Boston, MA -- (SBWIRE) -- 11/10/2014 -- Sales of home furnishing products were supported by strong growth in new housing in 2013, before the expected tax hike in 2014 takes place. Sale of new housing has also been supported by the recovery in the economy. Increased numbers of consumers have needed to purchase furniture and other home products for their new houses. However, many of these new houses and apartments come with inbuilt closet, drawer and other storage spaces, which mean that consumers are not required to purchase much storage furniture.

Competitive Landscape

The market is highly fragmented, with no players holding more than a 10% value share, and mostly dominated by domestic players. By some distance, Nitori Co leads in home furnishing with a 10% value share, followed by Panasonic.

Industry Prospects

Home furnishings is forecast to grow by a 1% CAGR over the forecast period. Currently, sales in home furnishing products are supported by growth in new housing sales, accelerated prior to the forthcoming tax hike. However, it is anticipated that sales in new housing will decline once tax is increased, which is likely to negatively influence sales of home furnishing products over the forecast period.

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Home Furnishing Market Research

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