The furniture retailing industry is one of the fastest-growing segments in Australia and it includes companies that deal with indoor and outdoor furniture, blinds, awnings, mattresses and more. Both franchised and company-owned stores belong to this industry, as well as the online furniture stores which greatly contribute to the total revenue. If you are involved in the furniture industry, it is very important to be up to date with the latest industry statistics and trends, to be able to identify the exact needs of the customers and increase your profitability.
Furniture retailers have been dealing with a quite challenging market over the past few years, with an annual revenue growth of only 1.4%. The trading conditions of the indoor and outdoor furniture industry have been affected by the instability of the financial markets over the world, leading to uncertainty in consumer attitude. Despite the slight growth in the revenue over the years, the demand for indoor and outdoor furniture has remained low, because the consumers have had concerns about high household debts. Hence, industry expert predict that by the end of 2015, the industry revenue to be $8 billion.
The nature of the furniture industry is also evident through the extended product range, which is diverse, well developed and has reached record-levels. Today, industry retailers operate on many different household categories: dining, bedroom, lounge, kitchen and outdoor spaces.
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