Boston, MA -- (ReleaseWire) -- 07/01/2014 -- Since the end of the economic recession in 2010, homewares in Turkey has registered strong positive current value growth at an average of 8% over four consecutive years. Much of this growth can be attributed to the completion of numerous new homes as well as the rising numbers of Turkish people marrying, two trends which continue to be fuelled by growing consumer optimism. In addition to regular retail sales if homewares, many of the products in the category are popular gifts for newlywed couples and those who are moving into a new home. In particular, moving into a new home is a highly celebrated event for Turkish households and it is common for gifts to be offered by friends and family members when a couple or family moves into a new home. The ongoing real estate boom in Turkey continued throughout 2013, with record sales of over one million homes throughout the country during the year. The growth in homewares in 2013 was relatively slow in comparison with the growth recorded during previous years of the review period, which was due mainly to declining consumer optimism, which led consumers to favour cheaper homewares during 2013.
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Pasabahce Cam San ve Tic AS remained the leading company in homewares in Turkey in 2013 with a 16% value share. As one of the oldest companies operating in the category, Pasabahce specialises in the manufacture of glassware in both beverageware and dinnerware. The company also has an extensive retail network which it operates under its own name, with 65 retail outlets throughout Turkey. In addition, Pasabahce distributes its products through independent small specialist retailers, supermarkets and hypermarkets. The company offers a wide range of products across the entire price spectrum.
Homewares in Turkey is expected to increase in value by 2% in constant 2013 terms over the course of the entire forecast period. The economic turbulence which began to emerge in Turkey during the final weeks of 2013 is expected to have a negative effect on the category during the forecast period as the purchasing power of the majority of Turkish consumers is being compromised by the declining exchange value of the Turkish lira. Consumers are not only expected to purchase fewer items, but they are likely to select cheaper products when they do make purchases, resulting in the expectations of significant declines in homewares. The consistent growth being recorded in sales of new homes and the fact that the majority of new homes sold in Turkey during the last two years of the review period are to be delivered to their proud owners during 2014 and 2015 is likely to insulate homewares from falling into negative growth during the forecast period as new home sales remain a major driving force behind growth in the category.
>Homewares Market Research Analyse key trends and developments in Turkey for all product categories, competitors and channels.
Evaluate the market position and financial performance of the leading national and international market players.
Product coverage: Dining, Kitchen.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
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