Analysts at Ken Research in their
latest publication “Australia
Furniture Market Outlook to 2022 - By Residential (Bedroom, Living Room,
Kitchen, Home Office furniture, Dining Room, Storage Furniture and Other
Residential Furniture), Hospitality and Commercial Furniture, by Home
Furnishing (Indoor, Outdoor and Lighting)” believe that rise
in demand of residential furniture with the change of existing furniture and
adopting new designs & contemporary furniture will aid the furniture
market.
Rising number of furniture
manufacturers & retail outlets, residential construction & housing
activity and increasing awareness among customers about the latest designs and
trends has driven the growth of furniture in the country.
Construction of more condominiums and residential houses in
the country is expected to drive the growth of the industry in the coming
years. Opening of more number of stores by companies in different locations and
increase in the product listing will also drive the growth of the furniture
market. Sales for furniture in Australia have been dominated by offline retail
outlets, franchisee outlets, showrooms and exclusive stores of manufacturers
and major players operating in the space. Despite of the presence of
approximately 20.67 million internet users i.e. a penetration rate of over 85.1%
in the country during 2016, online sales of furniture contributed poorly to the
overall market revenues during the same year. Online players faced stiff
competition from brick and mortar stores all across the country, which offered
a wide variety of products at competitive prices. Most of the companies selling
via online channel had at least one offline store and are yet to register
significant traffic and product orders through online in the country. The major
players which have dominated the revenues of online furniture sales in 2017 are
Fantastic Furniture, Zanui, Pottery Barn, Living Styles, Icon by Design,
Brosa.com.au and others.
Rise in culture of
co-working space and new office establishment in Melbourne, Sydney and Brisbane
led to increase number of SLAs (Service Level Agreements) for office furniture
and furnishings.
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Ankur
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