Furniture, Furnishings

'IKEA effect' upgrades Korean furniture industry

Furniture sales in Korea sharply surged last year as Swedish furniture giant IKEA’s entry stimulated competition to create strong demand in the home decoration sector amid the brisk real estate market, data showed Monday. Combined retail furniture sales were tallied at 5 trillion won ($4.15 billion) in 2015, up 7 percent from a year ago, according to data by Statistics Korea. The 2015 growth marks the highest since 2006. The local furnishing market had slowed down since the 2000s in line [...]