Home Furnishings in United Kingdom
- ID: 339852
- March 2006
- Region: Europe, United Kingdom, Great Britain
- 12 Pages
- Euromonitor International
Our Home Furnishings in the United Kingdom report offers a comprehensive guide to the size and shape of the market at a national level. It provides the latest retail sales data (1999-2004), allowing you to identify the sectors driving growth. It identifies the leading companies and offers strategic analysis of key factors influencing the market. Forecasts to 2009 illustrate how the market is set to change.
Product coverage: carpets and other floor coverings, furniture, household textiles and soft furnishings
Data coverage: market sizes (historic and forecasts), retail distribution
Why buy this report?
- Get a detailed picture of the home furnishings industry
- Pinpoint growth sectors and trends and identify factors driving change
- Understand the competitive environment and identify the market’s major players
- Use five-year forecasts to assess how the market is predicted to develop
With a network of over 600 analysts worldwide, we have a unique capability to develop reliable information resources to help drive informed strategic planning.
1. EXECUTIVE SUMMARY
2. MARKET PERFORMANCE
Table 1 Retail Sales of Home Furnishings: Value 1999-2004
Table 2 Retail Sales of Home Furnishings: % Value Growth 1999-2004
3. LEADING COMPANY PROFILES
4. RETAIL DISTRIBUTION
Table 3 Retail Sales of Home Furnishings by Distribution Format: % Analysis 1998/2003
5. FORECAST MARKET PERFORMANCE
Table 4 Forecast Retail Sales of Home Furnishings: Value 2004-2009
Table 5 Forecast Retail Sales of Home Furnishings: % Value Growth 2004-2009
Growing disposable incomes and preferences for quality and design
Sales of home furnishings in the UK benefited from very noticeable growth in consumers’ disposable incomes during the review period, particularly as this coincided with increased interest in aesthetically pleasing household items and interior design in general. This meant that, although the home furnishings industry in the UK is both large and mature, it still grew at an impressive and consistent rate. By the end of the review period, retail sales of home furnishings amounted to nearly £14 billion.
Economic and demographic trends serve the industry well
The growing interest in interior design, largely fuelled by media coverage, was further boosted by consumers wanting to express themselves through an individual design of their households. However, the number of households also grew, and along with changing demographics – notably the growing number of single-person households – this provided a healthy basis for sustainable growth. Furthermore, while house prices continued their upward spiral, a well-furnished household was often seen as a means of enhancing the value of what already constitutes a considerable investment.
Home furnishings are becoming fashion items
Although overall growth trends were distinct and clearly visible during each year of the review period, not all areas displayed positive growth. Carpets and other floorcoverings make for the smallest product area and also decreased in size. Sales of furniture, however, increased during the review period, and signs of sales figures suffering any sustainable decline are few and far between.
Performance in household textiles and soft furnishings surprised some observers. The increased interest in interior design was again often mentioned as being particularly influential, especially as household textiles offer the opportunity to redesign on a smaller budget. According to some, household textiles have been experiencing a shift towards becoming items incorporating high levels of fashion and are sought after accordingly. Many industry players thus reported a greater frequency in store visits as well as increased impulse purchasing.
Specialists lead the way
Following major retailers’ change in strategies, the size of an average home furnishings store has increased. A typical strategy was also to target a bigger, more affluent market via out-of-town superstores, commonly located in large catchment areas, and to stock product lines encouraging the purchase of more items. Speciality retailers consequently accounted for the bulk of home furnishings sales, and their share of the total market increased, as they were well placed to reap the benefits of the growing consumerism.
Although still a comparatively small distribution channel, home shopping grew in importance. In line with the general industry developments, it was often specialists’ activities that influenced statistics, as different routes to market were being explored.
Continued demand and ingenious retailers make for a good forecast period
There is little evidence suggesting that the forecast period will be any worse than the review period with regard to overall sales data. Furniture and household textiles will continue to sell and, after a modest start to the forecast period, sales of carpets and other floorcoverings will be sufficiently dynamic for the performance over the period as a whole to be considered good.
Many observers maintain that the industry, especially household textiles, is moving towards heightened consumerism driven by what the consumer wants rather than needs. As outlets continue to grow in unit terms and various forms of financing are offered, availability improves in line with demand. Consequently, the total market will enjoy an estimated expansion of more than a third in constant 2004 prices over the forecast period.