LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global recliner sofas market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Brijesh Kumar Choubey, a lead analyst from Technavio says, “The demand for multi-seater recliner sofas is increasing across different business places such as theaters, business conference rooms, auditoriums, office receptions and guest rooms, and passenger restrooms in airports and railway stations. This increasing demand has been encouraging recliner sofa marketers to expand their product offerings.”
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The top three emerging trends driving the global recliner sofas market according to Technavio consumer and retail research analysts are:
- Increasing demand from millennials
- Evolving channels for product distribution
- Increased media penetration
Increasing demand from millennials
The consumption pattern for living room furniture is evolving among the youth population. Millennials represent the major youth segment of the total population and this consumer segment is growing rapidly. For instance, in the US, millennials (people who are born between 1982 and 2000) account for more than one-fourth of the country’s total population. As of 2014, the population belonging to this age group (16-34 years) totaled to more than 82 million.
The busy lifestyle of consumers belonging to this segment and the need for relaxation during their idle or leisure time influences them to give more weightage to the comfort factor while making a purchase decision for furniture items. Recliner seaters or sofas provide extra comfort to match with that of consumers’ requirements and expectations.
Private-label and niche furniture brands gaining traction
The number of private label brands is increasing in the global recliner sofas market, thereby increasing the competition for global and regional vendors. Private labels such as Jedd, Alessandro, Beckett, and Liam from Macy’s are undercutting the retail prices of branded labels. Over time, there has also been an improvement in the quality of the products offered by these labels.
The popularity of these labels has been growing in developed markets such as the US, Germany, France, Australia, and the UK, effectively limiting the growth of the major brands. The entry of these private labels in the market, however, enables consumers to purchase living room furniture products at relatively lower prices. The growing presence of these private label brands is expected to positively influence the market, especially in terms of gaining consumer interest, during the forecast period.
Evolving channels for product distribution
Considering factors such as convenience and easy on-the-go shopping experience, consumers increasingly prefer to purchase furniture products online. To fulfil consumers’ requirement and meet their expectations, there is an increase in the number of furniture marketers that have started embracing the online platform to sell their products. In the wake of prevailing competition, furniture marketers are integrating their online and offline operations to provide a hassle-free shopping experience to consumers. Well-established players like Ashley HomeStores (from Ashley Furniture), La-Z-Boy, Williams-Sonoma, Nebraska Furniture Mart (from Berkshire Hathaway), and Rooms To Go all have online services.
In some cases, customers can also see and experience how their living rooms will look like after fitting the furniture selected by them online through the use of virtual reality. “M-commerce is another emerging trend, which is expected to strengthen over the coming years. IKEA’s IKEA mobile app is one of the most successful digital media assistants that helps consumers purchase furniture products through their mobile phones,” says Brijesh.
Increased media penetration
Retail furniture chains have benefited considerably from the increased media penetration, like TV commercials, and social media platforms. Companies nowadays are investing heavily in campaigns to promote their brands and products. IKEA has separate pages for different countries on social media website like Facebook to address the varying requirements of its customers. The company's catalog is also available digitally, for desktop and mobile users. Ashley Furniture, on the other hand, worked with iCrossing, a digital marketing agency, to enhance its social media interactions with customers. In addition to its Facebook page, the company uses Twitter, YouTube, and Flickr to actively promote its products.
Browse Related Reports:
- Global Bedroom Furniture Market 2016-2020
- Home Furniture Market in the US 2016-2020
- RTA (Ready-to-assemble) Furniture Market US 2015-2019
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