LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global indoor and outdoor bean bags market predicts a CAGR of around 5% during the period 2018-2022.
The report segments the global indoor and outdoor bean bags market based on price (mass, masstige, and premium), distribution channel (offline distribution channel and online distribution channel), end-user (residential and others), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global indoor and outdoor bean bags market, according to Technavio consumer and retail researchers:
- Growth in the housing and real estate industry: a major market driver
- Digital and social media marketing: emerging market trend
- EMEA was the leading region in the global indoor and outdoor bean bags market in 2017
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Growth in the housing and real estate industry: a major market driver
The growth in housing and real estate industry is one of the major factors driving the global indoor and outdoor bean bags market. The development of commercial complexes, office spaces, and residential buildings has increased the demand for bean bags. The housing and real estate industry is influenced by technological progress and demographic shifts that include growing urbanization and differentiated lifestyle of citizens across different countries. The increase in purchasing power of consumers has also driven investment in furniture for residential and commercial use. A significant investment in the global real estate industry over the past decade serves as a catalyst for the growth of the industry.
According to a senior analyst at Technavio for research on retail goods and services, “The real estate industry is anticipating an exponential growth in the coming years. This trend is not only limited to developed regions such as the Americas and Europe but also to developing economies such as India and China. Public-private partnerships have been a key growth driver of the real estate industry. The real estate industry proves to be a supplementary factor for the market in focus.”
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Digital and social media marketing: emerging market trend
Digital and social media marketing are the most vital and cost-effective marketing tools for players to gain product visibility and penetration. Some popular social media websites include Instagram, Facebook, and Twitter. The vendors of bean bags advertise and promote their products on these social media platforms to increase the visibility of their products among target customers. Social media has aided to connect several potential customers with their brands. Furthermore, the large number of Internet and smartphone users has increased the use of social media and digital platforms. To compete with the stiff competition in the market, the market players need to develop their marketing and promotion skills through social media sites and blogs.
Global market opportunities
In terms of regional dominance, EMEA was the leading region in the global indoor and outdoor bean bags market in 2017, accounting for more than 40% of the market share. The indoor and outdoor bean bags market in EMEA is known for its unique designs, styles, and quality. The Americas stood at the second position, and this region is expected to remain the second largest contributor to market share throughout the forecast period.
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