Association of Furniture and Woodworking Enterprises of Russia: in Q1 2024, furniture production grew considerably

According to a quick-look estimate by the Association of Furniture and Woodworking Enterprises of Russia, the Russian furniture production volume increased in both monetary and physical terms in Q1 2024: by 24% YoY and 27% YoY, respectively. 17.6 million conventional units of furniture worth 116.6 billion rubles were made in Russia over the reporting period.

According to experts from the Association, the furniture production volumes are now probably hitting all-time record highs. The growth in the market is gradually beginning to slow down, however. For instance, in March 2024, the production growth rates dropped by 14% compared to March 2023.

According to the Association’s forecasts, the furniture production will increase by 14.6% in monetary terms by the end of 2024, up to 509.7 billion rubles, while in physical terms, the growth will reach 9.2%, up to 73.7 million pieces.