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Strategy Briefing
Home Furnishings in Asia Pacific
45 pages, Jan 2018
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 has surpassed Western Europe and North America to become the largest and fastest-growing region for home furnishings. There is potential for growth in emerging economies due to dynamic population growth, urbanisation, and rising income levels, however, home furnishings is highly fragmented and many companies have yet to expand beyond their home markets. Successful companies will need to consider changing socio-economic structures, with an eye on regional expansion.
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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.
Differing prospects in developed and developing markets in Asia Pacific
Developed markets in Asia Pacific have slowed in the face of the sluggish economy and stagnating property market. However, pockets of growth can be found, such as catering to South Korea’s burgeoning single-person households. On the other hand, rising income levels and rapid urbanisation, along with strong population growth, makes developing markets in Asia Pacific highly attractive for the home furnishings industry.
The fast-fashion concept catches on in home furnishings
Consumers are beginning to favour low-value items that can be frequently replaced to stay up to date with seasonal trends, resulting in rising demand for low-priced furniture. Ikea's recent entry in Thailand, South Korea and Indonesia, and its highly anticipated store openings in India and the Philippines, are expected to fuel this trend over the forecast period.
Apartment living becomes the new norm
Urban living and smaller spaces drives demand for multifunctional and space-saving furniture. The lack of guest rooms in small apartments contributes to the popularity of sofa beds, and the need to maximise space is spurring consumers to invest in storage furniture to improve organisation within the home.
Homewares and home furnishings stores remain dominant
In both developed and developing Asia Pacific, habit persistence and preference for in-store retail experiences benefit homewares and home furnishings stores. Retailers should consider opening smaller-format stores in city centres to be closer to consumers, and focus on improving the in-store retail experience.
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Request more informationTable of Contents
Introduction
Scope
Key findings
Regional Overview
Putting Asia Pacific into context
Prospects remain favourable in Asia Pacific
Growth streak persists for heavyweight China
Home decorating is the new craze in South Korea
Energy-efficient LEDs light up Asia Pacific
Indoor living propels growth of Asia Pacific
Urban living shapes demand for furniture in Asia Pacific
Homewares and home furnishing stores continue to dominate
East Asia leads adoption of internet retailing
Leading Companies and Brands
High degree of fragmentation in Asia Pacific
Ikea benefits from regional expansion
Lighting players lead the rankings
Top-ranked brands depend on China for growth
Forecast Projections
Home furnishings to be driven by emerging markets
Prospects differ wildly for developed and developing markets
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
South Korea: market context
South Korea: competitive and retail landscape
Philippines: market context
Philippines: c ompetitive and retail landscape
Taiwan: m arket context
Taiwan: c ompetitive and retail landscape
Indonesia: market context
Indonesia: competitive and retail landscape
Thailand: market context
Thailand: competitive and retail landscape
Malaysia: market context
Malaysia: competitive and retail landscape
Singapore: market context
Singapore: competitive and retail landscape
Hong Kong, China: market context
Hong Kong, China: competitive and retail landscape
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?
Request more informationComplete Catalogue
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