Retailing is changing. This is partly due to the advent of the internet and partly because of a growing reluctance to drive to out-of-town stores. Furniture retailers have adapted to the internet, their next challenge is to think long and hard about the future of the superstore. Their first move must be to experiment with moves back to the high street (or, at least, to secondary locations) and see to what extent smaller stores and the internet together can work better or as well as larger out-of-town stores.
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TABLE OF CONTENT
Looking for the recovery
Figure 1: Spending on furniture, 2008-18
A £13 billion market
Reasons for (very) modest optimism
Change in attitudes
Companies, brands and innovation
Space allocation summary
Figure 2: Major furniture retailers: Summary space allocation, June 2013
Figure 3: Leading furniture retailers: Share of all spending on furniture, 2012
Who shops where?
Figure 4: Furniture shops bought from the in the last three years, June 2013
Factors in determining which store to visit
Figure 5: Factors important when buying furniture, June 2013
Online and in-store – how they interact
Figure 6: Attitudes to buying furniture, online and in-store, June 2013
What we think
Issues in the Market
What makes for success in furniture retailing?
Time for furniture retailers to move away from a marketing strategy based on being permanently on Sale and interest-free credit?
Just how important are low prices?
Online will it kill furniture stores? Does a furniture retailer have to be online?
Is there a future for the superstore?
Mintel Futures: Human
The Market Environment
The downturn continues
Figure 7: GDP, PDI, consumer expenditure and savings, at current prices, 2008-18
Figure 8: GDP, PDI, consumer expenditure and savings, at constant 2008 prices, 2008-18
Figure 9: UK: The income squeeze – inflation and wages growth, 2008-13
Figure 10: How consumers feel about their current financial situation, Feb 2009-Jun 2013
Figure 11: Inflation in furniture and furnishings, June 2012 – June 2013
Figure 12: Average house prices, 2009-13
Figure 13: Housing transactions – quarterly, not seasonally adjusted, 2006-13
Housing equity withdrawal
Figure 14: Housing equity withdrawal, 2005-13
Furniture Specialists’ Sales
Figure 18: Sales, by furniture specialists, 2008-12
Figure 19: Furniture retailers sales as % all non-food retailers sales, 2000-13
Strengths and Weaknesses
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Furniture buying in context
Figure 20: UK consumer spending on major home products (incl vat), 2007-12
Interest in home fashions
Figure 21: What money left over at the end of the month is spent on, June 2013
Channels of Distribution
Figure 22: UK Furniture: Estimated channels of distribution (excl vat), 2012
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