Key findings: Furniture and furnishings
This furniture and furnishings market research report offers actionable information on the global spend potential, supplier selection criteria, and supplier cost structure. Insights delivered in this report will help purchasers to identify cost-saving opportunities while procuring furniture and furnishings.
In recent times, the onset of health issues such as lower back and joint pains is primarily attributed to wrong postures. This is compelling buyers from the corporate sectors and institutions to procure ergonomically designed chairs and desks that can reduce the joint-related ailments. This trend is acting is one of the primary growth drivers for the furniture and furnishings market. Suppliers are capitalizing on this trend and are implementing modern technologies to create innovative but affordable furniture for buyers. Consequently, this is boosting the demand and accelerating the category spend momentum.
For more information on the exact year-over-year spend growth rate, download a free report sample.
Written from the perspective of the buyers and suppliers, this furniture and furnishings sourcing and procurement report offers comprehensive coverage of the factors driving spend across various regions and helps buyers to identify opportunities for cost savings. To help buyers devise a tangible category pricing strategy, insights into supplier selection criteria and their cost structure, and risk assessment strategies are offered in this report.
Insights offered in this furniture and furnishings sourcing and procurement report will help the buyers understand:
- Global spend potential for a period of 2018-2023
- Supplier selection criteria
- Risk assessment strategies
- Supply chain margins and key cost drivers
Analyze the global category spend for furniture and furnishings
The widespread industrialization empowered by economic growth is spurring the increase in the commercial and industrial space occupancy on a global scale. This strong demand for office spaces is credited to the proliferation of SMEs across the significant economies and requirements of the exponentially growing e-commerce, FMCG, and BFSI sectors. Consequently, the improving space occupancy is likely to drive demand for a range of furniture and furnishings which will propel the category spend growth rate to a significant extent during the forecast period. To access the annual market size data for the global category spend, download a free sample copy.
This furniture and furnishings market research report offers coverage of:
- Regional and global spend opportunities
- Spend dynamics on a global and regional level
- Category spend and spend growth potential
Optimize category spend for furniture and furnishings
The furniture and furnishings market is strictly driven by the behavioral trends and requirements of the consumers. Essentially, different establishments have their unique sets of elements for furniture. On that note, this furniture and furnishings market research report advises buyers to partner with suppliers that exhibit capabilities in customizing furniture. This will enable buyers to minimize their procurement spend because of the supplier’s capabilities to create products that cost less and use high-quality raw materials.
This furniture and furnishings sourcing and procurement report also offers coverage of:
- Cost-saving opportunities
- Risk assessment strategies
- Technology-facilitated procurement metrics
- Supply market competitiveness and factors influencing buyer power
Assess category spend for the US region
Favorable economic conditions in the US will spur industrial growth. This has paved the way for impressive growth of the commercial leasing industry which has registered a revenue of $221bn last year. The steady economic growth in the US is also creating substantial demand for office spaces which, in turn, is driving the requirement for furniture from the corporate sector.
Additional information offered in this furniture and furnishings market research report will help buyers analyze:
- Category spend in the US
- Supplier cost structure in the US
- Margins of suppliers and category cost drivers
Build strategies for effective supplier selection
Functionality and longevity of furniture are highly reliant on the maintenance of the same. It is imperative that buyers partner with suppliers that provide maintenance services at competitive prices.
This furniture and furnishings sourcing and procurement report identifies the major costs incurred by suppliers and provides additional information on:
- Key supplier selection criteria
- Service level agreements and US supplier market ecosystem
- Total cost of ownership and category risks
Devise effective category management strategies for furniture and furnishings
This report states that most category managers are focusing on partnering with suppliers that have long-term partnerships with raw material suppliers, right from sourcing wood to actual product design. These suppliers collaborate with their raw material suppliers in developing lightweight and durable products using alternative materials which are known to minimize buyer’s product cost.
Key insights offered in this furniture and furnishings market research report will help the buyers identify:
- Category risks and risk assessment strategies to mitigate them
- Major supplier and buyer KPIs
- Threat of new substitutes and availability of new suppliers
Design strategies based on regional spend data
The growing popularity of do-it-yourself furniture among millennials and suppliers adding personalized multi-functional furniture in their inventory in North America is driving the category spend momentum in the region. A high rate of category adoption in the hotel industry which is a result of the thriving tourism industry in South America will offset the initial growth setback posed by the slow pace of the construction sector in the region. The booming commercial real estate industry in APAC will be one of the primary growth drivers for the furniture and furnishings market in the region.
To estimate the regional spend potential, this furniture and furnishings market research report considers geographies such as:
- North America
- South America
Information on the top furniture and furnishings suppliers, the supplier selection criteria, and significant risks faced while procuring furniture and furnishings are offered in this market research report. Download a free sample to access the report’s complete scope of coverage.
Key Features of Report
Procurement Best Practices
Cost Saving Opportunities
Supplier Capability Matrix
Furniture and Furnishings - Category Spend Analysis
According to SpendEdge analysts, one of the key growth contributors for the global furniture and furnishings supply market is the growing awareness regarding postural injuries due to sitting for long hours in the office and increasing environmental awareness. Also, additional factors such as growing digitization leading to the demand for innovatively designed desks with features such as space for wiring and plug points that facilitate clutter-free environments will trigger the growth of the market.
Furniture and Furnishings – Procurement Best Practices
Buyers should evaluate the extent to which sustainable practices have been adopted by suppliers, such as sourcing of wood from managed forests and use of natural resins instead of synthetic polymers. They should also assess the energy efficiency of machines and facilities used by suppliers.
Furniture and Furnishings - Procurement Challenges
Based on the analysis in this report, a major procurement pain point experienced by the buyers is accurately assessing life expectancy of products. SpendEdge’s procurement specialists predict that the buyers must include a clause in contracts that make it mandatory for suppliers to provide an accurate estimate of product lifespans.