NewswireToday - /newswire/ -
Noida, Uttar Pradesh, India, 2010/12/30 - Improving income levels and influence of western lifestyle will enable the Turkish furniture industry to outperform various other industries with its projected 16.1% CAGR growth by 2013, says RNCOS.
According to our latest research report “Turkey Furniture Market Analysis”, Turkey has been at the forefront of the furniture industry developments in the entire Middle East and Europe. Increase in income levels, changing preference towards high end stylish furniture products, and improving replacement frequency has made this sector one of the most attractive business segments in Turkey. The industry almost bucked the post recessionary negative impacts and sustained a positive year on year growth in 2009. It has been identified that, during 2010-2013, the furniture demand will continue to post around 16.1% CAGR growth.
The research identified that fast economic developments have infused the income levels of the population. The per capita income of residents has grown substantially during the past few years and consequently, the disposable income has also amplified. It is expected that by 2014, per head disposable income will surpass US$ 5700, which will increase consumer’s spending on life style and household products. Furniture, being a prominent expense category will receive a major boost in demand and the industry will sustain its reputation.
At the segment front, household furniture is the most attractive market segment for local manufacturers. Profit margins in household furniture segment are usually higher than office furniture as bulk purchases rarely take place. Customization and vast variety in the segment also increases product costs and profit levels. It is anticipated that household segment will continue to dominate the industry’s demand-supply mix on the back of various factors discussed and analyzed in the report.
Our report “Turkey Furniture Market Analysis” is an outcome of widespread research and conceptual analysis of the Turkish furniture industry potentials. It provides information and statistics on furniture industry structure, production developments, demand trends, and import-export scenarios. The report provides segment wise furniture production and demand forecasts to facilitate cutting edge market intelligence. The report also covers consumer behavior analysis and presents information on regional market developments. Brief overview of the key industry participants have been also added to provide a balanced research outlook of the concerned industry.
RNCOS (rncos.com) specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.