Commenting on the home furnishings market report, an analyst said, Increase in consumer income levels, increased media penetration, and awareness of the artistry of different regions worldwide have resulted in consumers seeking furnishings and unique designer décor products that are in keeping with the latest interior design trends.
Complete report on home furnishings market spread across 57 pages, analyzing 4 major companies and provides 18 data exhibits is now available at http://www.reportsnreports.com/reports/521056-global-home-furnishings-market-2016-2020.html
The analysts forecast global home furnishings market to grow at a CAGR of 5.36% during the period 2016-2020. The growing significance of home décor has led consumers to seek unique and designer home furnishings. Consumers are opting for luxury brands because of economic growth and an increase in disposable income. High-end furnishings are considered status symbols by upper-class households, who prefer buying designer furniture, floor coverings, and textiles. Consumers are also opting for premium products for their home offices
As per this market forecast, the demand for home furnishings is expected to increase rapidly in the developing countries of APAC, MEA, and Latin America. The growth of sales in hypermarkets and superstores in these regions will contribute immensely to the overall sales of home furnishings over the next four years.
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In 2015, Europe led the global home furnishings market in terms of revenues generated from the retail sales of home furnishing. The major factor driving its growth is the presence of key vendors such as IKEA and Masco that provide consumers with a broad range of products.
The global home furnishings 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.
Key players in the Global Home Furnishings Market: Bed Bath & Beyond, IKEA, Macy's, and Walmart. Other Prominent Vendors in the market are: 9to5 Seating, Amazon, ATG Stores, Berco Furniture Solution, Clarin, Carrefour, Costco Wholesale, Creative Wood, Godrej & Boyce, HNI, Herman Miller, Godrej & Boyce, J.C. Penney, KI, Knoll, Steinhoff International, Target, Tesco, and Wayfair.
Further, the report states that the processes involved in the back-end operations of supply chain management are very complex in the global furniture market. The varying transportation costs in different regions also hinder vendor operations. Many of the furniture manufacturers operate globally and are exposed to varying costs of fuel, taxes, duties and fees, and government policies. All these additional cost factors eat into the profits of vendors, affecting overall market revenue.
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