[May 03, 2016] |
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Evolving Home and Living Concepts to Boost the Global Bedroom Furniture Market During 2016-2020, Says Technavio
According to their latest report, Technavio
analysts expect the global
bedroom furniture market to exceed USD 125 billion by 2020,
growing at a CAGR of over 3% during the forecast period.
According to Brijesh Kumar Choubey, a lead research analyst at Technavio
for retail
goods and services research, "The profit margins in this segment
are high primarily because most homes have more than one bedroom. One
key area for potential growth is the children's bedroom furniture
sector, which is currently growing at a steady rate."
Technavio's lead consumer
and retail market research analysts have identified the
following four factors that will drive global bedroom furniture market:
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Evolving home and living concept
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Innovation in design
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Omni-channel retailing
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Advertising and brand associations
Evolving home and living concept
Home style, lifestyle, and fashion magazines and blogs have a strong
influence on customers. These customers are changing their buying
patterns in accordance with evolving home and living concepts and
trends. They are investing in remodeling bedrooms in the latest interior
design styles, substantially reducing the effect of the long product
replacement cycles in the market.
Vendors being cognizant of this change in buying behavior, are
implementing new strategies to gain a better understanding of customer
requirements. IKEA's Home Tour Squad, for instance, is a real-time
engagement program with consumers to discuss their home furnishing
challenges to provide ideas, tips, solutions, and home makeovers.
Innovation in design
Competing vendors anticipate and quickly respond to changing consumer
demands and preferences. Innovation in design and construction, use of
recyclable materials, and provision of efficient space-saving storage
solutions are some of the features that consumers look for in modern
furniture, and have been the key to market growth.
IKEA's Democratic Design Center in Älmhult Sweden, allows people from
different countries to create and share ideas throughout the development
process of a product. IKEA also has plans for greater involvement of
suppliers and customers in this process. The company now launches nearly
10 unique and limited collections every year. It also collaborates with
renowned designers like Ilse Crawford and companies like ACNE R&D to
co-create designs.
"Furniture that uses regional and cultural influences from different
parts of the world is becoming increasingly popular due to growing
tourism. Artists and designers are incorporating international designs
in bedroom furniture including European, African, and Asian designs.
These patterns are commonly used in upholstered and wooden bedroom
furniture," says Brijesh.
Omni-channel retailing
Omni-channel retailing uses a mix of distribution channels for enhanced
customer shopping experience, and includes retail stores, online stores,
mobile stores, mobile app stores, telephone sales, and any other method
of transacting with a customer. Retailers are focusing on integrating
independent channels of sales for a consistent and supportive customer
experience.
For example, Sears Hometown and Outlet Stores use Google (News - Alert) local inventory
ads with targeted messages to attract nearby customers into stores
through their mobile devices. Macy's has also successfully integrated
online and in-store marketing to develop a holistic understanding of
customer needs and decision paths.
Advertising and brand associations
Retailers leverage both traditional and social media platforms for
advertising. Media, both print and digital, plays a vital role in
spreading awareness about brands among consumers. As companies create
campaigns and communication to promote their brands and products, they
reach out to their target audience via TV commercials and social media
campaigns.
IKEA, for instance, uses separate pages for different countries on
Facebook (News - Alert) to cater to the varying requirements of its customers. The
company also makes its catalog available digitally for desktop and
mobile users. Ashley Furniture HomeStore worked with iCrossing (News - Alert), a
digital marketing agency, to further its social media interactions with
customers. Besides its Facebook page, Ashley Furniture has a presence on
Twitter, YouTube (News - Alert), and Flickr.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20160503005109/en/
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