According to the study “Home Furnishings in Asia Pacific”, home furnishings market in Asia Pacific has witnessed a positive growth due to the strong fundamentals, economic resilience, dynamic population growth, urbanisation, and rising income levels and robust private residential construction activities. Home Furnishings includes anything that is used to furnish a home. This category includes furniture items, and some people try to use these words interchangeably. Furniture is usually items used for sitting, sleeping, or to place anything such as beds, mattresses, tables, chairs, sofas, shelves, and dressers. These items are also termed as home furnishings that encompass all such items, but are a bit more expansive. Home furnishings overlap with home decors that are any decorative items such as art, craft items, collectible figurines and many other things that a person might want to use to adorn their home. This category is almost endless and wide for inclusion of various different things.
The growth in home furnishings is driven by product innovation, segmentation and digital strategies. Furniture Market Research Reports includes various products in the home furnishings are home furniture, home textile, wall decor and others. The leading players in Asia-Pacific home furnishings are IKEA, Walmart, Bed Bath & Beyond, Macy’s, Wayfair, Future Group, Haworth, Ashley Furniture, Carrefour, J.C. Penny, Crate & Barrel, Fred Meyer, Herman Miller and Home Depot. Home furnishings are available at store and through internet retailing. The home furnishings market in Asia-Pacific is geographically spread across China, Japan, Korea, India, Southeast Asia and Oceania.
The expansion and developments in real estate industry has supported the growth of home furnishings market in Asia-Pacific. Globalization facilitates easier and wider availability of home furnishings designs for consumers. Majority of the consumers in the Asia-pacific region are adopting and usage of eco-friendly products because there is a minimal impact on the environment.
Nowadays, every consumer prefers and relay on online retail platforms for buying furniture because of the availability of a wide array of home furnishings products at affordable price. Improving lifestyle and increasing disposable income are the key factors affecting the home furnishings market in Asia-Pacific. Homeowners in Asia-Pacific have increased significantly in over the past few years due to emerging economies and home owners are keen in decorating home interior and exteriors. The increasing urban population is also one of the strong impacting factors affecting the home furnishings market. Cost and availability of raw material plays a key role in home furnishings market and Furniture Industry Research Report. Raw materials such as metal, wood, plastic, glass, leathers, rattan, fabrics and stone are used for manufacturing various home furnishings.
Furniture segment in home furnishing has witnessed an increased adoption among Asia-Pacific consumers due to the increased disposable income, influence of western culture, growing adoption of modular kitchen and lighting. The furniture segment includes furniture used in kitchen, living and bedroom, bathroom, outdoor and lighting. Various materials such as metal, wood, plastic, glass and leather are used solely or in combination with other materials to manufacture parts of furniture. Multifunctional furniture is gaining popularity among Asia-Pacific urban consumers. Asia-Pacific home furnishings market will witness a continuing growth over the next few years due to decrease in unemployment, increase in income and increase in homeowners.
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Ankur Gupta, Head Marketing & Communications
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