NEW YORK, July 1, 2021 /PRNewswire/ —
The home furnishings industry is expected to have a negative impact due to the spread of the COVID-19 pandemic. The market demand is expected to remain low due to the increasing number of infections and reduced economic activities. However, the recovery of economies and the large-scale application of vaccines are expected to propel the market growth during the forecast period.
The rising standard of living is identified as one of the major factors driving the growth of the market. Improvements in disposable incomes have increased the spending capacity of consumers worldwide. Besides, the growth in the number of working women and dual-income households is increasing the demand for luxury goods and services. This has increased the number of residential establishments which is creating the demand for various furniture products, including bedroom furniture, thereby driving the growth of the market.
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As per Technavio, the robust growth in online sales will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Bedroom Furniture Market: Robust growth in online sales
The rising penetration of the internet has increased the consumer inclination toward online shopping. Numerous furniture manufacturers are focusing on improving their sales by leveraging online platforms. For example, vendors such as Ashley Furniture Industries and Century Furniture are selling their bedroom furniture products online at comparatively lower rates than offline stores. This trend among vendors is expected to positively influence the growth of the global bedroom furniture market during the forecast period.
«Increased residential construction and home renovation activities will further boost market growth during the forecast period», says a senior analyst at Technavio.
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Bedroom Furniture Market: Segmentation Analysis
This market research report segments the bedroom furniture market by product (BBLH, wardrobes, mattresses and supporters, chests and chest of drawers, and others), distribution channel (offline and online), and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the bedroom furniture market in 2021, followed by North America, Europe, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to strong economic growth and population expansion in the region.
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Related Reports on Consumer Discretionary Include:
Global Furniture Market – Global furniture market is segmented by product (home, office, and others) and geography (APAC, Europe, North America, South America, and MEA).
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Global Luxury Furniture Market – Global luxury furniture market is segmented by distribution channel (offline and online), geography (Europe, North America, APAC, MEA, and South America), and application (residential and commercial).
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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