Market Trends of Global Multifunctional Furniture Industry
This section covers the major market trends shaping the Multifunctional Furniture Market according to our research experts:
Increased momentum in development of smaller apartments to drive the Global Multifunctional Furniture Market
Rise in population and urbanization globally has fuelled the demand for accommodation and subsequently boosted the real estate market and also led to reduction in size of apartments. Development of urban housing has forced habitants to prefer smaller spaces, which in turn has increased the demand for furniture that can fit in small spaces and carry out multiple functions. Multifunctional furniture is also gaining popularity and traction among millenials as it is often unique, trendy and modern in design.
Rapid growth of e-commerce as a distribution channel
The success of furniture e-commerce platforms is mainly attributed to the fact that the consumers are more inclined toward buying foldable, multi-purpose, and technology-driven furniture through e-commerce websites on account of heavy discounts, comfort, and trendy designs. The furniture sold on the e-commerce websites can come assembled, be partially assembled, or need assembly on arrival. This furniture can be larger items including couches, desks, and beds as well as much smaller decorative items, such as throw pillows, light fixtures, and window treatments. The proliferation of online shopping, rise in penetration of smartphones, and growth of the real estate and hospitality industries across the globe are the major factors expected to fuel the growth of the e-commerce.
Several furniture stores started their online journey where they focused on their online presence and tried to make it grow rigorously, this resulted in most furniture brands opting for an omnichannel approach to reach a more significant mass as it is considered one of the easiest ways to grow the business.
