The UK household furniture market was valued at £8.16bn in 2003, having shown strong growth in most years since 1999.
April 14, 2007 (Press Release) --
Household Furniture - Market Report
The UK household furniture market was valued at £8.16bn in 2003, having shown strong growth in most years since 1999. However, sales fell sharply in 2003, reflecting a general slowdown in consumer spending, which was partly an adverse reaction to the war in Iraq and to global economic and geopolitical uncertainty. In addition, the furniture market has been the subject of fierce competitive pressures, which have led many retailers to reduce prices, thereby undermining the total value of sales. In particular, the entry into the market of retailers such as Argos and the growing trend towards sourcing products from low-cost producers in China are driving down prices, a development that is doubtless delighting consumers but causing distress to some mainstream retailers.
Prior to 2003, a number of positive factors had been driving the market forward. The booming housing market undoubtedly encouraged many consumers to withdraw equity from their homes to fund large-ticket purchases such as sofas. The proliferation of home makeover and design programmes, also driven by the property boom, has had a huge impact on the market, encouraging consumers to purchase new furniture in order to change `the look' of a room, rather than because their existing furniture has worn out and needs replacing. The interest has encouraged consumers to become more adventurous in their purchases and to spend more on home furnishing. The growing number of people who are working at home - either full or part time - is also helping to drive sales of space-saving, multifunctional and office furniture.
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You can also call us at +91-(022)-2757 8668 or +91-(022)-2757 9131
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The UK household furniture market was valued at £8.16bn in 2003, having shown strong growth in most years since 1999. However, sales fell sharply in 2003, reflecting a general slowdown in consumer spending, which was partly an adverse reaction to the war in Iraq and to global economic and geopolitical uncertainty. In addition, the furniture market has been the subject of fierce competitive pressures, which have led many retailers to reduce prices, thereby undermining the total value of sales. In particular, the entry into the market of retailers such as Argos and the growing trend towards sourcing products from low-cost producers in China are driving down prices, a development that is doubtless delighting consumers but causing distress to some mainstream retailers.
Prior to 2003, a number of positive factors had been driving the market forward. The booming housing market undoubtedly encouraged many consumers to withdraw equity from their homes to fund large-ticket purchases such as sofas. The proliferation of home makeover and design programmes, also driven by the property boom, has had a huge impact on the market, encouraging consumers to purchase new furniture in order to change `the look' of a room, rather than because their existing furniture has worn out and needs replacing. The interest has encouraged consumers to become more adventurous in their purchases and to spend more on home furnishing. The growing number of people who are working at home - either full or part time - is also helping to drive sales of space-saving, multifunctional and office furniture.
For more information, Please visit : http://www.bharatbook.com/detail.asp?id=11026
or email us at : info@bharatbook.com
You can also call us at +91-(022)-2757 8668 or +91-(022)-2757 9131
For searching our huge collection of reports, Please visit :
http://www.bharatbook.com/general/customresearch.asp
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