New Consumer Goods market report from Euromonitor International: "Home Furnishings in Mexico"
Boston, MA -- (SBWIRE) -- 08/21/2014 -- In recent years, domestic home furnishings manufacturers have faced a growing challenge from competitively priced imported brands and private label products available from major specialist chains such as Zara Home, H&M Home and Crate & Barrel. In 2013, domestic companies continued to try and strengthen their competitiveness against these threats by working to improve quality standards, reduce prices and adapt their portfolios to keep pace with global design trends. Domestic players also increased their participation in trade shows such as Expo Mueble, the biggest event of its kind in Latin America, and sought to broaden distribution of their home furnishings products via local and international retail chains.
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El Puerto de Liverpool, Mexico's biggest department stores operator, remained the clear leader in home furnishings in 2013 with a value share of 9%. This was mainly due to the commanding lead held by its Haus private label range in the indoor furniture category. Philips Mexicana SA de CV ranked second overall with a 4% value share thanks to its leading position in lighting, while Muebles Dico SA de CV, another indoor furniture manufacturer, rounded out the top three with a 2% share. Other prominent competitors in home furnishings included D'Europe Muebles SA, Osram de Mexico SA de CV, GE Lighting Mexico SA de CV and Cia Industrial de Tepeji del Rio SA de CV.
After having declined during the review period due to the negative impact of the global financial crisis, total home furnishings value sales at constant 2013 prices are expected to grow steadily over the forecast period. The development of the entire category will be underpinned by gradual improvements in the domestic economy and continued growth in the total number of households in Mexico. Demand for home furnishings will be further bolstered by easier consumer access to credit facilities and increased exposure to a broader variety of brands and product types via specialist retail chains. At the same time, new launches, marketing campaigns and the growing influence of global design and interior decor trends in Mexico will help to strengthen consumer interest in different home furnishings categories. Trading up to higher quality and more sophisticated products, especially in categories like light sources, will also boost growth in total home furnishings value sales.