Boston, MA -- (SBWIRE) -- 08/12/2014 -- Over the review period, the government launched a ramp of stricter policies to regulate rising house prices in China, such as an additional tax on second homes in 2013. This cooled down large scale new house trading, putting downward pressure on home furnishings, which is closely linked to the real estate market. However ongoing demand from newlyweds, whose parents help to buy young couples their first homes, continued to push home furnishings in 2013. In addition, the rising housing prices, especially in large cities, hampered demand for large houses, although it did boost demand for decoration items, which was a positive for the category.

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Competitive Landscape

The Swedish-based retailer IKEA held the largest share of sales in home furnishings and the highest sales by some substantial margin in 2013. With a large range of categories and affordable products in home furnishings, the company outperformed both international and domestic competitors, which usually focused on limited product series. In addition, thanks to its further development, IKEA opened a further three outlets in Beijing, Shanghai and Ningbo, taking its total number of outlets to 14 in China, which also strengthened its leading position and led to sales growth of 26% in 2013.

Industry Prospects

Rising real estate prices are also expected to lead consumers to switch to purchasing small houses or flats, which will also stimulate new demand for smaller and multifunctional home furnishings products over the forecast period. To cater to the growing demand for smaller and affordable houses, real estate developer China Vanke, also announced plans to launch three kinds of mini houses with 18, 23 and 36 sq m flats, which may debut in Minhang District in Shanghai over the forecast period. As a result, space saving and multi-functional home furnishings, such as foldable beds and living room furniture, may play an important role in driving sales during the forecast period.

Home Furnishing Market Research Analyse key trends and developments in China for all product categories, competitors and channels.

Evaluate the market position and financial performance of the leading national and international market players.

Product coverage: Indoor Living, Lighting, Outdoor Living.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

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