Top 3 Trends Impacting the RTA Furniture Market in the US Through 2021: Technavio – Business Wire (press release)

LONDON–(BUSINESS WIRE)–Technavio’s latest market research report on the ready-to-assemble
(RTA) furniture market in the US
provides an analysis of the
most important trends expected to impact the market outlook from
2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.

Poonam Saini, a lead analyst from Technavio, specializing in research on furniture
and home furnishing
sector, says, “In 2016, the home
RTA furniture segment dominated the RTA furniture market in the US with
a share of close to 68%. This can be attributed to the flexibility and
mobility options that are offered by home RTA furniture. With the
reducing living spaces in the US, furniture that can be easily assembled
or dismantled might help in creating additional home spaces.”

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The top three emerging market trends driving the RTA
furniture market in the US
according to Technavio research
analysts are:

  • Luxury RTA furniture for affluent consumers
  • Product customization
  • Enhancing consumer experience through technology

Luxury RTA furniture for affluent consumers

The growing emphasis on improved and more trendy home décor is
encouraging consumers to opt for unique and designer furniture products.
This is further supported by the economic growth of the country and high
disposable income of consumers. High-end furnishings and designer
furniture, floor coverings, and textiles are largely preferred in
upper-class households.

RTA furniture products, which were earlier perceived having low-quality,
are now showcasing designer offerings. This factor is helping customers
to opt for luxury designer RTA furniture products that are priced lower
than their assembled counterparts. For instance, Wedgewood Furniture offers
designer furniture made from bamboo plywood and has received the Las
Vegas Market booth design award.

Product customization

Major vendors such as Home Depot Product Authority and Lowe’s
are putting in efforts to mass customize their furniture by making use
of consumer interaction platforms. Customers can also order furniture in
the colors and themes of their choice. Inter IKEA Systems, for
instance, has come up with an assembly service, which allows consumers
to add a personal touch to fittings through customization. This service
enables customers to suggest modifications in the design of furniture
bought by them. Players can further capitalize on this opportunity by
basing their marketing
communication
on the customization potential and thus spur
growth in sales.

“Several manufacturers also offer the customization option to their
customers for products manufactured by other players. For instance,
Superfront
offers customization options for Inter IKEA Systems’ wardrobe, cabinets,
and beds,”
says Poonam.

Enhancing consumer experience through technology

Players operating in the space are extensively using advances in
technology to develop and market their products, which will, in turn,
enhance consumers’ experience. For instance, the use of Bluetooth
beacons
has become a global trend among top retailers, thereby
leveraging technology to connect with individual customers.
Well-established home furnishing retailers such as Walmart Stores and
Inter IKEA Systems use this technology.

The Inter IKEA Systems Catalog app makes use of augmented reality to
present a virtual preview of the furniture placed in a room of
customers’ choosing, by pointing the camera of a smartphone to a
specific location. This application, supported on Android and iOS
platforms, enables users to get precise measurements of furniture
products. uDecore, an app suitable for use on iOS devices, allows
users to customize furniture virtually via an augmented reality
technology.

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About Technavio

Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

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value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

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