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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 biljoen gewonnen (103.3 miljard gewonnen) 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 “thuis” culture and a tight housing market. Anderzijds, 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.
In 2020, Hanssem (Hanssem Home), the top-ranked company in Korea’s home furnishing industry, posted sales of 2.6 biljoen gewonnen (RMB 14.9 miljard), omhoog 21.72% jaar na jaar. In dezelfde periode, operating profit increased 66.7% naar 92.9 miljard gewonnen (RMB 530 miljoen).
Hyundai Livart’s 2020 sales increased 11.9% jaar na jaar tot 1.3846 biljoen gewonnen (RMB 7.95 miljard). Het bedrijfsresultaat steeg 55.8% naar 37.2 miljard gewonnen (RMB 210 miljoen).
IKEA Korea posted sales of 663.4 biljoen KRW (RMB 3.0 miljard) in het voorgaande boekjaar (september 2019 to September 2020), omhoog 31.8% jaar na jaar.
Among mid-tier companies, growth was particularly strong at Emmons.co. Emmons posted sales of KRW 186.4 billion last year, omhoog 9.7% Van het voorgaande jaar. Operating profit turned to a profit of 7 miljard gewonnen.
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 dezelfde periode, sales of Hyundai Livart’s B2C business grew by 11.8%. Sales in the online division, the core of Emmons’ B2C business, increased 29 procent. 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% En 46.8% increase over the previous year.
Hyundai Livart’s operating profit was 12.5 miljard gewonnen, omlaag 15.88% over dezelfde periode, while B2C sales increased by 4.6%.
Anderzijds, 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, omlaag 35.7% Van het voorgaande jaar, with an operating loss of 8.5 miljard gewonnen.
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 biljoen gewonnen (RMB 58.48 miljard), omhoog 23.8% jaar na jaar, with e-commerce transactions driving the market’s growth. 5 biljoen gewonnen (RMB 28.7 miljard) of home transactions will be traded in online stores in 2020, omhoog 43.5% Van het voorgaande jaar, 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.
Aan het einde van 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 biljoen gewonnen (RMB 78.62 miljard) en zal naar verwachting bereiken 18 biljoen gewonnen (RMB 103.3 miljard) door 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) sinds 2017. In deze context, 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. Volgens Koreaanse media, the Korean home interior market is expected to continue to grow structurally as lifestyles centered on the home space continue to change.
