We forecast that growth returns in Q3 2013 as the more affluent move house again leading to an uplift for the entire year in 2014. This will be the first full year that furniture & floorcoverings has achieved growth for a year since 2007. Despite this, challenges remain within the market and retailers must keep developing their offer to remain relevant and gain share.
- Identify how furniture & floorcoverings sub-sectors are set to perform up to 2017 and be able to adjust product mix and strategy accordingly.
- Develop strategy around the key issues which are set to impact upon the furniture & floorcoverings sector over the next five years.
- See potential strategies to help alleviate the margins pressures which impacted upon furniture specialists over their 2010/11 financial year
The furniture & floorcoverings market will return to a full year of growth in 2014 as sales increase by 2.8%. More consumers will be in a better financial position, housing transactions will increase and shoppers will start to make purchases that were deferred during the downturn. Growth peaks in 2015 as floorcoverings supports performance.
As retailers become more cautious about opening new space over the next five years, like-for-like performance will become more pivotal to the success of furniture specialists. The growth of online, as a sales channel and to enable shoppers to conduct pre-purchase research will aid like-for-likes and retailers should invest more in this channel.
Delivery is set to become a key battleground for furniture retailers as improvements made throughout the sector ratchet customers' expectations upwards. Retailers have two options to acheive this; incorporate more warehouse space or use just-in-time production more. Retailers must also handle problems with late deliveries quickly and effectively.
Reasons to Get this Report
- Which induvidual furniture & floorcoverings sub-secotrs are set to be the most buoyant over the next five years and what is this performance?
- How can smaller independents survive in a consolidating market?
- Which retailers are set to gain market share in 2013 and which channels in furniture & floorcoverings are set to outperform?