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Strategy Briefing
Home Furnishings in Asia Pacific
Feb 2020
US$1,325Added to Cart
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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 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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Overview
Why buy this report?
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
Favourable demographics support growth
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.
Innovation in home furnishings drives 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.
Rise of multichannel strategies
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.
Environmental consciousness will help drive growth over the forecast period
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.
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Introduction
Scope
Key findings
Regional Overview
Asia Pacific in context
Increasingly sophisticated preferences are driving value growth
China and Japan dominate home furnishings
Local factors remain crucial in shaping demand
Lighting gains momentum in home furnishings
Indoor living sees the largest absolute growth in Asia Pacific
Innovation in product categories drive growth
Homewares and home furnishing stores remains the leading channel
Rise of multi c hannel strategies
Leading Companies and Brands
Asia Pacific remains highly fragmented
International and Asian companies compete for market share
China is the key market for the top 10 companies
Stability at the top of the brand ranking, but fluctuations lower down
Forecast Projections
All major markets predicted to grow positively, but at varying rates
Population growth, sustainability and product innovation will drive sales
Country Snapshots
China: market context
China: competitive and retail landscape
Hong Kong: market context
Hong Kong: competitive and retail landscape
India: market context
India: competitive and retail landscape
Indonesia: market context
Indonesia: competitive and retail landscape
Japan: market context
Japan: competitive and retail landscape
Malaysia: market context
Malaysia: competitive and retail landscape
Philippines: market context
Philippines: competitive and retail landscape
Singapore: market context
Singapore: competitive and retail landscape
South Korea: market context
South Korea: competitive and retail landscape
Taiwan: market context
Taiwan: competitive and retail landscape
Thailand: Market context
Thailand: 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
Appendix: Via Pricing
About Via Pricing from Euromonitor International
Why buy this report?
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.
Want to find out more about this report?
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