PROBLEMS OF DEVELOPMENT AND PROSPECTS OF FURNITURE BUSINESS IN UKRAINE

Abstract

The article considers the main characteristics and problems inherent in the furniture industry. The current state and trends in the development of the Ukrainian furniture business are studied. The analysis of furniture production in Ukraine for the last years is carried out and the biggest problem of export of the Ukrainian furniture is allocated. The necessity of introducing innovations has been proved, which can enable domestic enterprises to ensure production efficiency, minimize costs and increase competitiveness. Despite the availability of scientific papers on innovation in the furniture industry, some problems remain insufficiently addressed, which are related to the systematization and characterization of specific features of innovation in the furniture industry, identifying prospects and direction of its innovative development. Furniture is one of the most important consumer goods. They play an important role in the organization of life, leisure and work. However, a negative feature of the Ukrainian furniture business is the lack of new technologies – domestic manufacturers use worn-out and energy-consuming equipment, which leads to the loss of part of business productivity. In the conditions of market economy, world tendencies and negative economic changes connected with COVID-19, domestic producers are forced to react both to the increase of competition in the markets and to the rise in prices of raw materials and energy resources. Also, another problem is the limitations in innovative design solutions and professional modeling studios. Manufacturers themselves develop new models of furniture and design, while in other countries; furniture companies involve specialized companies in the design of new products, along with real professionals. As a result, companies that follow the latest technologies and trends in the furniture market and engage in innovation are more competitive. Despite the unfavorable economic situation and declining incomes, furniture production in Ukraine continues to develop. But we must take into account current conditions and global trends that require a more environmentally friendly and innovative approach.