2014-03-21 14:00:05 - Home Furnishings: Category Overview - a new market research report on companiesandmarkets.com
Global sales of home furnishings fell sharply in 2008 and 2009, as the credit crunch weighed heavily on global economic growth, with developed markets struggling to recover since.
The economic crisis reduced incomes, depressed residential home values and undermined consumer confidence, leaving many reluctant to spend. Many consumers deleveraged (paid back debt) or were unable to borrow. Lending is an important driver of sales of big-ticket items, particularly in indoor furniture.
However, in such emerging markets as China and Brazil, these factors were mainly positive: Gross consumer lending grew by 62% in Latin America (to US$703.3 billion) and surged by 356% in China (to US$573.2 billion) between 2006 and 2011.
Performance of property market vital
Fluctuations in activity levels in the residential property market
have had a huge impact on the home furnishings sector in recent years, particularly in China and the US.
Burgeoning middle class drives demand in emerging markets
Urbanisation and income growth in such markets as China, India and Indonesia are driving a rapid expansion in the number of middle class consumers with discretionary income to spend on home improvement.
Weak consumer confidence undermines developed economies
Weak labour markets, deleveraging by households and government austerity measures have helped to subdue consumer demand for home furnishings in North America, Western Europe, Japan and Australia.
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