When the world was experiencing an economic recession, the furniture industry was negatively impacted during this time period as people started to cut down on their additional expenses. However, with the improvement in the global economy and stability in the financial world, the furniture industry has also picked up a business now is presently one of the most profit-generating sectors on a global scale.
With the ever-increasing demand for residential apartment and commercial properties, the demand for furniture is also on the rise. It is estimated that a total of 700 billion dollars’ worth of the business will be initiated by the end of the financial year 2019. Such is the magnitude and the scope of the furniture northern beaches industry. The market segment continues to grow and develop into a real superpower as more job opportunities are offered to skilled professionals. More and more furniture firms are coming up due to this particular reason and are offering some of the finest quality goods and services.
Thus, to analyze and understand the furniture northern beach industry in a better way, let us now look at some of the present trends that are dominating the market now.
- Increase in the number of start-ups has given a boost to the furniture industry– With the development and enhancement of Information Technology, various start-ups are starting to take control of the corporate world. By utilizing the power of the internet, any domestic service provider can offer its services on a worldwide scale. Thus, there is an immediate need to build home offices where furniture such as desks, chairs, tables, cabinets, etc. are needed for effective operations. This sudden growth of start-up has helped the furniture segment to increase its business by almost 6% [on aggregate] from 2014 to 2019.
- Versatile furniture is in demand – The number of nuclear families has also been increasing as the concept of living together in one house is more of a thing of the past. Thus, there is an immediate requirement of versatile and modern furniture than can be utilized for multiple purposes. This modern furniture is designed by using the latest technology and hence is extremely flexible when it comes to their usage. Easy to transport and incorporate in any household or office. This multi-purpose foldable and efficient furniture system have tremendous demand among the consumers.
- The Trend of Eco-Friendly Furniture– With the ever-growing concerns of deforestation and global warming, furniture manufacturers are now looking for alternative raw material which is more eco-friendly in nature. By adopting this technique, vendors are now being able to attract greater attention of the target audience by advertising the products as “sustainable.” Hence, the demand for these newly launched products has skyrocketed and has given an overall boost to the furniture northern beaches industry.
The furniture industry is presently enjoying the most profitable session in terms of business as the figures in terms of sales and business is only expected to rise even further in the near future.