Study: Global Home Furnishings Market to Reach $700 Billion by 2015

February 9, 2012  by in UnCategorized   

By Home Furnishings Business in economic news on February 10, 2012

A new report from Global Industry Analysts says the global home furnishings market will reach $700 billion by 2015.

The report, "Home Furnishings: A Global Outlook," indicated Europe leads the home furnishings industry in terms of revenues, followed by North America and the Asia-Pacific region; and that in the period up until 2015, the Asia-Pacific region will achieve maximum growth in this sector.

Increasing interest of consumers towards the domestic and decorative products will drive the growth in demand for home furnishings. Other factors driving growth include the increasing demand for organic home furnishing products, the growingly vital role of the electronic media, increasing product lines and store design format by retail sector, and the venturing of global players into the developing regional markets.

The home improvement industry is likely to improve, owing to factors such as baby boomers upgrading to bigger homes, increase in the purchase of second homes or going for remodeling or repairing, and higher disposable incomes, specifically in the developing markets. Home improvement products market, over the recent past, has benefitted from the low mortgage rates prevalent in most of the countries, translating into strong demand, regardless of the prevailing weak economic conditions. Women have a major influence on the home improvement industry as homemakers. As a result, retailers are increasingly targeting female customers as they represent the major demographic segment for the home improvement products industry. Women are most likely to be associated with home improvement projects and a majority of them tend to make changes in their homes once every five years.

Electronic media plays a vital role in driving the home improvement products market. Television shows on home remodeling and repairs are succeeding in transforming viewers into customers of the industry. To sustain in the saturated home improvement market, retailers are entering into additional home-related services areas such as landscape design, home-decorating consultation, and lawn maintenance.

The research report provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers a rudimentary overview of the home furnishing industry, highlights latest trends and demand drivers, in addition to providing statistical insights. Regional markets briefly abstracted and covered include United States, Canada, Japan, France, Germany, Italy, United Kingdom, Australia, China, India, Argentina, Brazil, and others. The report offers a compilation of recent mergers, acquisitions, and strategic corporate developments.

Click here for more details about the industry report.

Global Industry Analysts is a publisher of off-the-shelf market research. Founded in 1987, the company currently employs more than 800 people worldwide. With more than 9,500 clients in 27 countries, GIA publishes more than 1,300 full-scale research reports a year and analyzes 40,000-plus market and technology trends while monitoring more than 126,000 companies worldwide.