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More distribution chains sell secondhand furniture

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Analysts say that Vietnam is following developed countries. According to Statista, a market analysis firm, the used furnishing retail industry in developed countries has had two-digit growth rates annually.

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There are now many choices for second-hand furnishings

 

“There are now many more choices for second-hand furnishings as more shops have opened recently,” Hang said, adding that she bought eight sets of chairs and tables, air conditioners and refrigerators at prices half of brandnew products.

Analysts say that Vietnam is following developed countries. According to Statista, a market analysis firm, the used furnishing retail industry in developed countries has had two-digit growth rates annually. 

The trend first appeared in Japan tens of years ago. Japanese agencies estimate that the second-hand product market, not including cars and houses, was valued at $17 billion in 2016.

In HCM City, analysts say, the trend is likely to deprive market share from prestigious furniture retail chains. Around 10 of the secondhand enterprises have two to three shops or more each.

The chains are doing well as their target clients are diverse, from households to small and medium enterprises, for which price is the most important factor.

Products are priced at below VND50,000 and valuable products at hundreds of million of dong. 

Pham Van Minh, director of Vinasave, said his company collects liquidated products, including unusable ones at low prices, then refurbishes them for re-sale.

In general, the products the company sell after refurbishment have prices 40-70 percent of brand-new products. The company also provides post-sale services, including free transportation and installation, and warranty and maintenance for half a year.

According to Minh, the biggest obstacle is the lack of a standard formula to evaluate the value of products. Sellers define prices based on the durability, beauty and popularity of products.

These shops are mostly located in the suburbs, where there are large business premises for rent at reasonable prices.

Luu Vinh from Thanhlyhang chain said two of the company’s three shops are in Binh Duong province. The other is in HCM City, but is 20 kilometers from the central area of the city.

Businesspeople in the field are not financially powerful enough to scramble for premises with well-known retail brands such as Vinmart, Bach Hoa Xanh and Co-op Food. 

 

 

 

Source: VietNamNet

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