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Baht/$ 33.32/36
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15,150
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HOME FURNISHINGS
PORNNALAT PRACHYAKORN
Thailand's luxury furniture market is forecast to grow slightly at 3-5% this year due to the dim economy, according to Marc DaSilva, general manager of JS Home Interiors, the local distributor of American high-end brand Ethan Allen. ''The furniture market was stagnant in the first half and is expected to grow by only 3-5% this year when compared to 6% last year as people tend to hold off on buying under such conditions,'' he said.
However, he predicted that the situation would pick up next year with an estimated growth of 6-7%.
The high-end furniture market in Thailand is worth about 900 million to one billion baht, excluding kitchens and bathrooms.
The company is the subsidiary of the Jaspal Group and claimed it has a 10% market share in the luxury furniture market, unchanged with last year.
Despite the slowing market, JS Home Interiors is confident it will meet its sales target of 97 million baht, 50% growth from 63 million baht in sales last year.
''Since we're still new in the market, people want to try us and they will come back if they like our products. Half of our sales come from repeat customers,'' said Mr DaSilva, adding that sales in the first half were right on target.
The company has been shifting its focus to the promising property market, especially condominiums, which have experienced high growth in the past few years.
The result reflects a rise in its proportion of developer clients to 30-35% this year from 6% in its first year of operation in 2005.
It expects the proportion to grow to 50% next year.
''There's been a growing trend in which high-end condominium projects sell furnished rooms and our products have been well appreciated by this group,'' he said.
About 65% of its customers are Thai, 30% foreigners and 5% are exported to countries like Singapore and Hong Kong.
The company has been looking to open a second showroom in Phuket where there is a number of high-end property projects.
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