Comprehensive Study on Home Furnishings: Trends, Market Dynamics, and Consumer Preferences
About Home Furnishings
Home Furnishing refers to anything that is used to furnish a home, including both furniture and things used to decorate the home and make it more hospitable. Growing nuclear families and increasing usage of creative furniture for decorating living spaces and rising inclination of residential buyers towards designed, multi-purpose and smart pieces of furniture boosting the home furnishing market. In addition, surging demand for furniture integrated with technologies such as remote-controlled furniture and mattresses expected to drive the home furnishing sale for the forecasted period.
The competitive landscape in the home furnishings market is constantly changing. New online retailers and direct-to-consumer brands are emerging all the time. Traditional brick-and-mortar stores are also innovating by offering online shopping and in-home design services. This competition benefits consumers by giving them a wider variety of choices and lower prices. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Home Furnishings market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Segmentation Overview
AMA Research has segmented the market of Global Home Furnishings market by Type (Home Furniture, Home Textile, Wall Decor and Others) and Region.
On the basis of geography, the market of Home Furnishings has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. E-Commerce Sales will boost the Home Furnishings market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material, the sub-segment i.e. Metal will boost the Home Furnishings market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Demand for Premium and luxury Furnishing From High Income Group and Increasing Application of Hardwood in Furniture
Market Growth Drivers:
Growing Demand of Multi-Functional Furnishing, Increasing Demand of Technologically advanced Furniture and Rising Online Retail
Challenges:
Local furniture manufacturers
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Restraints:
Fluctuating Raw Material Prices
Opportunities:
Increasing Demand of Green Furniture and Developing Real Estate Industry
Market Leaders and their expansionary development strategies
In July 2023, IKEA, the world's largest furniture retailer, partnered with Sonos, a leading sound system company, to launch a line of furniture integrated with speakers [3]. This collaboration exemplifies how home furnishing companies are looking for innovative ways to cater to the evolving needs of consumers who seek functionality and technology integration within their furniture.
Key Target Audience
Furniture Manufacturer/ Distributors, Online Vendors, Retail Stores, Government Agencies, Research Institute, Market Research Firms and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.
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