Furniture fair: Buyers turning to brand products for durability, artistry

The increasing demand for brand furniture, which is known for durability, diverse designs, and artistry, reflects the growing view of furniture as not just a utilitarian item, but also a decorative element of home, said buyers and sellers at Furniture Fair.

The 18th National Furniture Fair, which began at the International Convention City of Bashundhara in the capital on 17 October, concludes on Saturday. 

At the fair, renowned local furniture manufacturers offered a wide range of space-saving designs and sizes to meet the needs of homeowners and businesses alike, making their products highly attractive to buyers.

Around 30 furniture companies, including Hatil, Akhtar, Omega Furniture, Navana, Pertex, Regal, Nadia, and Brothers Furniture, are participating at the fair with 185 stalls.

A visit to the furniture fair reveals that most of the furniture on display blends traditional and modern elements, with innovative colours and designs. Customers who order products at the fair will receive a 5-15% discount.

Asad Rahman, a visitor from Mirpur, said that the fair has a wide selection of furniture from all major brands. He was particularly impressed by the brand-new designs on display.

Dulal Roy, assistant vice president (Sales) Akhtar Furnishers, told TBS, "We have brought new design products to the fair to promote our brand and give customers a better understanding of our offerings. Those who place orders will receive their products directly from the factory."

Mahmuda Begum, roaming the fairground for branded products, told The Business Standard, "Branded furniture is known for its durability and beautiful finishes, so I came to the fair to see the latest designs offered by Navana, Hatil, Partex and others."

Bangladesh Furniture Industry Owners Association President and Managing Director of Hatil Salim H Rahman told TBS, "Domestically produced furniture meets around 95% of the country's demand, which is growing at a rate of 10-15% per year, with a significant portion of this growth coming from branded furniture."

Rising incomes and employment have led to increased travel and exposure to new cultures, which in turn has fueled the growing demand for modern design furniture, he said.

"Hatil with a 25% market share in the sales of brand products is exporting products after meeting local needs," Salim said, calling on the government to provide more policy support to exporters.

According to Export Promotion Bureau (EPB) data, Bangladesh exported furniture worth $110.36 million in the fiscal year 2022-2023.

Salim H Rahman said that most of the raw materials used in the country's furniture industry have to be imported, as there is no domestic industry for these materials.

"We need bonded warehouse facilities based on the quantity of exportable products we will produce from the raw materials we import," the Hatil MD added.

The total furniture market in Bangladesh is around Tk30,000 crore, with non-branded furniture accounting for around 65% of the market, according to the Bangladesh Investment Development Authority (Bida). In addition to meeting domestic demand, Bangladeshi brand furniture is increasingly being exported.

Tamim, manager of Legacy Furniture, said that the demand for branded furniture is increasing in Bangladesh, and that the company now also exports some furniture. However, he noted that the high cost of imported raw materials, including chemicals used in furniture painting, is making it difficult for the company to compete in the export market.

According to Bida, around 2.5 lakh people work in the furniture sector in Bangladesh, which contributes about 1.2% to the country's GDP. Over 40,000 small and large enterprises, mostly cottage and small-scale industries, are involved in the production and marketing of furniture in the country. 

Otobi, established in 1975, was the first branded furniture manufacturer in Bangladesh. Today, there are over 100 branded furniture manufacturing companies in the country, including notable brands such as Hatil, Partex, Navana, Akhtar, Nadia, Regal, and Brothers.

At the opening ceremony of the fair, Commerce Minister Tipu Munshi noted that the growing demand for furniture in Bangladesh is driven by the country's growing middle class.

"The purchasing power of the country's four crore people is comparable to those living in Europe," he said. "This cross-section, between middle class and upper class, can buy good products at affordable prices. As a result, demand for high-end furniture is also increasing in the country."