Retail current value sales of home furnishings declined for the first time in more than a decade during 2020. The economic shock of the pandemic had a significant negative effect on consumer confidence.
In a difficult economic environment, home and garden specialists retailers offered deeper discounts and ran more promotional offers in an effort to boost demand. With consumers becoming more price sensitive, unbranded home furnishing grew in popularity.
IKEA, which is franchised in the UAE by Al Futtaim Group, remained the leading brand in home furnishings during 2020, just ahead of Landmark Group’s Home Centre. IKEA’s sleek and compact products are popular with local consumers, who tend to perceive the brand as offering luxury products at competitive prices.
There will be a strong rebound in demand for home furnishings during 2021, with retail current value sales expanding at their fastest rate in more than a decade. An anticipated post-pandemic economic recovery will play a big role in this.
Lighting will remain a strong performer in home furnishings in terms of retail current value sales growth during the forecast period as a whole, as consumers switch to more efficient light-emitting diode lamps (LED) in growing numbers. By the end of the forecast period, LED will account for close to 60% of retail current value sales of light sources.
E-commerce will continue to grow in importance as a distribution channel for home furnishings over the course of the forecast period. Local consumers, particularly younger ones, are increasingly comfortable shopping online, while the advent of high-speed 5G mobile networks will make it more accessible than ever.
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Understand the latest market trends and future growth opportunities for the Home Furnishings industry in United Arab Emirates with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Home Furnishings research and analysis database.
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