(MENAFNEditorial)
From 2007-2009 value sales of home furnishings fell sharply. For a category which had seen value sales grow consistently since 1999 the recession in the US created a perfect storm. First retail purchases of home furnishings are closely tied to consumer confidence which was devastated by the financial crisis and the resulting economic turmoil. At the same time the housing market - which is also closely tied to consumer spending on home furnishings - was perhaps the part of the US economy most severely harmed by the recession. Finally access to credit dried up as a result of the financial crisis. As many indoor furniture items are very expensive consumers often rely on credit for such purchases. All of these factors worked to lead retail value sales of home furnishings to fall by 15% between 2007 and 2009. Moving forwards however retail sales of home furnishings rebounded growing by 8% between 2009 and 2012. The category however is still well below the pre-recessionary level in terms of overall size in value terms at constant 2013 prices and in 2013 growth momentum appears to have slowed slightly with 2% growth in value sales seen during the year.
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Competitive Landscape
Ashley Furniture Industries is the leading player in home furnishings accounting for a value share of 5% in 2013 a share that has been steadily growing since 2009. In addition to selling its products wholesale to a wide range of independently-owned furniture stores the Ashley name is licensed to a range of Ashley Furniture HomeStores. These independently-owned stores sell a wide range of Ashley brand furniture products and it is the largest furniture speciality chain in the US. This strong distribution reach contributes to Ashley's success as well as to high and growing levels of brand equity. Despite Ashley's leading position home furnishings in the US is highly fragmented as the next two largest players Tempur Sealy and IKEA Holdings held 3% and 2% shares respectively. This fragmentation extends into the retail landscape where thousands of family-operated furniture stores compete for customers.
Industry Prospects
Moving forward retail sales of home furnishings are expected maintain relatively consistent growth increasing by a CAGR of 1% in value sales at constant 2013 prices over the forecast period to reach US$132.8 billion by 2018. Economic recovery is expected to reduce the unemployment rate generate GDP growth and strengthen the housing market all of which should have a beneficial effect on sales of home furnishings. The economic performance and consumer confidence are especially important in indoor furniture in which high unit prices mean that consumers view such purchases as a large investment which must be weighed carefully. For this reason retail sales of indoor furniture suffered the most during the recession falling by 14% in current value terms between 2007 and 2009. As the economic situation improves during the forecast period the category is therefore likely to have very strong growth potential.
Home Furnishing Market ResearchAnalyse key trends and developments in USA for all product categories competitors and channels.
Evaluate the market position and financial performance of the leading national and international market players.
Product coverage: Indoor Living Lighting Outdoor Living.
Data coverage: market sizes (historic and forecasts) company shares brand shares and distribution data.
Report Table of Contents:
HOME FURNISHINGS IN ARGENTINA
LIST OF CONTENTS AND TABLES
Headlines
Trends
Competitive Landscape
Prospects
Category Data
Table 1 Sales of Home Furnishings by Category: Value 2008-2013
Table 2 Sales of Home Furnishings by Category: % Value Growth 2008-2013
Table 3 NBO Company Shares of Home Furnishings: % Value 2009-2013
Table 4 LBN Brand Shares of Home Furnishings: % Value 2010-2013
Table 5 Distribution of Home Furnishings by Format: % Value 2008-2013
Table 6 Forecast Sales of Home Furnishings by Category: Value 2013-2018
Table 7 Forecast Sales of Home Furnishings by Category: % Value Growth 2013-2018
Executive Summary
Accelerating Inflation Erodes Both Consumer Purchasing Power and Confidence
Drain in Foreign Reserves Strengthens Imports Barriers
International Brands Are Among the Most Impacted by the Local Trade Environment
Strengthened Controls Deepen Price Distortions in Sales Channels
Short Term Economic Developments Are Key To the Market's Future Performance
Key Trends and Developments
Economic Activity and Consumption Face Too Many Challenges in 2014
Imports Lockout Strengthens in the Context of Leaking Foreign Exchange Reserves
Purchasing Power Erodes at A Faster Pace in 2014
Market Data
Table 8 Sales of Home and Garden by Category: Value 2008-2013
Table 9 Sales of Home and Garden by Category: % Value Growth 2008-2013
Table 10 NBO Company Shares of Home and Garden: % Value 2009-2013
Table 11 LBN Brand Shares of Home and Garden: % Value 2010-2013
Table 12 Distribution of Home and Garden by Format: % Value 2008-2013
Table 13 Forecast Sales of Home and Garden by Category: Value 2013-2018
Table 14 Forecast Sales of Home and Garden by Category: % Value Growth 2013-2018
Sources
Summary 1 Research Sources
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