Market Update
- In 2023, the furniture market generates a total revenue of US$829.20 million, projected to have a steady annual growth of 8.12% on the next 5 years.
- 60% of furniture are imported
- TOP 10 importing sources: China (63%), Malaysia (12.8%), Japan (4.6%), Thailand (4.5%), USA (2.4%), Taiwan (1.9%), Indonesia (1.7%), Italy (1.3%), Korea (1.2%), Germany (1.25)
- Best-selling furniture: Living Room Furniture, Bedroom Furniture, Kitchen & Dining Furniture, Corporate & Home Office Furniture, Lamps & Lightings, Home Décor, Floor & Wall Covering, Outdoor Furniture, Hotel & Resort Furniture
- Real estate industry plays a key role in the economy, contributing about 536 billion Peso in 2022
- Philippines plans to build 1 million housing units per year up to 2028
- Completion of 2,650 hotel rooms yearly on average from 2022-2024 in Metro Manila
- Office space demand in Manila reaching 3.25 million sqm in 2023
