The worldwide furniture industry promises significant growth opportunity in near future as the global economy and worldwide real estate industry is booming at the present moment. The growing disposable income is also driving the growth of the worldwide furniture industry. The furniture industry includes manufacturing of a wide range of home furnishing products and designed interiors related to offices, households and institutions.
The furniture market in developed countries like the US and Europe was heavily affected by the economic turmoil in 2009, but the market registered growth in 2010. The furniture market in the emering countries like China and India has a significant growth opportunity in near future. The market in the emerging countries is expected to drive the growth of worldwide furniture market in the future.
The growth in the world economy, real estate industry, and urbanization is driving the growth of the worldwide furniture industry. Low cost furniture producers like China, Vietnam are playing a significant role in the competitive landscape of furniture industry. The furniture producers are focusing more on retailing their products to attract new customers. However, scarcity of skilled labor, transportation, and cost optimization continues to be significant challenges to the furniture industry.
The report analyzes the global furniture market with focus on US, UK, France, India, and China. The drivers, trends and challenges for the industry have been analyzed. The report also profiles the major companies with a discussion of their key business strategies.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the global furniture market. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.