Playroom Furniture Market – Valuable Growth Prospects and Insights
Posted by Arslan on June 10th, 2019
A new Fact.MR study envisions the Playroom Furniture Marketto present an impressive 6.1% value CAGR during the forecast period, 2018 to 2028. Urbanization and expansion of the real estate industry has significantly impacted prospects of the furniture industry. This has led housing contractors to deliver a wide range of home infrastructures, with playroom furniture being one of the key offerings. This has further lured consumers who seek creative aesthetics for their children’s rooms, thereby favoring growth of the playroom furniture market.
Production trends of playroom furniture have largely been influenced by changing consumer preferences. In recent years, steady rise in consumer preference for multi-functional playroom furniture has significantly rubbed off on growth of the playroom furniture market. Additionally, rising awareness on sustainability among consumers has led manufacturers to focus more on hand-crafted yet affordable & durable products.
Flourishing furniture industry worldwide, coupled with the rise in middle-class population across developing nations will continue to be key growth determinants for the playroom furniture market. Albeit the playroom furniture market presents the occupancy of few established stakeholders, a large number of domestic players collectively account for major shares of the market. This has further inhibited prospects of import penetration of playroom furniture, as local vendors of playroom furniture are first in the line to leverage potential opportunities by attracting consumers through their novel offerings. This, along with lower mass production of playroom furniture owing to rising trend of customization, will continue to constrain its market growth prospects.
A dramatic transformation has been witnessed in the way child care arrangements are employed in recent years, with the statistics from the U.S. Census Bureau’s survey indicating nearly 2X rise in out-of-pocket costs apropos of child care. Ripple effects of this increased expenditure on child care have underpinned demand for playroom furniture. Growth of the playroom furniture market will also remained supported by growing number of families with employed mothers, which have been reported to spend nearly 170 percent more on child care according to the survey of U.S. Census Bureau’s survey.
Improving economic prospects across the globe, particularly in developing nations, has meant that there has been a surge in the middle-class population. Increased purchasing power of this demographic group is being considered as a lucrative consumer base in the playroom furniture market. Manufacturers of playroom furniture are therefore focusing on leveraging the expenditure potential of the middle-class through their attractive offerings and schemes.
Manufacturers of playroom furniture are concentrating on the adoption of smarter production techniques, to keep their product offerings in line with evolving consumer preferences. With the trend of nuclear families on the rise, sizes of homes have reduced over past years, which in turn has led the development and demand for compact household products and accessories, and furniture is no exception.
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Key stakeholders in the playroom furniture market have introduced products that are easily disassembled and foldable. Consumers continue to seek playroom furniture that can be put to use even after the kids grow up, which in turn has augured well for sales of multifunctional playroom furniture that feature storage facilities.
Playroom Furniture Market: Partnership between Leading Players to Introduced Novel Products Influencing Growth
Companies operating in the playroom furniture market have directed their focus toward the provision of innovative designs that fall in line with interest of children. Playroom furniture with superhero designs dedicated for boys and dollhouses for girls are key trends observed in the market since the recent past. As the residential sector is witnessing a resurgent growth worldwide, to cater housing requirements of the growing population, manufacturers have introduced a wide variety of theme-based playroom furniture to leverage the potential opportunities.
Leading stakeholders in the market are joining forces to enhance their portfolio and introduce novel products in the market. A prime example of such partnerships is the one between Pottery Barn - North America’s leading furniture brand, with Lilly Pulitzer – a renowned resort wear brand. The partnership has recently introduced the collection of Lilly Pulitzer for Pottery Barn Kids. On the back of surging number of working women, day care centers have been gaining increased traction worldwide, wherein manufacturers of playroom furniture are focusing to capitalize the opportunity. This is another key growth determinant for the playroom furniture market.
With the growing consumer appetite for online shopping, playroom furniture manufacturers have adopted online sales channel to expand the exposure of their products. Playroom furniture has become one of the popular categories sought by consumers on e-commerce platforms. Domestic playroom furniture manufacturers are approaching online portals such as Trendsutra Platform Service Private Limited (pepperfry.com) and Urban Ladder to showcase their products. Along with organized retailing, the online retail platform is expected to add fuel to the growth of the playroom furniture market.
About the AuthorArslan
Joined: December 18th, 2017
Articles Posted: 13,297
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