The Singapore Furniture Industries Council (SFIC) has announced the release of its latest report on Singapore Furniture Outlook 2015. This annual market and survey on the Singapore furniture industry was commissioned by SFIC with the support of SPRING Singapore, and prepared by business consulting firm, BDO.
According to the research, there is continued sentiment of overall optimism in the industry forecast and it is anticipated that the total market size of the nation’s furniture industry will reach $6.25b for 2015.
The report provides up-to-date data on the current market situation, the trends and growth prospects for the furniture industry in Singapore, as well as its global footprint on overseas operations. As a region, ASEAN is set to dominate as the most enticing destination in which to invest in the coming three years.
Various key industry data are presented in tables and graphs, and industry players should find the investigative analysis useful in assessing certain business decisions in expansion plans in the near future.
The report also covers productivity indicators of the furniture labour market in Singapore, as well as highlights the various challenges and opportunities faced in a competitive market.
The Singapore Furniture Outlook 2015 can be downloaded here.
The Singapore Furniture Industries Council was established in 1981 as the official representative body of Singapore’s furniture industry. Its membership comprises furniture manufacturers, interior fit-out specialists, retailers, designers, as well as furniture services and materials suppliers. Currently, the council represents 95% of established furniture manufacturers in Singapore, of whom 65% have subsidiary manufacturing plants in various countries across the region, including China, Indonesia, Malaysia, Myanmar, Thailand, and Vietnam.
SFIC’s primary role is to promote the interests of its members and of the Singapore furniture industry. For over 30 years, SFIC has helped its members to adapt to changes in the business environment by introducing trade, talent, design development and business innovation activities, as well as upgrading business capabilities. Revolving around SFIC’s 3i strategic framework – Improve, Innovate, and Integrate, all of the Council’s programmes aim to grow the local furniture industry and ultimately, to strengthen the ‘Singapore brand’ globally.