This market research report presents a comprehensive segmentation of the global home furnishings market by products (home furniture, home textiles, and floor coverings) and by geography (Americas, APAC, Europe, and MEA). It also includes an insightful analysis of the leading vendors in this market such as IKEA, Walmart, Bed Bath & Beyond, and Macy’s.
Technavio has released a new market research report on the global home furnishings market, which is expected to grow at a CAGR of 6% between 2016 and 2020. High-end furnishings are considered status symbols by upper-class households, who prefer buying designer furniture, floor coverings, and textiles. The growing significance of home décor has led consumers to seek unique and designer home furnishings. An increasing preference for premium or luxury home furnishing products, a rise in household disposable incomes, and rapid globalization have accelerated the sales of home furnishings. Europe leads the global home furnishings market due to the presence of key vendors such as IKEA and Masco that provide consumers with a broad range of products.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the furniture manufacturers and retailers have begun selling furniture, floor coverings, and other home décor products online through user-friendly websites and attractive product offers. This platform allows manufacturers to cover many regions without any physical presence. It also reduces the cost involved in warehousing at different locations. The convenience of purchasing at a time and place of the customer’s choosing and the availability of safe and hassle-free delivery options have led to more online purchases by consumers,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research
The home furniture segment dominates the global home furnishings market, accounting for 53% of the overall market share. Multifunctional furniture and luxury home furniture is gaining popularity in the home furniture segment. APAC is the fastest-growing region in this market. The living room and bedroom segments account for the highest revenue-contribution in this segment.
The leading players in the global home furnishings market include IKEA, Walmart, Bed Bath & Beyond, and Macy’s. The market marks the presence of both top vendors and private players present across the globe. With rising competition, manufacturers are bringing innovation to meet changing customer trends. Over the next four years, the market is likely to witness a growing tilt towards eco-furnishing furnishings. Manufacturers have started offering a wide range of aesthetic furniture using only Moso bamboo, which is stronger and harder than oak. Similar innovations are predicted to characterize growing investments in home furnishings during the forecast period.
A more detailed analysis is available in the Technavio report Global Home Furnishings Market 2016-2020
We can customize reports by other regions and specific segments upon request.
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