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
Industrial Furniture Industry Philippines
Cebu Sales Furniture Philippines
Mattress market revenue and outlook
Wardrobes Market Philippines
Home Furniture Sales Manila
Center Table Sales Philippines
Best Selling Furniture Philippines
Challenges Furniture Philippines
Dining Room Furniture Philippines
Mandaue Foam Furniture Philippines
Our Home Furniture Sales Philippines
Sofa Furniture Market Philippines
Export Sales Furniture Philippines
For more information on the market research report please refer to the below link:
Related Report by Ken Research
Ankur Gupta, Head Marketing & Communications