LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global furniture market to grow at a CAGR of more than 4% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global furniture market for 2017-2021. The market is segmented based on the product (home furniture and office furniture) and geography (APAC, the Americas, and EMEA).
The furniture market has been growing steadily year-over-year due to the rise in population, high penetration of organized retail, increase in the number of single-parent families, and the boom in the real estate industry worldwide. Revenue growth in the market will be driven by the rising demand for ready-to-assemble (RTA), eco-friendly, premium, and designer furniture.
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Technavio research analysts highlight the following three factors that are contributing to the growth of the global furniture market:
- Innovations in design
- Advertising and brand associations
- Increase in online retail
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Innovations in design
The vendors competing in the market anticipate and quickly respond to changing consumer demands or preferences. Innovations in design and construction of furniture, use of recyclable materials, and provision of efficient space-saving storage solutions are some of the features leading to market growth.
Sharan Raj, a lead furniture and home furnishing research analyst at Technavio, says, “IKEA’s Democratic Design Center in Älmhult, Sweden allows people to create and share their ideas throughout the product development process. The company also has plans for greater involvement of suppliers and customers in the process. The company launches nearly 10 unique and limited collections every year. It also collaborates with renowned designers like Ilse Crawford and companies like ACNE R&D to co-create designs. Furniture with regional and cultural influences from distinct parts of the world is becoming increasingly popular due to growing tourism. Artists and designers are incorporating European, African, and Asian designs in their furniture.”
Advertising and brand associations
Retailers leverage both traditional and social media platforms for advertising. Companies create campaigns and communication to promote their brands and products, reaching out to their target audience via TV commercials and social media campaigns. The various media, including print and digital, play a vital role in spreading awareness of brands among consumers. For instance, IKEA uses separate pages for different countries on Facebook to cater to the varying requirements of the customers. The company also makes its catalogs available digitally, for desktop and mobile users.
“Retailers also differentiate their brands by associating them with luxury/affordability, social and environmental causes, and other such relevant and positive attributes. For example, IKEA's business philosophy is focused on sustainability with fundamental principles being community development, production of recyclable products, and the use of raw materials sourced from sustainable sources,” adds Sharan.
Increase in online retail
Online retailers utilize interest-based advertising to target internet users whose browsing behavior indicates they might be interested in certain categories of products. An e-commerce business can be strengthened by further enhancing such capabilities to understand the buying trends of visitors on websites and by personalizing the online customer experience.
The e-commerce business is vulnerable to changes in technology interfaces; online retailers must upgrade accordingly. They must keep abreast of competitive technology trends, evolving user interfaces, and other e-commerce marketing trends such as paid search, retargeting, and the rapid rise in mobile use.
Top vendors:
- Ashley Furniture Industries
- IKEA
- Steelcase
- Williams-Sonoma
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