The report identifies a number of market opportunities which are likely to offer some impetus for sales of bedroom furniture, with some reasonably compelling arguments for value growth in the medium to longer term. Whilst not being overly optimistic, MTW point to the changing demographic of the UK population which should drive organic growth, coupled with an increasing number of ‘middle-late aged’ consumers who are increasingly adopting the ‘improve, don’t move’ mantra. This relatively affluent target market has been less affected by the recent recessions and generally consumer preferences in this sector focus on higher value, quality products such as fitted bedroom solutions, hardwood rigid bedroom furniture as well as encompassing an element of ‘trading-up’
Despite a growing sense of optimism, output from UK manufacturers has declined by more than 20% in the last 6 years as the bedroom furniture industry has clearly experienced a significant shift toward the lower value and import sectors in recent years, evidenced by the increasing use of ranges which have been branded to focus on their value for money. The report suggests that names such as ‘Essential’
Since 2009, the bedroom furniture industry has experienced a ‘flight to price’, with product innovation and enhanced features having increasingly taken a back seat in favour of pricing and the need to offer consumers value for money. The report suggests that with an upturn in the macro-economy from Q2 2013 onwards, bedroom furniture trends should increasingly focus on design and innovation, rather than being all about price. MTW identify a number of key product trends in the report, such as the current preference for oak in the freestanding sector and the reduction in the range of colours currently available in the mass market, as well as discussing the differences in trends between the higher value fitted and price-led freestanding sectors which have polarised the market in recent years.
MTW’s analysis also includes a review of the furniture retail industry with the report finding that the majority of furniture retailers continue to have either and ‘excellent’
Overall, MTW’s report offers a comprehensive qualitative and quantitative review of the UK bedroom furniture market in 2012 with forecasts to 2016 of product and distribution market sizes. The 220 page report and optional 3,000 furniture retailer mailing list is available to purchase from GBP565 from MTW Research’s website www.marketresearchreports.co.uk where a free sample is available to download, or by calling 08456 524324.