Scanteak and BAUSEN Ride High on Rising Furniture Demand

The furniture industry is experiencing a surge in demand ahead of the Lunar New Year celebration in January. Scanteak reported its third-highest revenue for the month, while BAUSEN also achieved its second-highest revenue during the same period. BAUSEN, with a primary market in the U.S., is optimistic about the rising demand for home decoration spurred by the housing market.

Taiwan's premier furniture manufacturer, Scanteak, recorded a January revenue of NT$281 million, marking a 13.05% annual increase and securing its position as the third-highest revenue month in its history. Moreover, the company reported operating profits of NT$182 million for January, marking an 18.03% annual increase. Additionally, Scanteak reinvested in Singapore's NOVA brand, achieving a monthly revenue of NT$99.26 million, reflecting a 4.94% annual increase. These figures indicate that consumer demand in both markets has remained robust, sustaining consumption levels during the peak season.

Scanteak mentioned that despite a sluggish economy and a downturn in housing market transactions last year, this year's economic outlook is anticipated to be more favorable. Experts also expect a warming trend in housing market transactions. The projected growth is attributed to delayed projections from last year due to elections and other factors. As a result, the housing market transactions are expected to rebound, thereby driving demand in the furniture market.

On the other hand, BAUSEN, a prominent flooring brand and interior building materials seller primarily targeting the U.S. market, reported a consolidated revenue of $161 million in January, marking a 4.42% annual increase and reaching the second-highest level compared to the same period last year. Looking ahead to 2024, BAUSEN remains optimistic about the overall demand in the U.S. housing market, particularly in terms of home renovation and consumer willingness to invest. The company's strategic initiatives, including new locations, expanded product lines, and improved upstream supply chain management, have been successfully implemented. The recent establishment of a new location in Florida has begun contributing to operations, with benefits gradually materializing.