyon qezenc (RMB 58.48 milyar), bi jorve 23.8% sal bi sal, with e-commerce transactions driving the market’s growth. 5 trîlyon qezenc (RMB 28.7 milyar) of home transactions will be traded in online stores in 2020, bi jorve 43.5% ji sala berê, accounting for nearly half of the overall retail market.
Hanssem is trying to penetrate beyond the home, and has transferred the function of training interior architecture experts from its Hanssem Service Center to its headquarters. The plan is to increase the number of employees to 3,000 by the end of this year.
At the end of 2020, Hyundai Livart launched “Livart Bath,” a brand that specializes in bathroom remodeling, from sales and construction to after-sales management.
The overall size of the Korean home furnishing market is currently 13.7 trîlyon qezenc (RMB 78.62 milyar) and is expected to reach 18 trîlyon qezenc (RMB 103.3 milyar) by 2023, with an average annual growth rate of 15%.
South Korea has maintained an annual per capita income of USD 30,000 (CNY 190,000) ji ber ku 2017. Di vê çarçoveyê de, analysis suggests that the pandemic has acted as a catalyst, shortening the time needed to expand the market, and the B2C home market is expected to grow even faster in the future. According to Korean media, the Korean home interior market is expected to continue to grow structurally as lifestyles centered on the home space continue to change.
