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Strategy Briefing

Home Furnishings in Asia Pacific

57 pages, Nov 2018

US$1,325

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About This Report

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

Asia Pacific grew the fastest for home furnishings globally but still lags behind in terms of per capita spending. There is huge potential for growth due to urbanisation and rising income levels, specifically in emerging markets, that spur household growth and stimulate demand for home furnishings such as indoor furniture. The challenge lies in the high fragmentation due to Asia Pacific’s dynamism in its demographic, consumer preferences and income levels.

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Overview

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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

Key Findings

Asia Pacific has the highest growth prospects compared to other regions

The Asia Pacific market for home furnishings grew the fastest over the review period, with a CAGR of 4%. This is due to the strong performance of emerging economies such as China and Indonesia, household growth in developing markets, and rising income levels across all countries.

Indoor living is the strongest performing category of home furnishings in Asia Pacific

Shrinking households and the rising commonality of high-rise apartment living mean that demand for outdoor living has dramatically shrunk, while multifunctional and space-saving indoor furniture such as sofa beds and bedroom furniture with storage are highly sought-after.

Development of retail channel distribution is boosting growth in home furnishings

The evolving retail channel distribution is most prominent in emerging markets, where deeper consumer segmentation, characterised by rising income levels, have allowed retailers to diversify their channel distribution and expand their market shares.

Market remains highly fragmented

Shares of home furnishings continue to be highly fragmented due to the sheer size of large markets such as China and India, where regional companies dominate certain states and provinces. IKEA is the only exception, with its entry into the region culminating in the brand dominating home furnishings in the countries in which it is present.

Emerging economies drive volume growth while developed economies drive premiumisation

Rising incomes in developed markets such as Singapore mean that consumers are willing and able to pay for higher-priced home furnishings with value-added benefits, while the rural-urban shift in markets such as India and Indonesia will drive demand for affordable and durable home furnishings.

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Introduction

Scope

Key findings

Regional Overview

Strong growth prospects in Asia Pacific due to household growth

Home furnishings is set on a healthy growth trajectory

China records remarkable growth

Indoor living dominates the home furnishings market in Asia Pacific

Lighting industry continues to light path to growth for home furnishings

Indoor living propels growth of Asia Pacific

Homewares and home furnishing stores continue to dominate

Widening product availability fuels channel growth

Leading Companies and Brands

High degree of fragmentation in home furnishings

Nitori and IKEA continue aggressive expansion across Asia

Only two companies are present in nearly all the markets in Asia

Brand rankings of top three players remain unchanged over 2012-2017

Forecast Projections

Indonesia is forecast to record double-digit growth in coming years

Accelerated growth expected in developing markets for home furnishings

Country Snapshots

China: market context

China: competitive and retail landscape

Japan: market context

Japan: competitive and retail landscape

India: market context

India: competitive and retail landscape

Indonesia: market context

Indonesia: competitive and retail landscape

South Korea: market context

South Korea: competitive and retail landscape

The Philippines: market context

The Philippines: competitive and retail landscape

Thailand: market context

Thailand: competitive and retail landscape

Taiwan: market context

Taiwan: competitive and retail landscape

Malaysia: market context

Malaysia: competitive and retail landscape

Hong Kong, China: market context

Hong Kong, China: competitive and retail landscape

Singapore: market context

Singapore: competitive and retail landscape

Appendix: Competitor Analytics

Competitor Analytics tool

Overview

Competitors

Market Overlap

Treemap

Overlap Matrices

Appendix: Industry Forecast Model

About Euromonitor International’s Industry Forecast Model

Soft drivers and the Industry Forecast Model

Growth decomposition explained

Significance and applications for growth decomposition

Key applications for Industry Forecast Models

Why buy this report?

Want to find out more about this report?

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Megatrends

Strategy Briefing

Home Furnishings in Asia Pacific

New Report Guarantee

About This Report

New Report Guarantee

Overview

Why buy this report?

Key Findings

Asia Pacific has the highest growth prospects compared to other regions

Indoor living is the strongest performing category of home furnishings in Asia Pacific

Development of retail channel distribution is boosting growth in home furnishings

Market remains highly fragmented

Emerging economies drive volume growth while developed economies drive premiumisation

Want to find out more about this report?

Table of Contents

Introduction

Scope

Key findings

Regional Overview

Strong growth prospects in Asia Pacific due to household growth

Home furnishings is set on a healthy growth trajectory

China records remarkable growth

Indoor living dominates the home furnishings market in Asia Pacific

Lighting industry continues to light path to growth for home furnishings

Indoor living propels growth of Asia Pacific

Indoor living propels growth of Asia Pacific

Homewares and home furnishing stores continue to dominate

Widening product availability fuels channel growth

Leading Companies and Brands

High degree of fragmentation in home furnishings

Nitori and IKEA continue aggressive expansion across Asia

Only two companies are present in nearly all the markets in Asia

Brand rankings of top three players remain unchanged over 2012-2017

Forecast Projections

Indonesia is forecast to record double-digit growth in coming years

Accelerated growth expected in developing markets for home furnishings

Country Snapshots

China: market context

China: competitive and retail landscape

Japan: market context

Japan: competitive and retail landscape

India: market context

India: competitive and retail landscape

Indonesia: market context

Indonesia: competitive and retail landscape

South Korea: market context

South Korea: competitive and retail landscape

The Philippines: market context

The Philippines: competitive and retail landscape

Thailand: market context

Thailand: competitive and retail landscape

Taiwan: market context

Taiwan: competitive and retail landscape

Malaysia: market context

Malaysia: competitive and retail landscape

Hong Kong, China: market context

Hong Kong, China: competitive and retail landscape

Singapore: market context

Singapore: competitive and retail landscape

Appendix: Competitor Analytics

Competitor Analytics tool

Overview

Competitors

Market Overlap

Treemap

Overlap Matrices

Appendix: Industry Forecast Model

About Euromonitor International’s Industry Forecast Model

Soft drivers and the Industry Forecast Model

Growth decomposition explained

Significance and applications for growth decomposition

Key applications for Industry Forecast Models

Why buy this report?

Want to find out more about this report?

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