Work-from-home expectations to drive S'pore's furniture industry
SINGAPORE – With work from home expected to remain relevant even in post-Covid-19 times, the furniture industry will have to focus on developing products that are suitable for it.
This could be as simple as incorporating power outlets into furniture, to making smart furniture that can help to maintain and even improve one’s posture.
The focus on such solutions falls under one of the three major aims of the 2025 Furniture Industry Roadmap. It was launched on Friday (Dec 3) during an event at Shangri-La Hotel commemorating the 40th anniversary of the Singapore Furniture Industries Council (SFIC).
The council said the road map was crafted in response to the changing conditions faced by the furniture industry in the region.
On the consumer side, the pandemic has led to an increase in demand for furniture suitable for working from home, with an interest in sustainable furniture and health.
Consumers have also changed their purchasing habits and are now more likely to buy goods online.
On the supply side, there has been an increasing need for mature furniture firms to tap new markets to expand and develop nimbleness to handle unpredictable market conditions, such as the disrupted supply chains due to the pandemic.
Apart from the focus on solutions to cater to the growing pool of work-from-home employees, digitalisation and sustainability will be key thrusts for the furniture industry for the next five years in order to meet these challenges, said the SFIC.
Under the road map, firms should aim to be agile in order to jump on growth and supply opportunities that emerge in the region or globally through offering their goods on digital marketplaces and looking to procure digitally.
They should also develop their ability to spot opportunities, for instance, by collaborating with unconventional partners to build new niches. Some examples of these partners include those in the healthcare industry and green solutions planners.
SFIC president Phua Boon Huat said firms should also choose greener manufacturing options, with the growing emphasis on sustainability.
The council’s hope is for furniture firms to tap the growing global furniture industry, which is expected to grow at a compound annual rate to reach US$850 billion (S$1.17 trillion) in 2025.
Deputy Prime Minister Heng Swee Keat, who was the guest of honour at the event, said: “My wish for SFIC on your anniversary is that your members will continue to work together and partner beyond sectoral and geographic bounds, to create better opportunities for your workers, customers and partners.”
Through this process, he hopes that the furniture sector will be able to grow stronger.
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