Market Research Reports - Ken Research Mattress market revenue and outlook

Philippines Home Furniture Market is Expected to Contribute 45% to overall Revenue in 2021:
Ken Research
Growth in international tourism in the country is expected to augment the number of hotels
rooms in Philippines to rise from 57,233 in 2016 to 100,682 by 2021. This represents growth at
a CAGR of 12.0% for the period 2016-2021. Since tourism based enterprises such as hotels,
restaurants, museums and leisure service providers face growing needs to update their
amenities; the demand for unique furniture items is expected to rise sharply.
The report titled “Philippines Furniture Market by Type (Home – Bed Room, Living Room,
Dining Room, Kitchen Furniture; Office; Hotel & Industrial), by Sales (Domestic and Export) -
Outlook to 2021” by Ken Research suggested the furniture market is anticipated to grow at a
CAGR of 15.5% during the period 2016-2021.
The abundance of natural resources with extensive plantations of bamboo and rattan in the
Philippines are anticipated to invite foreign entrants to cater the growing needs for furniture in
the country. World’s largest furniture retailer, IKEA, has announced its plans to set up its first
store in Philippines by the end of 2017.
French furniture manufacturer Gautier forayed into Philippines last year by opening its first
store in Shangri-La in March 2016. The company intends to open several new stores in the
country in next 2-3 years. The company is renowned worldwide for its high quality, efficient
after-sales service and offers long term warranty on several products.
Sales for furniture in Philippines have been dominated by offline retail outlets, franchisee
outlets, showrooms and exclusive stores of manufacturers and major players operating in the
space. Despite having 44.5 million internet users (penetration rate of over 43.0%) in the country
during 2016, online sales of furniture contributed poorly to the overall market revenues during
the same year.
Online players faced stiff competition from brick and mortar stores all across the country, which
offered a wide variety of products at competitive prices. All companies selling via online
channel had at least one offline store and are yet to register significant traffic and product
orders through online in the country. The major players which have dominated the revenues of
online furniture sales in 2016 are Lorenz Furniture, Urban Concepts, Homeplus, Blims Furniture,
Philux, Murillo, Furniture Republic, Bonny Furniture and others.
Key Topics Covered in the Report:
Children furniture market analysis
Kids Furniture Market Size Philippines