Market Research Report - 244548
Domestic Bedroom Furniture Market Report - UK 2014-2018 Analysis
|Published by||AMA Research|
|Published||Content info||73 Pages|
|Domestic Bedroom Furniture Market Report - UK 2014-2018 Analysis|
|Published: April 4, 2014||Content info: 73 Pages||
AMA Research are pleased to announce the publication of the 12th edition of the report: 'Domestic Bedroom Furniture Market Report - UK 2014-2018 Analysis'. The report includes up to date information on recent trends and issues that impact on the market.
The market has followed an interesting path in recent years, experiencing a downturn driven by the recession followed by a period of stabilisation in value terms, although volumes have continued to decline. The bedroom furniture market is forecast to show slow but increasing growth in the next few years, though perhaps at a slower rate than the overall furniture industry, and by 2018 is estimated to reach the peak values achieved in 2007 - reflecting over a decade of difficult trading and illustrating the severity of the recession and its impact on some consumer durable markets.
Andrena Furniture, Bebecar (UK), Canburg, Carlton Furniture, Charles Barr Furniture, Chartley Furniture Design, Corndell Furniture Co, Crown Products (Kent), Daval Furniture, Dean House, Ercol Furniture, Flexa Furniture, Gautier, H. Morris & Co, Hammonds Furniture, Hülsta Furniture (UK), Kingstown Holdings, Neville Johnson, Paragon Furniture, Sharps Bedrooms, Spacemaker Bedrooms, Starplan Furniture, Stompa UK, Strachan Furniture Makers, The Symphony Group, Thuka Furniture, Whiteleaf Furniture, Willis Gambier (UK), Woodberry Bros and Haines, Wren Living.
The UK Bedroom Furniture market was estimated to be worth approximately £580m (MSP) in 2013, representing approximately 12% of the overall Domestic Furniture market. Following substantial growth in the early 2000's, the market became more difficult as the decade progressed with significant declines in 2008 (4%) and 2009 (6%). Although there was modest growth in value terms in 2012, the bedroom furniture market remained static in 2013 - with a decline in real terms.
The onset of the housing crisis towards the end of 2007 and the impact of the global credit crunch, resulting in the world economic recession, combined to reduce levels of consumer confidence. The construction industry was particularly badly affected, which in turn impacted adversely on related markets, such as furniture, sanitaryware, floorcoverings and contributed to growing uncertainty amongst consumers. Other pressures within the domestic furniture market have included the rapid penetration of low cost imports from the Far East and Eastern Europe, which has driven down prices and margins.
Other constraints consist of increasing input costs, such as transport, raw materials and labour, as well as increased competition from a number of high profile players, including IKEA, Argos, Next, Shop Direct, Laura Ashley, together with threats from relative newcomers, such as Tesco and Asda. These outlets will continue to provide strong competition to the established furniture retailers. Whilst imports have increased significantly in the last decade and currently account for around 66% of the bedroom furniture market, most fitted furniture is manufactured in the UK.
Fitted furniture has increased its share of the bedroom furniture market and currently accounts for 27% of the market, with many of the UK fitted furniture suppliers being vertically integrated companies, involved in the design, manufacture and installation of their own furniture, often marketed through their own retail outlets or via concessions in other stores.
Contemporary styling continues to be popular, boosted by the influx of European styling and flat pack products, which has influenced styles and tastes within the UK furniture market for a number of years. Modular furniture continues to be popular and the trend towards smaller houses and households is likely to sustain this trend, as demand for clever storage solutions continues to grow.
The nature of furniture retailing is evolving. Online sales are increasing from a low level and, whilst this may be beneficial to smaller suppliers unable to afford a significant High Street presence, it is also placing additional demands on all companies in terms of distribution and customer services. However, most major retailers of bedroom furniture have an established online presence and other groups with a national distribution structure are making greater use of collection services via their own outlets.
Future growth within the bedroom furniture sector is expected to come from the fitted furniture sector, driven by heavy promotional expenditure, and the lower end of the market, where companies such as IKEA, Argos and Tesco continue to expand their ranges of affordable and innovative products through wide distribution networks. Another key area of potential growth is the children and teenagers' bedroom furniture sector, which is currently witnessing reasonable levels of growth. This growth is a reflection of the changing use of children's bedrooms, from a place for sleep only, into a place to sleep, work and play. As a mature sector, the bedroom furniture market is forecast to show slow but increasing growth over the next few years to reach a value of £653m in 2018.