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Full inventory of fried homes, mahogany furniture prices fell 30%
The price of mahogany furniture has seen a significant decline. Once considered the pinnacle of traditional Chinese craftsmanship, mahogany furniture is typically made from premium woods such as rosewood, ebony, and wenge. These materials are rare due to their slow growth, making them expensive—often costing hundreds of thousands or even millions of yuan. However, since the second half of last year, the market has experienced a sharp drop, with prices falling by 20 to 30%.
A recent visit to a mahogany furniture store on Jinkai Avenue revealed a quiet atmosphere, with few customers in sight. A red rosewood Arhat Bed, originally priced at 166,000 yuan, was now being sold for 128,000, a reduction of over 22%. According to a sales associate, the price could potentially be negotiated further down to around 110,000 yuan.
Miss He, the sales guide, explained that the price of raw materials has also declined. For instance, the price of Siamese rosewood (15–30cm × 2cm) has dropped from around 170,000 yuan per ton to 135,000 yuan. This has contributed to the overall downward trend in finished products.
The drop in demand has also played a major role. Since the end of last year, there has been a noticeable decrease in interest, with many buyers adopting a wait-and-see approach. Miss He noted that the furniture and real estate markets are closely connected, and with the current economic climate, fewer people are purchasing high-end furniture as gifts.
Additionally, some investors are looking to sell off their holdings, while manufacturers have large inventories, making it unlikely that prices will rebound soon. According to the National Redwood Products Market Sentiment Index released by the Chinese Redwood Committee, the index has been declining since May 2014, with only minor recoveries in September and December. In January 2015, the index stood at 82.5, down 0.9 percentage points from the previous month. Mainstream redwood products, including Daguo rosewood and Sian rosewood, saw an average price drop of about 20% during this period.
This shift in the market reflects broader economic challenges and changing consumer behavior, signaling a new era for the once-highly sought-after world of mahogany furniture.