Home-decor, furniture has great potential on international markets

Research from businessresearchinsights.com predicted that the global home furnishing market is projected to reach US$1.3 trillion.

Other research from eMarketer reported that in 2022, retail e-commerce in the United States reached $146 billion for furniture and home furnishings.

In fact, despite the gradual return to offices, people still spend more time living, working, and entertaining at home.

As a result, living spaces are more invested in than ever before. Products related to home decoration, home improvement, and home-based entertainment have undergone significant changes in recent years.

A statistic from Amazon said that furniture sales on its website witnessed remarkable growth from 2020 to 2022.

In addition, Amazon revealed that for the last three years, home and kitchen products are among the top-selling categories of Vietnamese selling partners on Amazon.

In addition, online shopping remains popular for home and kitchen products, including decor accessories, furniture, and home entertainment.

Furniture and home furnishing products that have become popular include home decoration items such as wall decor, candles, hanging lights, and curtains.

Storage items to help organise living spaces are also in high demand.

Other products that many consumers like are wooden furniture or home products for exterior and interior use.

Handmade rattan baskets to store books, blankets or kids’ toys, bamboo boxes and trays to organise kitchen corners are popular storage products made and exported from Việt Nam with a diverse range of designs, styles and materials.

Unlock global markets

Having a strong foundation of traditional craft villages, natural material resources and manufacturing capacity, the Vietnamese home decor and furniture industry is able to create unique and distinctive products to unlock global markets.

In fact, Vietnamese products have been exported and used in many markets.

The country’s wood industry exports stand at over $10 billion annually, ranking fifth in the world for wood manufacturing and exporting. From raw materials to high-quality products, Việt Nam is now one of the leading wood exporters to the US.

BeeFurni is an example showing Việt Nam’s strong potential in the wood products market globally.

A company representative said their revenues on Amazon in the first 10 months of 2022 increased by 300 per cent compared to the previous year. Beefurni’s business and brand growth are progressing well, motivating the company to keep growing and bringing good value to more customers in more marketplaces.

To unlock the advantages and potential for Việt Nam home decor and furniture on the global market, manufacturers and brand owners need to learn and apply some suggestions.

To capture opportunities, experts suggested Việt Nam should uplift craftsmanship and product quality.

According to a labour force survey by the General Statistics Office in 2020, Việt Nam boasts a significant number of skilled craftsmen.

The “craftsmen and related” category accounted for 7.4 million workers, representing 13.7 per cent of the total workforce, the survey reported.

Most importantly, Vietnamese traditional craft villages and furniture factories, with their rich experience and history, imbue their essence into Vietnamese handicraft and furniture products, giving rise to unique and distinctive features that are difficult to find elsewhere in the world.

However, to be successful on the global market, the harmonious combination of “what we have” and “what the global market needs and wants” is crucial, Amazon suggests.

For example, to have a decorative product with eco-friendly charm from native rattan, bamboo and sedge, manufacturers have to consider and enhance the manufacturing process to become more eco-friendly.

Furniture which uses composite material must also comply with Amazon and local industry regulations regarding composite wood products.

Understanding market trends is also needed.

Besides gaining the insights of international customers, it is of equal importance for businesses to understand market fluctuations.

For example, according to Amazon research, the development and inventory preparation cycle for furniture products typically ranges from 30 to 60 days, which can be further tailored based on supply conditions and purchasing patterns in low and high seasons.

Advertising products on social media is also a good method.

An Đen is an inspirational v-logger and a story teller about country life. Through a visit to the bamboo weaving craft village in Chương Mỹ District in Hà Nội, An Đen showcases the trends and online export potential of traditional bamboo weaving as well as other Vietnamese handicrafts, while highlighting the positive changes for local communities and economies, supported by cross-border e-commerce. – VNS