The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreFeb 2020
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Asia Pacific is the largest global market for home furnishings in terms of value, and was the fastest growing over 2013-2018. The region does, however, have the second lowest per capita expenditure on home furnishings. It is expected to see strong value growth, owing to rising income levels, increasing housing stock and a growing number of households.
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Asia Pacific is seeing good growth in housing stock and the number of households, benefiting sales of home furnishings. Growth is further supported by rising disposable incomes. The increasingly sophisticated preferences of households and rising interest in creating comfortable and attractive homes offer good opportunities in home furnishings. These favourable trends are expected to drive further growth in both volume and value sales.
With shrinking home sizes in land-scarce cities in Asia Pacific, innovation continues to see the incorporation of compact, built-in and functional features in home furnishings. There is also a focus on innovation in multifunctional furniture and storage spaces, which are essential for small homes, as homemakers continue to look for ways to simplify and declutter their homes.
The role of home furnishings retailers is shifting. With greater emphasis being placed on the customer experience, there has been an amalgamation of online and offline retailing. Retailers are increasingly offering experiential spaces offline, while actual purchases are being made online, owing to convenience. These multichannel strategies will continue to shape shopping behaviour within home furnishings in the long term.
There is increasing awareness of the importance of environmental protection, which is driving manufacturers to use recyclable materials and to design products based on minimalist principles to reduce the use of materials. Furthermore, homemakers are also increasingly environmentally conscious. The move towards eco-friendly materials by both homemakers and manufacturers will drive up value sales of home furnishings over the forecast period.
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.