LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the ready-to-assemble (RTA) furniture market in the US provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Poonam Saini, a lead analyst from Technavio, specializing in research on furniture and home furnishing sector, says, “In 2016, the home RTA furniture segment dominated the RTA furniture market in the US with a share of close to 68%. This can be attributed to the flexibility and mobility options that are offered by home RTA furniture. With the reducing living spaces in the US, furniture that can be easily assembled or dismantled might help in creating additional home spaces.”
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The top three emerging market trends driving the RTA furniture market in the US according to Technavio research analysts are:
- Luxury RTA furniture for affluent consumers
- Product customization
- Enhancing consumer experience through technology
Luxury RTA furniture for affluent consumers
The growing emphasis on improved and more trendy home décor is encouraging consumers to opt for unique and designer furniture products. This is further supported by the economic growth of the country and high disposable income of consumers. High-end furnishings and designer furniture, floor coverings, and textiles are largely preferred in upper-class households.
RTA furniture products, which were earlier perceived having low-quality, are now showcasing designer offerings. This factor is helping customers to opt for luxury designer RTA furniture products that are priced lower than their assembled counterparts. For instance, Wedgewood Furniture offers designer furniture made from bamboo plywood and has received the Las Vegas Market booth design award.
Product customization
Major vendors such as Home Depot Product Authority and Lowe’s are putting in efforts to mass customize their furniture by making use of consumer interaction platforms. Customers can also order furniture in the colors and themes of their choice. Inter IKEA Systems, for instance, has come up with an assembly service, which allows consumers to add a personal touch to fittings through customization. This service enables customers to suggest modifications in the design of furniture bought by them. Players can further capitalize on this opportunity by basing their marketing communication on the customization potential and thus spur growth in sales.
“Several manufacturers also offer the customization option to their customers for products manufactured by other players. For instance, Superfront offers customization options for Inter IKEA Systems’ wardrobe, cabinets, and beds,” says Poonam.
Enhancing consumer experience through technology
Players operating in the space are extensively using advances in technology to develop and market their products, which will, in turn, enhance consumers' experience. For instance, the use of Bluetooth beacons has become a global trend among top retailers, thereby leveraging technology to connect with individual customers. Well-established home furnishing retailers such as Walmart Stores and Inter IKEA Systems use this technology.
The Inter IKEA Systems Catalog app makes use of augmented reality to present a virtual preview of the furniture placed in a room of customers' choosing, by pointing the camera of a smartphone to a specific location. This application, supported on Android and iOS platforms, enables users to get precise measurements of furniture products. uDecore, an app suitable for use on iOS devices, allows users to customize furniture virtually via an augmented reality technology.
Browse Related Reports:
- Children’s Furniture Market in the US 2016-2020
- Home Furniture Market in the US 2016-2020
- Ready to Assemble Furniture Market in Europe 2016-2020
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