LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global luxury furniture market 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.
Tamal Saha, a lead analyst from Technavio, specializing in research on retail goods and services sector, says, “The increase in demand for branded products is driven by greater spending power in emerging countries, worldwide growth of High Net Worth Individual segment, and rise in purchasing ability of luxury and mass market segments. This has resulted in the target market for luxury enterprises expanding, with a positive fallout on their economic and financial growth.”
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The top three emerging trends driving the global luxury furniture market according to Technavio research analysts are:
Increase in demand for eco-friendly and green furnishings
The awareness of eco-friendly and green furniture in the Americas and Europe has increased. It is also being witnessed among the consumers of developing countries such as China. Consumers are currently showing more preference toward eco-friendly furniture such as those made from Moso bamboo, which is harder and more durable than oak.
“Eco-friendly furniture had always been available but is rapidly becoming mainstream. Environmental concerns such as awareness of the effect of deforestation on ecosystems and climate change have led key vendors to go green,” according to Tamal.
Growing online sales of luxury furniture
The fraction of the revenue generated by the global online furniture market has been growing gradually over a period. At present, online sales may have a lower contribution toward the sales revenue of the market. However, it is expected to have a noticeable market share by the end of the forecast period.
Online retailing is a convenient platform for vendors, particularly for those going through product or geographic expansion phases. In such circumstances, vendors prefer to promote and sell their extended line of products through their online portals.
Digital marketing and social media campaigns for consumer engagement
With advances in internet technology and innovations in internet applications, there has been a paradigm shift in the promotional and marketing activities of vendors in the market. Unlike the past decades, where print media and radio communication were the only medium of communication, the vendors in the market are coming up with several digital marketing campaigns and promotional activities for the luxury furniture segment.
The key players in the market have a digital media presence to enhance their market visibility and acquire potential customers. Apart from the conventional marketing channels, digital marketing has become a key marketing channel for the luxury furniture segment. This is because of its wide customer outreach and zero cost of marketing activities.
The key vendors are as follows:
- Inter IKEA Systems
- Heritage Home Group
- Herman Miller
- HNI
- MUEBLES PICO
- Steinhoff International
- Williams-Sonoma
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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