This Key Note Market Update examines the home furnishings industry in the UK. In 2012, the value of the market fell by 2.2%.
The report breaks down the home furnishings market into five categories: window dressings; bedding; bathroom and kitchen textiles; cushions and throws; and table linen. The window dressings category is the largest sector, accounting for 37.5% of total sales in 2012. Although some sectors are considered household essentials, all sectors witnessed a decline in value over the review period, with the value of table linen dropping more than any other sector in the market. The segment has suffered in recent times due to changes in consumer habits as the formal occasion declines and is replaced by everyday usage and a preference for more practical table mats instead. http://www.bharatbook.com/house-and-home-market-research-reports/home-furnishings-2013-market-report.html
In spite of a fall in value in 2012, the home furnishings industry has been cushioned by the economic crisis to a certain degree. Consumers are spending a growing amount of time at home and are investing in small home improvements, such as purchasing home furnishings. Manufacturers have capitalised on this trend by diversifying their design portfolios to ensure that there is something suitable for consumers’ various styles preferences, such as modern and country-style. Moreover, although the total home furnishings industry has declined, various market leaders, including the top player IKEA, have posted positive profits and like-for-like sales for their 2012 financial years.
However, falling disposable incomes and the rise of the Internet are putting pressure on manufacturers and retailers in the market to offer consumers’ both quality and value. Consumers are becoming increasingly cautious and limiting their spending as they feel the pinch of the economic crisis. Moreover, they are scouting the Internet for the best bargain in the market. The Internet also offers a broader selection of products than shops. These factors have fuelled competition in the home furnishings market, a trend which has been further exacerbated by the rise in cheap imports and own labels that are making the home furnishings industry cheaper than it used to be. This helps to explain why market value declined in 2012.
To cope with the rise in online sales and to gain a competitive edge, home furnishings manufacturers are increasingly investing in the quality of their services. An emphasis on the in-store experience and easy-to-use websites with product variety and efficient delivery systems are becoming increasingly important trends in the market. In spite of these factors, Key Note expects that the home furnishings industry will continue to decline over the next 5 years. It is expected to fall by 12.2% between 2013 and 2017 as the economic crisis continues to drag on.
Table of Contents
THE TOTAL MARKET
Producer Price Index
BY MARKET SECTOR
Bathroom and Kitchen Textiles
Cushions and Covers
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Home Furnishings 2013 - Market Report