From being a necessity to moving on to becoming a luxury item and a reflection of one’s aesthetic tastes, the furniture market has evolved rapidly over the past decade. Also, as the lifestyle of people has changed, with travel turning into an integral part of one’s personal and professional life, the demand for various prototypes of furniture has also emerged. One particular segment of the global furniture market that has gained immense traction recently concerns the restaurant furniture.
Industry experts at Technavio, regard the restaurant furniture market as a segment that has ample scope for innovation and experimentation. Especially, the outdoor restaurant furniture market is witnessing immense demand at the global level. With increasing consumer emphasis on comfortable, well-furnished, and improved restaurant furniture, manufacturers are developing new and improved products. This has helped broaden the existing range of restaurant furniture available in the global markets.
Why is restaurant furniture the next booming segment of the global furniture market?
It is no coincidence that restaurant furniture has emerged as a major playing ground for major players in the furniture industry. The growth of the tourism industry, along with the growth of the pub and recreation culture, followed by a spike in the household income, are some of the major reasons behind the high demand for restaurant furniture.
Tourism, in fact, is one area which every government is paying attention to. Be it a developing country, or a developed one – tourism gives an immense boost to the country’s economy. With baby boomers contributing significantly to the travel and tourism industry, the demand for restaurants and eat-outs is sure to increase. China and Japan are two best examples of countries which have seen immense growth in tourist inflows – especially the baby boomers and millennial segment.
The market for restaurant furniture is also growing because the number of pubs and clubs have also increased at a significant pace. Part of this is because pubbing and clubbing are no longer a leisure activity for just a small segment of the population. Rather, today these are the means through which people socialize, and people in business build networks.
Also, there has been a change in mindset when it comes to eating out at restaurants. This is especially the case in emerging economies, where changes in lifestyle are apparent and almost all the adult members of the family are working. Herein, eating at restaurants is seen as a normal day to day activity. Families now pay more attention to spending leisure time in a place which has great ambiance and décor. As furniture has a major role in influencing the ambience of a place, its demand and market have grown spectacularly.
The furniture market is undergoing a major change, unlike any other industry. Though there are many factors which are driving this market, growing trends of home delivery, truck food, and food kiosks, are some challenges that major names in the restaurant furniture industry are battling with. However, one thing is clear; the outdoor restaurant furniture market has immense potential for job creation and revenue generation. And, this perhaps is the right time for stakeholders to build a full-fledged business strategy to disrupt the market at both local and global levels.
