▲ Interior of illuminated apartment. (Photo courtesy by=Lighting & interior) © World Lighting News.

 

· Written by : Jung-Bae Kim. Publisher & Editor. Lighting Critic.

The most directly affected areas are apartment lighting design, delivery and construction

companies in Korean Lighhting Market. Their main business is to obtain a supply from a

construction company to supply residential lighting fixtures to new apartment

construction sites. Therefore, each year, we have to react sensitively to the increase and decrease of new apartment sales.

The same applies to lighting companies that are responsible for the production of lighting fixtures for homes. These companies have more opportunities for business as the number of new apartments and new homes is higher. For this reason, there is always an interest in the quantity of newly supplied housing.

If so, how many domestic houses are the basis of the domestic lighting fixture

manufacturing industry?

According to a recent survey, the number of households in Korea was 19,979,118 as of

November 2019. The number of houses was 1,905,215 households. Arrange the houses nationwide in order of number ▲ 1001,2852 Apartments (49.2%) ▲ Single-family homes 641,129,129 (33.3%) ▲ Multi-family homes 1.187,306 homes (9.3%) ▲ Other than

Housing 91,9973 households (4.4%) ▲ Townhouse 43,3851 households (2.2%)

▲ Officetel's 46,513 (2.3%) households ▲ Houses in non-residential buildings are

31,9077 (1.7%).

Meanwhile, as of 2018, the national housing supply rate is 104%, and all regions except Seoul (95.9%) and metropolitan area (99.0%) have exceeded 100%. In addition, as the

birth rate and aging rapidly progress, the population began to decline in 2018, and by

2050, the population will grow to 42.3 million, which is expected to decrease by 64.1

million (13.1%).

Based on these data, it is clear that the domestic housing construction and real estate

industry, which has been on the path of growth through the increase of population and

housing penetration, will be gradually downward in the long term.

The change in this trend is a factor that makes it impossible for the domestic housing light-ing equipment manufacturing sector to continue to grow as it used to be.

There are not many houses to be supplied this year. In fact, only 250,000 homes are

expected to be sold this year. This amount is only one third (34%) compared to 750,000 households supplied each year from 2015 to early 2017.

It is easy to anticipate that this year's business conditions will not be good this year for apa-rtment-supplying lighting companies that are leading business with new pre-sale

apartments and home lighting manufacturers subcontracting from them.

◆ Maintenance market of housing lighting is big

However, the outlook for the domestic housing lighting market is not only dark. There are over 1901 million homes nationwide. The number of these houses is the foundation of

the business that domestic manufacturers of lighting fixtures can lean on, as well as a

potential market for selling lighting fixtures.

For example, a little exaggerated to say that a manufacturer of residential lighting fixtures can sell 19.000 million even if only one porch or dining table lamp is supplied to all domes-tic furniture a year.

In addition, the “big hand” of the home lighting market is changing. The so-called

Millennials and Generation X, ages 20 to 40, have emerged as the biggest and most

vigorous consumers.

 

They are generations who value taste and personality and spend a lot of money on their

own interiors. Ikea, which entered the country, broke the expectation and drove the

interior boom in Korea. This is good news for domestic home lighting manufacturers.

Moreover, “family interiors” are causing the wind in the world. 'Family Interior' refers to

the trend in which people decorate their homes like refuges or resting places and enjoy the-m with their families. In Korea, the trend of having fun photos of your own home on

the Internet or smart phone is blowing.

The question is, how can this period and market change be used by domestic home

lighting manufacturers as an opportunity to increase sales, improve profits and expand

our business? Is that.

It is clear that the manufacturers of residential lighting fixtures that have found their way will be able to seize the chance of survival and growth in the midst of difficulties. What if you can't find the way? For such a lighting company, survival and growth will become

increasingly difficult.

 

 

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