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S. Korean furniture firms saw 2015 sales surge 18.5 pct

All News 11:39 April 03, 2016

SEOUL, April 3 (Yonhap) -- South Korea's 10 biggest furniture firms saw their combined sales jump 18.5 percent in 2015 from a year earlier on the back of rising demand for interior decoration and furnishing amid a recovery in the local housing market, industry data showed Sunday.

The aggregated sales of 10 furniture companies stood at 3.7 trillion won (US$3.2 billion) in 2015, up from 3.1 trillion won the previous year, according to the data.

Sales of industry leader Hanssem Co. soared 28.9 percent on-year to 1.63 trillion won, followed by Hyundai Livart Furniture Co. with 695.7 billion won in sales, Enex Co. with 303 billion won and Fursys Inc. with 243.6 billion won.

Operation profits of the top 10 businesses surged 35.9 percent last year from a year earlier, with Sunchang ITS Corp. and Iloom Inc. turning to the black.

Market insiders noted that the recovered property market fueled demand for furniture, while the domestic furniture market expanded after Swedish furniture giant IKEA entered the country in 2014.

South Korea's home sales reached an all-time high in 2015, buoyed by a series of government measures to boost the local real estate market, including eased mortgage loan regulations.

"Consumers tend to spend their money on buying furniture to decorate their homes," a local furniture company official said. "Furniture firms also strengthened their marketing strategies to compete against IKEA."


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