Views: 3 Author: Site Editor Publish Time: 2022-04-15 Origin: Site
The furniture market will be at the forefront of the shock given the usual high prices and the disruption of home retail business and a reduction in broadly non-discretionary spending due to the Covid-19 pandemic. At least in the short term, this has a dual impact: on the one hand, the desire to buy large-scale goods will be suppressed, and the market will be hit hard; on the other hand, considering the greater need for stores to support sales, the furniture industry will be affected by the closure of high-street stores and ongoing risks significant impact.
Nonetheless, the furniture industry still has avenues for growth under the current pattern. An extended lockdown in the UK will continue to push household furniture up the agenda for non-essential spending. In fact, as of April 2020, more than half of consumers agree that the lockdown has caused them to prioritize home over other things. So while total spending will fall over the coming year, this will create opportunities for the lightweight market, especially for decorations and storage solutions.
The biggest opportunity, however, will be office furniture, whose sales will surge in 2020 as millions are forced to work from home, care for and educate their children. As a result of these shifts, nearly a quarter of consumers have increased their spending on office furniture, according to new Mintel research. Many Britons are hungry for space, which will undoubtedly drive demand for versatile furniture solutions and temporary workspaces.
In the long run, this disruption will have a profound and lasting impact on the way consumers buy furniture. Not surprisingly, as the recession hits, there will be a renewed focus on value and a return to smarter shopping habits. The most obvious shift, however, will be the surge in online penetration within the category, a shift in massive demand that effectively pushes furniture retailers to implement online strategies years in advance to support a new wave of e-commerce in the years ahead.