Press Release: November 19, 2018
Home furnishings companies are delivering home furnishings and floor covering products directly to customers. This business model excludes middlemen from the supply chain and allows home furnishings and floor covering companies to offer their products to customers at more affordable prices. Some of the companies also started working directly with manufacturers to deliver the furnishings directly to customers, thereby bringing down prices. For instance, online furniture retailer Interior Define works directly with furniture manufacturers to offer designer furniture at no retailer mark-up. Similarly, furniture company Bryght has cut down its prices by 70% by cutting out the middlemen.
THE BUSINESS RESEARCH COMPANY EXPECTS THE HOME FURNISHINGS AND FLOOR COVERING MANUFACTURING MARKET TO GROW TO $259 BILLION BY 2021
Asia Pacific was the largest region in the home furnishings and floor coverings manufacturing market in 2017, accounting for more than half of the market share. This can be attributed to a large population base and increasing disposable incomes in the region.
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According to The Business Research Company’s Consultant, Nitin Gianchandani, consumers of the home furnishings and floor coverings manufacturing market are increasingly turning towards online retailers to purchase home furnishings, including carpets, rugs, glassware and curtains. Factors such as busy lifestyles, a wide range of choices, cheaper retail prices and convenience have led consumers to buy more home furnishings online. As a result, the global market for home furnishings is expected to increase due to rising number of online retailers as well as customers. According to Internet Retailer, an e-commerce business intelligence firm, 18% of home furnishings and houseware sales in the US were through e-commerce retailers and web sales, in 2015. For instance, the UK’s online home furnishing retailing market grew at a CAGR of 12.2% during the historic period.
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IKEA was the largest company in the home furnishings and floor coverings manufacturing market, with revenues of $40 billion in 2016. IKEA’s growth strategy aims at increasing revenues by attracting the young population and offering products at competitive prices. The company designs it products to be colourful and modular to cater to the demand from young population. The company also plans to expand in the US market by opening nearly a dozen stores over the next two years.
The home furnishings and floor coverings manufacturing market comprises all firms engaged in the wholesale distribution of home furnishings and housewares, such as glassware and earthenware, curtains and draperies, linens and towels, antiques, lamps (including electric), carpets, and other forms of soft and hard surface floor coverings.
Home Furnishings and Floor Coverings Manufacturing Market Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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