Bedroom furniture market hit hard as Covid shifts consumer priorities
October 21, 2020
The bedroom furniture market has been severely affected by Covid-19, according to the latest AMA Research report.
Home Bedroom Furniture Market Report – UK 2020-2024 predicts bedroom furniture sales to drop to Â£ 595million in 2020, down almost a quarter (22% ) compared to Â£ 760million in 2019.
The report blamed the fact that the Covid-19 pandemic, which changed consumer buying habits, with homeowners prioritizing the conversion of vacant rooms into home offices rather than guest rooms or bedrooms. guest rooms.
Good news for retailers who are new to home office and study sales, but bad news for bedroom furniture sales.
The bedroom furniture market had been on an upward trend, with sales up 6% in 2019 (Â£ 760million) from Â£ 715million in 2018. Modular furniture has also shown an increase in popularity, according to the report – a trend likely to be supported by the trend towards smaller homes.
WADA’s author of the report and Senior Market Research Analyst Jane Tarver said, âThe bedroom furniture market is expected to show a significant decline in 2020, followed by steady growth over the next few years. years, reflecting the forecast of lower economic performance, due to the measures. to tackle the pandemic and current levels of uncertainty in the minds of businesses and consumers. “This is likely to impact the high-value home improvement purchasing market and the new home construction market, where fitted bedroom furniture can often be installed by builders.”
The report concluded that the outlook for the next four years remains uncertain, “the end of the pandemic still not in sight and the outcome of the ongoing Brexit negotiations not yet determined”.
He added: “However, the bedroom furniture market is expected to show solid growth over the next few years, albeit at a slower pace than the furniture industry as a whole.”
The report predicted that after Covid, sales over the next few years would return to their upward trajectory. The AMA chart shows forecasts suggest sales would increase by 10% to around Â£ 655million in 2021, Â£ 695million in 2022, to reach Â£ 720million in 2023.
Breaking down sales by channel, the report showed that 28% of bedroom furniture sales were made by retail specialists, 21% by furniture multiples, 18% online and mail order, 12% by department stores, 7% by independents and only 6% through DIY multiples.