Real estate boom, rising disposable incomes, increasing growth of multi-cultural urban population and an increasing population of elderly citizens are significantly contributing to the growth in the furniture sector.
Bangalore, India -- (ReleaseWire) -- 09/18/2015 --The global furniture market is on a clear growth path. We can credit the real-estate industry boom and the increasing urban population in developing countries for this growth. Reports indicate that the sector will grow at a CAGR of 3.53% over the period 2012–2016.
Today, North America is the largest market followed by Europe and then the Asia Pacific. However, this is set to change, as the Asian markets will witness a double-digit growth in the coming years. Emerging markets such as India and China are being pitched as the key players.
A couple of other key factors contributing to this growth are:
# Increase in production of eco-friendly furniture. Also, Eco-friendly furniture is now becoming mainstream and the demand for it is increasing.
Increased disposable income in developing countries.
Incidentally, increase in the aging population and subsequently the need for healthcare due to this will also contribute to the furniture sector. For example: Dreams plc., a UK based bed manufacturer and distributor sees opportunities to sell a variety of different bed types to elderly consumers, including powered and adjustable beds that sell at a higher price than traditional beds.
Another surprising factor that will contribute to the growth is international migrations. This will mean that world-over urban populations will become multicultural, leading to new demands in urban real estate planning. Between conflicting expressions of culture, the furniture industry will see a rise in numerous opportunities.
E-commerce is a new game-changer, new furniture is affordable and just a click away. Considering you can now figure out what suits your away with a couple of clicks. The need to change and update your interior décor has become a common practice.
The new trends in this sector are also changing the traditional relationship between stakeholders for the better. While, manufacturers and retailers will slowly start outsourcing their low-value activities, they will be better focused to learn and understand what the new-age customers want and give them exactly that!
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