London, 17 December 2014: TechNavio, the independent tech-focused global research firm, has published a report on the Global Home Furnishing Market 2015-2019, which is expected to grow at a steady CAGR of 5.46 percent during the period 2014-2019.
Home furnishings are often considered a status symbol by upper class households who prefer buying designer and elite furniture, floor coverings, and textiles to match their status in society rather than for its utility. This is seen when it comes to carpets, curtains, table coverings, high-end luminaries, and other decorative products. Several factors such as increasing preferences for premium or luxury home furnishing products compared to traditional products, increases in household disposable incomes, and rapid globalization are contributing to the growth of the market.
“Growing environmental consciousness and concern for a healthy and green environment has led to increased demand for eco-friendly furniture and other furnishings,” says Faisal Ghaus, Vice President of TechNavio.
“Some vendors manufacture a wide range of highly esthetic quality furniture using only Moso bamboo, which is stronger and harder than oak.”
Key Market Drivers
- Rise in Globalization
- Growing Real Estate Industry
- Increase in Demand for Luxury Home Furnishings
- Multifunctional Furniture in Demand
Key Market Trends
- Highly Organized Retail Penetration
- Increasing Influence of Interior Design
- Increase in Demand for Eco-friendly Furnishings
- Online Retailing
Key Market Vendors
- Bed Bath & Beyond Inc.
- IKEA Group
- Macy’s Inc.
- Walmart Stores Inc.
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
