New Market Study Published: Home Furnishings in Turkey
Housing in Turkey experienced tremendous growth both in terms of new and existing home sales over the review period which caused growth of home furnishings as well. When the global financial crisis hit the economy in 2009, the government announced a VAT reduction in some categories including furniture in order to stimulate domestic consumption. A nine- month VAT reduction contributed to brand awareness and increased share of branded furniture to 50%.
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