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At the end of each year or the beginning of the next, reports of rising prices for home improvement materials always surface. How will this year’s situation unfold? And if prices do go up, how should we adjust? I spoke to several industry insiders to get their take.
Labor costs are increasing by about 10%. While decoration companies haven’t yet adjusted their prices, they are under pressure to keep costs down. Wu Fengquan, the general manager of Fengquan Decoration, noted that the cost of skilled labor is on the rise. “This increase is inevitable,†he said. “We’re trying to manage our expenses, but this is a challenge for survival.â€
Zhang Hong, from Seth Wood, echoed similar sentiments. “Labor costs have already started to rise across the board. Although the price of furniture hasn’t gone up yet, we expect a gradual adjustment over the coming months.â€
Xu Meihua, head of the creative design department, expressed optimism about the long-term trends. She mentioned, “In 2013, we anticipate a 15-20% increase in labor costs. Prices are likely to stabilize until later this year.†She also pointed out that casual workers hired directly from the market would feel these changes first, while consumers working with established companies might see less immediate impact.
When it comes to major items like flooring and cabinets, the price hikes are expected to be more noticeable. Ding Wenyang, managing director of the Puleme business unit, explained that due to resource conservation efforts, products like flooring, cabinets, sanitary ware, and steel goods are all poised for price increases. For instance, bathroom fixtures could see a 5-10% jump early next year.
Other factors driving up costs include higher material prices and labor costs. While the overall pricing remains stable for now, any adjustments are likely to happen sooner rather than later. Xu Meihua added, “With rising raw material costs, coupled with transportation expenses driven by fuel prices, decorative materials like paint and coatings have already seen a 10-15% increase. Even wooden flooring has risen by approximately 10% since last year. This has led to an overall increase in flooring, wooden doors, kitchen cabinets, and furniture by nearly 15%.â€
For homeowners planning renovations next year, setting aside funds early is key. Many decoration companies are offering "New Year's renovation packages" or discounts ahead of the holiday season. This might be a good opportunity for those planning renovations to lock in prices before they rise further.
Ding Wenyang advised consumers to consider purchasing main materials like flooring, cabinets, and sanitary ware well in advance. Smaller accessories can be bought closer to the renovation date, as their price increases won’t significantly affect the total cost. For example, a toilet priced at 2,000 yuan might increase by only 200 yuan, but larger items like flooring and cabinets will see a more substantial rise.
Wu Fengquan recommended opting for package deals offered by many decoration companies. These bundles often include specially priced items, making them a cost-effective option for consumers.
As the new year approaches, staying informed about market trends and planning ahead will be crucial for anyone looking to renovate. Whether you’re tackling the project yourself or hiring professionals, understanding these shifts can help manage expectations and budget accordingly.