BUSINESS

MIFF 2024 TO SEE A RECORD YEAR WITH EXPECTED SALES OF US$1.3 BLN

01/03/2024 06:56 PM

KUALA LUMPUR, March 1 (Bernama) -- The Malaysian International Furniture Fair 2024 (MIFF 2024) is expected to record sales between US$1.3 billion and US$1.35 billion from US$1.21 billion last year, a 19 per cent increase from 2022. (US$1 = RM4.75)

Its founder and chairman, Datuk Tan Chin Huat, said the sales forecasts represent a growth of more than 5.0 to 6.0 per cent. 

"The US$1.3 billion estimate is about half of the total exports of Malaysia's furniture," he told Bernama on the sidelines of MIFF 2024's launching ceremony today. 

Tan said that MIFF continues to expand despite being one of the longest-running furniture trade shows in Asia with a 30-year journey.

He said the expansion can be seen in the growing number of participants, increasing to a record 714 exhibitors from 15 countries in MIFF 2024 versus 673 exhibitors in 2023.

The MIFF kicked off its humble start with 152 local exhibitors in 1995.

"Malaysia continued to see expansion in good and quality products offering. 

"In addition, we also saw China entering a stage of so-called change in terms of the furniture industry, and their costs go up significantly, offering us advantages," he noted.

Tan added that pre-registration numbers for visitors also expanded significantly by 20 per cent, showing continued and steady buyer interest. 

In total, 20,000 visitors are expected to visit MIFF 2024 from March 1-4 at the Malaysia International Trade & Exhibition Centre and the World Trade Centre Kuala Lumpur across a combined space of 100,000 square metres. 

Besides Malaysian players, companies from Cambodia, China, Hong Kong, India, Indonesia, Japan, Singapore, South Korea, Taiwan, Thailand, Turkiye, Vietnam, United Arab Emirates and the United States are participating in this year's event. 

MIFF, the largest furniture show in Southeast Asia, is also among the top 10 furniture marketplaces globally. 

Tan added that MIFF has also become a platform to develop sought-after designers. 

-- BERNAMA


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