GURUGRAM, India, January 28, 2019
GURUGRAM, India, January 28, 2019 /PRNewswire/ --
Key Potential Trends
Growth of Real Estate Sector: In UAE alone 55,000 homes and 40,000 new hotel rooms were constructed in 2017-18. It has been observed that 70% of the timber and wood products are used for construction purposes while the remaining 30% is used in real estate, interiors, furniture and other industry applications. The demand for furniture is likely to go up in the near future as Dubai will add 40,000 new hotel rooms and service apartments to meet the growing demand of tourists following the "Expo 2020" in Dubai, which is for a period of 1 year from 2020 to 2021.
Increasing Competition among Manufacturers and Retailers: The furniture market in UAE region is highly competitive owing to the rising demand of furniture and furnishing products. This rise in demand has led to the growing domestic demand and emergence of multiple players catering to the same target audience in the space. Manufacturers and retailers operating in the region compete on almost same grounds of quality of the product and the material used to manufacture the product.
Competition from Different Format Stores: Organized furniture retailers in UAE have faced substantial competition not only from the unorganized sector but also from different types of stores within the organized market. The organized furniture market comprises of company showrooms (exclusive or franchise), SIS format stores and destination stores. Exclusive showrooms and franchise outlets of specific brands have witnessed a higher footfall owing to high brand awareness and customer satisfaction, whereas on the other hand destination stores possess furniture products of different products under one roof.
High Marketing/Promotion Costs: Furniture as a product holds high importance in the mindset of the people of the UAE region. Hence, in order to represent the high value generated by particular furniture product, companies often incur high costs for marketing and promotion. Display of advertisements on television, newspapers, online portals and display of actual products in retail mall promotions has increased the cost of marketing. In the future, it is believed that the companies will continue to dedicate their marketing expenditure towards above the line advertising modes.
UAE Furniture market is expected to register positive CAGR of around 5.6% during the period 2018-2022. Rise in number of online market players catering to the demand for wooden products and accessories are expected to have positive impact on the overall revenue of UAE furniture market.
Analysts at Ken Research in their latest publication "UAE Home Furniture and Furnishing Market Outlook to 2022 - By Living Room Furniture (Sofa, Sofa Cum bed, Other Sitting Furniture, Coffee Tables, Others), Bedroom Furniture (Bed, Mattresses, Wardrobes, Chest of Drawers), Dining Room, Home Office, Kitchen Furniture and Furnishing (Home Textile, Window Covering, Barbeques, Lightning Products)" believe that rise in demand of residential furniture with the change of existing furniture and adopting new designs & modern furniture will aid the furniture market.
For more information about the publication, refer to below link:
Key Segments Covered
- Furniture and Furnishing
- End Users
- By Emirates
Key Target Audience
Time Period Captured in the Report
- Offline and Online Furniture Companies
- Online Furniture Companies
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Head Marketing, Ken Research