Furniture Prices Rise One After Another... "Due to Raw Material and Labor Cost Increases"

A study room decorated with Hanssem's new furniture units.
[Photo by Hanssem]

[Asia Economy Reporter Kim Jong-hwa] As the moving season is in full swing, furniture prices are rising one after another. The causes include rising raw material prices and logistics costs.

According to the furniture industry on the 6th, Hanssem, a furniture and interior company, raised the prices of some products such as beds, sofas, and bookshelves by an average of 4% starting from the 4th. Hanssem has been adjusting furniture prices by item since March and June last year, and from February to this month.

Sidiz, a chair specialist brand of the Persys Group, also raised prices for about half of its total items, around 190 products, by an average of 5% starting from the 1st. Also, Alloso, the sofa brand of Persys Group, raised prices of some products by about 5% starting from the 4th.

Global furniture company IKEA Korea raised prices of major products such as kitchen furniture, drawers, and beds by up to 25% at the end of February. IKEA Korea had previously raised prices of some products by an average of 6% in January. This follows the Ingka Group, which operates IKEA, raising prices of IKEA products worldwide by an average of 9%.

Emons also raised prices of about 100 items, half of its total products, by about 3-4%, and Enex plans to raise prices of 12 kitchen furniture items by 5-10% starting from the 1st of next month.

LX Hausys raised prices of major products such as kitchen and bathroom furniture, flooring, and wallpaper by about 10% starting this month. The prices of its main product, windows and doors, will also be raised from May. KCC raised prices of major products by 5-10% starting from the 1st of this month, and Hyundai L&C plans to raise prices of flooring and other products by more than 5-10% from mid-month.

Hyundai Livart raised prices of some products by an average of 6% twice, in June and December last year. Ace Bed and Simmons raised prices of some products by an average of 8-15% in April last year, and Illoom, a Persys Group affiliate, raised product prices by an average of 5.9% in June last year.

A furniture industry official said, "Since last year, reflecting the soaring prices of major raw materials and subsidiary materials, rising international oil prices, and increased container shipping costs due to logistics difficulties, cost reflection has become inevitable," adding, "With the uncertainty expanding due to the Ukraine situation this year, furniture prices may rise further."

This content was produced with the assistance of AI translation services.