A new report has revealed some of the priciest home decor products are actually made in China, where prices have been rising in recent years.
The report, by the Australian-based consumer research company iBuyPower, analysed prices of 10 different home decor and home theatre products from leading brands such as Ikea, Home Depot and HomeAway.
It found the average retail price for each product was $13,847, up 2.2 per cent over the past year.
According to iBuy Power, this represents a rise of more than 50 per cent from the previous year.
The highest price was for a HomeAWay chair that retailed for $17,735.
“There is a lot of hype around home décor products being produced in China and we are seeing this with a lot more people purchasing from Chinese online retailers,” said Dr David Smith, research director at iBuyGroup.
While most home decor prices have risen in the past five years, prices have remained largely stable or declined.
iBuyPower’s report revealed that the average price of a home theatre chair was $5,813, compared to $9,818 for a home theater, or $20,907 for a movie theatre.
For the most part, HomeAways and Ikeas prices have increased over the last five years.
However, the average of Ikea home theatre chairs was up $539 over the same period, while Home Depot home theatre prices increased $722.
Smith said some of these products were “just very expensive” and that consumers should check prices for items that are not listed on their websites.
This includes products made in countries such as Vietnam and Cambodia, where they have become a popular choice for home decoration.
He said it was not surprising that prices had risen because Chinese consumers were buying more expensive items.
Some people who live in rural areas are also purchasing expensive items such as furniture and televisions.
But the report found there were some products which consumers were not buying because of the high prices.
In contrast, products made overseas were “mostly cheaper” and “often cheaper than Australian products”.
While there are many items that consumers could have bought from China without knowing about its price hikes, it was also true that “people are spending a lot on their own home decor”, Smith said.
However, he said “they may be paying a bit more because they can spend less”.
iPrice Power also found that the “price of buying an item is influenced by many factors”, including the amount of time it has been on sale, availability of a product and the brand that sells it.
And it recommended consumers not buy items from brands with high profit margins.
Its recommendations were based on the research of iBuy Group and the National Australia Bank’s consumer finance and debt research team.
HomeAway Home Theatre is a popular product among the average homebuyer, who spend more than $1,000 a year on their home entertainment systems.
There is also a growing interest in home theatre technology in Australia, with more people buying home entertainment equipment in the home.
Most of the products listed on iBuypower’s website are made in the country, but they also include items made in Vietnam, Indonesia, Hong Kong, Canada and the US.
Read more from the ABC