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UK BEDROOM FURNITURE MARKET, 2002 |
| News Release October 29, 2002 New Report available from AKTRIN on: UK BEDROOM FURNITURE MARKET, 2002 The AKTRIN Furniture Information Center in collaboration with AMA Research of the United Kingdom have published a new study of the 'UK Bedroom Furniture Market. The overall UK Furniture market had a value of ?bn in 2001. The Bedroom Furniture sector accounts for 13% of the market which is in excess of ?25 million. Forecasts to 2005 estimate annual increases of 2-3% to reach a value of close to ?00 million. The bedroom furniture sector is a mature market. The market growth was sluggish in 1998/99 due to the economic downturn. In early 2000, the economic climate improved. However, the severe weather conditions and the petrol crisis in autumn 2000 delayed home improvement projects which subsequently affected the furniture market. Despite the economic uncertainty in 2001, consumer confidence and spending levels remained high supported by low interest rates and a buoyant housing market. Key characteristics of the bedroom furniture market are its deferrable purchase nature. The lack of "visibility" and wear and tear also contribute to the lengthy replacement cycles, although lifestyle magazines are giving more attention to the bedroom. Free-standing furniture make up about three-quarters of the bedroom furniture sector, with fitted bedroom furniture accounting for the remaining quarter. The fitted bedroom sector has been constrained by price pressures in recent years. The key driver remains house-building. The free-standing sector remains strong, although the increasing share taken by flat-pack furniture and inexpensive imports will affect the future growth. Household penetration of fitted bedroom furniture is about 11% during 2001. It is expected to increase in future years. When compared with the much higher penetration of fitted bathrooms and kitchens there is considerable scope for future development of the fitted bedroom sector. The self-assembly sector of the bedroom furniture market has experienced fast growth. It was worth almost ?50m in 2001. The major reasons for the increase are the immediacy, convenience and availability of flat pack furniture, the better quality, and the growing demand for modular/flexible furniture. Bedroom furniture for children and teenagers has also experienced relatively high growth. The wide range of modular styles, which can be added as the child grows have meant that parents are purchasing more expensive and better quality items. The Home Office Furniture market was worth almost ?00 million during 2001, and has significant implications for the growth of the bedroom furniture sector. With more and more people working from home, certain rooms within the home have to perform a dual-purpose. There is a rising demand for multi-functional furniture, in particular modular furniture that provides more efficient storage space. This is increasingly blurring the definition of what constitutes "bedroom furniture". International trade in wooden bedroom furniture has been affected by the strength of Sterling. While the import penetration is advancing, exports are declining. There are approximately 4000 companies within the bedroom furniture sector. Over 40% of the market is composed of businesses with less than 1% value share. Major suppliers are MFI Furniture Group, Silentnight Holdings and Homeform Group. The furniture multiples have increased their share of the bedroom furniture distribution channel, largely due to the growth of IKEA and the high level of product development by the MFI Furniture Group. * * * AKTRIN is a report writing and international consulting firm fully dedicated to the furniture industry. The company has been in existence since 1985 and maintains offices in the United States and Canada. Representatives and affiliates are located throughout the world. * * * Stefan Wille AKTRIN Furniture Information Center Tel.: (905) 845 3474 E-mail: furniture@furniture-info.com/f_books.htm?132.htm Web: www.furniture-info.com |
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