LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the children’s furniture market in the US is expected to grow at a CAGR of 4.52% during the forecast period.
This research report titled ‘Children’s Furniture Market in the US 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the children’s furniture market in the US into five distribution channel segments. They are:
- Traditional furniture stores
- Specialty furniture stores
- Hypermarkets, supermarkets, department stores, and club houses
- E-retailers
- Other retailers
Traditional furniture stores
The sale of children’s furniture through traditional furniture stores in the US generated revenue of USD 2.86 billion in 2015, and this will likely reach USD 3.08 billion by 2020. This distribution channel will likely see slow year-over-year growth over the next five years. This is primarily on account of the mature nature of the market.
Some popular traditional stores for children’s furniture in the US market include Ashley Furniture HomeStore, La-Z-Boy, Berkshire Hathaway (Jordan’s Furniture and Nebraska Furniture Mart), Rooms To Go, Raymour & Flanigan, and Ethan Allen.
Specialty furniture stores
The increasing popularity of specialty and lifestyle furniture stores has driven the growth of this market segment. The segment's revenue share is likely to grow by 2.5% by 2020.
According to Brijesh Kumar Choubey, a lead analyst at Technavio for general retail goods and services, “Opening their own retail outlets enables manufacturers and distributors to plan their budgets for marketing, advertising, promotions, brand building, training, and IT support. The effective use of these allows them to reach out to consumers better than when depending on independent retailers to sell their products.”
Hypermarkets, supermarkets, department stores, and club houses
The sale of children’s furniture through hypermarkets, supermarkets, department stores, and club houses is projected to grow at a CAGR of 5.12%. This distribution channel is the third-largest contributor in the children’s furniture market in the US. Business expansion and the increasing number of stores of major retailers in these formats have propelled sales growth in this channel.
“Some of the major hypermarkets and discount stores selling children’s furniture in the US market include Walmart and Target. Major department stores include JC Penney and Macy’s, and key club houses are Costco Wholesale and Sam’s Club,” says Brijesh.
E-retail
Increased internet penetration, a rise in smartphone use, and changing patterns of buying behavior among consumers as more people prefer online retail, are some of the major factors that drive the growth of this segment. With 200 million digital buyers generating more than USD 340 billion in the overall online retail market in the US in 2015, e-marketers see this channel as a significant growth area for the furniture segment over the next five years. Internet penetration in the country reached more than 85% in 2015, and this has enabled a large section of consumers to gain access to online retail platforms. This segment's revenue share is likely to grow by 1.5% by 2020.
Other retailers
Retailers in this segment include:
- DIY and home improvement stores
- Furniture rental stores
- Bedding stores that sell children’s furniture
The competitive product pricing and increasing availability of children’s furniture items through these retailers have driven market growth in this segment. This segment's market share is expected to grow by 0.5% by 2020.
Some of the popular DIY stores selling children’s furniture in the US market are Home Depot and Lowe’s; rental stores include Aaron’s; and bedding stores include Sleepy’s, Mattress Firm, and Sleep Train.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Ashley Furniture HomeStores
- Berkshire Hathaway
- IKEA
- Rooms To Go
- Williams-Sonoma
Browse Related Reports:
- Home Furniture Market in the US 2016-2020
- Global Luxury Furniture Market 2015-2019
- Global Office Furniture Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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