Expand new markets and stimulate domestic sales
From January to August 2010, Thailand ’s furniture and parts export trade showed an upward trend with the recovery of the world economy, but since August, operators have faced severe export risks due to the appreciation of the currency of major bahts in major export markets. The trend continues to strengthen.
The Thai-Chinese Farmer Research Center predicts that the appreciation risk of the baht will become a negative factor for the slowdown in the export of furniture and parts in the last quarter of 2010, resulting in a total furniture and parts export of no more than 35.5 billion baht in 2010, an annual growth rate of less than 10%. The main reason is that the furniture industry is very dependent on the export market, especially the major currencies of the United States and Europe have depreciated significantly against the baht, and the major competitors in the export market have also depreciated against the baht, leading to Thai furniture exports. It is at a disadvantage in terms of price, especially when competing with China and Vietnam, which are fighting the price war.
In order to reduce the impact of the appreciation of the Thai baht on exports, Thai furniture exporters should adjust their export strategies to expand the target market to new potential markets, that is, markets that have greater demand for Thai furniture and whose export scale should not be too small to facilitate market expansion . In addition, since Thai exporters are still experiencing the problem of a strong Thai baht, the trend of the Thai baht exchange rate should be considered when selecting new export markets. New markets worth noting in 2011 include the South African, ASEAN (Indonesia, Philippines and Malaysia) and Australian markets.
In 2010, Thailand's domestic furniture and home accessories market will continue to grow as the real estate market grows. Thai Hua Farmer Research Center expects that the total market value of Thai furniture and home accessories in 2010 will be about 53-54 billion baht, a year-on-year increase of 5%. In order to expand market opportunities, operators should step up to improve product quality, improve product grade, emphasize the ease of use and durability of products, provide customers with home decoration consulting services, expand sales channels to make it easier for customers to purchase products and obtain services, and close Track the dynamics of foreign competitors as a guideline for formulating market attack and defense strategies
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