Luxury Furniture To Be Beijing's "Next Status Symbol"

    Although Beijing's multimillionaires make up less than 1% of its total population, their spending power makes them a key demographic for luxury automakers, fashion labels, auction houses, and, increasingly, luxury furniture makers.
    Jing DailyAuthor
      Published   in Retail

    Dozens Of High-End Furniture Boutiques Opening In China's Capital, Meeting Demand Of City's Super-Rich#

    Jing Daily

    Recently, a survey by the Hurun Report, a Shanghai-based research and consulting firm founded by the oft-quoted Rupert Hoogewerf, found that Beijing -- with 151,000 residents with personal assets of over 10 million RMB (US$1.47 million) and a further 9,400 with wealth exceeding 100 million yuan ($14.7 million) -- is officially China's "wealthiest city." Although these multimillionaires make up less than 1% of Beijing's population, their spending power -- covered extensively by Jing Daily -- makes them a key demographic for luxury automakers, fashion labels, auction houses, and, increasingly, luxury furniture makers.

    With many of Beijing's millionaires in the midst of "real estate fever" (for better or for worse) -- buying villas outside the city center, along with apartments in expensive luxury complexes like Pangu Plaza or Jianwai Soho -- high-end furniture stores are rushing in to cater to this lucrative niche market. From China Daily:

    As Gucci, LV, Chanel and other top brands continue to appeal to Chinese luxury consumers, designer furniture is set to become the next status symbol of China's super rich.

    With floor space of over 30,000 sq m, GOHO, an international furniture center, home to 374 global luxury brands, opened in Easy Home, a top home and furniture chain in Beijing, on April 3.

    Lamborghini, a newly opened Italian store in GOHO, is not only synonymous with cars but also offers a vast range of home furniture products.

    Labeled "Made in Italy" and modeled by world famous designers, Lamborghini furniture costs a fortune. A complete bedroom set designed by Paolo Gucci, one of the world's most prominent names in the high fashion industry, costs 505,778 yuan (US$74,100), including bedside lamps, nightstands, and a couch.

    As the article concludes, luxury furniture is only the latest status symbol sought out by Beijing's wealthy elite. As they further look to differentiate themselves as the city's "new nobility," we can only expect to see more niche retailers pop up in Beijing and other wealthy cities like Shanghai and Guangzhou.

    "I'm sure a man who drives a Mercedes Benz will definitely not decorate his home with 'Made in China' furniture. This doesn't mean 'Made in China' has a low reputation, it is only because rich people pursue high quality and stylish tastes.

    "As furniture luxury brands throng into the Chinese market, high-end furniture brands become a need of China's wealthy," said Xing Zhengqiang, an international business department manager of Easy Home, on Monday.
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