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Full inventory of fried homes, mahogany furniture prices fell 30%
The price of mahogany furniture has dropped significantly. Mahogany furniture, a key symbol of traditional Chinese craftsmanship, is made from rare woods such as rosewood, ebony, and chicken wing wood. These materials grow slowly, are scarce, and have historically commanded high prices—often reaching hundreds of thousands or even millions of yuan. However, since the second half of last year, the market has seen a sharp decline, with prices falling by 20 to 30%.
A reporter recently visited a mahogany furniture store on Jinkai Avenue and found the place nearly empty. At the store, a red rosewood Arhat Bed, originally priced at 166,000 yuan, was now being sold for 128,000, a drop of over 22%. The sales guide, Miss He, mentioned that customers could potentially get it for around 110,000 if they negotiated carefully.
Miss He explained that since the end of last year, the price of mahogany furniture has been consistently declining. One major factor is the drop in raw material costs. For instance, the price of Siamese rosewood (15–30cm × 2cm) has fallen to 135,000 yuan per ton, compared to 170,000 yuan previously.
**Demand Reduction, Price Drop**
According to the reporter’s findings, demand for mahogany furniture has plummeted from its peak to an all-time low. Many buyers are now waiting to see how the market develops. "The furniture and real estate markets are closely linked," Miss He said. "Additionally, there's less demand for gifts, which used to be a big driver of sales."
The overall economic environment has also played a role. Some investors are trying to sell off their holdings quickly, while manufacturers still have large inventories. As a result, it's unlikely that rosewood prices will rebound soon.
According to the National Redwood Products Market Sentiment Index released by the Chinese Redwood Committee, the index has been steadily declining since May 2014. Although there were small recoveries in September and December, the January 2015 index stood at 82.5, down 0.9 percentage points from the previous month. In January of this year, the prices of popular mahogany products like Daguo rosewood (Burma rosewood) and Sian rosewood (Dianhong rosewood) fell by approximately 20%.
This trend reflects a broader shift in consumer behavior and market dynamics, signaling a more cautious approach to high-end furniture purchases.