From business and manufacturing industries to the new wave in home improvement, the growth in markets that are exploring interior decoration is at an all-time high. Interior design is a multi-faced sector that seeks to elevate an interior environment to the specifications of the clients. Trends in home decor are constantly changing and 2020 is no different. Whether it’s for residential or commercial use, the changes in design call for experts to be more innovative, personal and dynamic than ever before. Home decor is the most effective way of expressing the lifestyle that a consumer believes in.
Europe plays a paramount role in the global design and decor industry which include various items such as furniture, home textiles, lighting fixtures,artifacts, floor coverings just to name a few. The furniture sector has undergone significant changes with more focus on quality and design. This has made the industry grow exponentially, evident not only in terms of production but also in the market and international trade values. The market is projected to continue growing due to increased expenditure for furniture goods among the millennials in 2020. Below are some opportunities that lie ahead of the furniture industry;
- ACCESS TO NEW MARKETS
The European furniture market is without a doubt recognised worldwide for its high-quality products and spectacular designs. This has created an opportunity for this sector to further seize other market niches, in particular the luxurious high-end markets. An interior designer looking to instal a modern and functional kitchen can simply source for these merchandise from a variety of European furniture brands.
- FURTHER RESEARCH
Technology has allowed the furniture industry to attract expertise from the younger generations who have helped rejuvenate this sector while keeping it highly competitive. Development in the real estate sector is expected to supplement the growth of the home decor market. Consumer preferences have fueled the demand for fancy products to decorate homes. Additionally, the consumer is more aware of the impact of his or her choice on the environment. Homes are inclined to adopt Biophilic designs to feel more connected with nature. Others opt for more eco-friendly products that are sustainably sourced and put less stress on the environment.
- INVESTMENT
The Europe furniture industry continues to increase investment to enhance creativity, innovation and skills which result in the production of new products to suit the ever-changing population and lifestyles. The growth of the home decor industry has paved the way to premium products that provide superb experience to the users. Growing this preference for finer things after a certain time boosts the availability of different products.
Technology has greatly revolutionized the furniture industry making it easier for any type of furniture to be available in all corners of the globe. Key furniture brands have come up with interesting trends to offer their products such as affordable DIY furniture that has greatly influenced sales. This sector, however, has been hit severally with challenges and crisis that are briefly highlighted below;
- CLIMATE CHANGES
Climate change is one of the greatest challenges facing modern society. Global warming due to the depletion of the ozone layer is a serious environmental concern. The consequences of this warming trend are dire. Furniture companies are increasingly focussing on the environmental impact of their operations and have adopted eco-friendly manufacturing and design principles to preserve the earth for future generations.
- INNOVATION
The 21st century called for heavy reliance on technology that consequently caused an increase in global trade and digitalisation. The penetration of e-commerce and smart devices such as mobile phones and computers has provided for easy distribution and payment options of products. This has tremendously progressed the market growth with different home decor products. Manufacturers are integrating the latest technologies to assist consumers to choose the best home decor products for their homes. For example, consumers now have easy access to Apps that allow them to enter the dimensions of their rooms and have add ons to their space and have a feel of how it would be before purchase. The challenge when it comes to technology is the infringement of intellectual property rights exposed to companies. Moreover, boosting research requires finance that is often a huge challenge to medium and small furniture businesses.
- COMPETITION
The home decor market is quite fragmented due to the presence of multiple manufacturers both regional and internationally. Globalization has opened up more markets for consumers which have made it easier for accessibility of a variety of products from different corners of the world. The Europe furniture sector has witnessed significant growth over the years and is expected to grow at a steady pace even after 2020 although it’s often in constant competition with other countries across the globe that offer low production costs. China, for instance, is rapidly growing and is reported to be now the largest exporter of furniture to the European region.
