In 2017, to revitalise the furniture industry and to increase consumption, the Turkish government decided to decrease value added tax for furniture products from 18% to 8%. This new tax policy significantly increased sales of furniture products; however, in September 2017, the government decided to increase VAT to 18%.
The year 2018 saw more Turkish consumers, especially younger generations, preferring DIY options instead of purchasing finished home products. This continued to have a positive impact on the performance of home improvement and gardening stores.
The increasing popularity and availability of home furnishing and improvement products in 2018 continued to hinder the performance of home and garden specialist retailers. To capitalise on the growing popularity of online sales and to alleviate the problem of increasing operational costs or outlets, leading store-based retailers continued to invest in their online services.
In 2018, independent retailers continued to dominate home and garden specialist retailers. Independent home furnishing outlets and homewares outlets continued to remain popular, especially among middle-aged and older consumers.
Compared to their international competitors, in 2018, local companies continued to record better performances and further consolidated their leading positions in homewares and home furnishing stores. Local companies such as Yatas Yatak ve Yorgan San ve Ticaret and Dogtas Kelebek Mobilya San ve Tic continued to extend their network outlets, and their investments in new product lines and production capacities further enhanced their positions against their international competitors.
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This industry report originates from Passport, our Retailing market research database.