Singapore Home Furnishings Market (2022-2028) | Trends, Value, Revenue, Forecast, Analysis, Outlook, Growth, Industry, Size, Share, Segmentation & COVID-19 IMPACT

Market Forecast By Product Type (Home furniture market, Home textiles market, Floor coverings market), By Distribution Channel (Offline Retail, Online Retail) And Competitive Landscape

Product Code: ETC016787 Publication Date: Dec 2022 Product Type: Report
Publisher: 6Wresearch No. of Pages: 70 No. of Figures: 35 No. of Tables: 5

Singapore Home Furnishings Market Synopsis

Singapore Home Furnishings Market is projected to grow at a CAGR of XX% during the forecast period by the growing demand for eco-friendly and sustainable products and the increasing preference for online shopping. The home furnishing market comprises of products such as bedding, bathroom accessories, kitchenware, furniture, and others. Furniture includes items such as beds, cabinets, and others. Bedding comprises of blankets. The growing residential construction activities and rising disposable incomes are the major drivers for the Singapore Home Furnishings Market growth in the coming time zone. Moreover, increase in demand for smart furniture, rise in popularity of modular furniture, and growth of online retailing are propelling the demand for this market.

According to 6Wresearch, Singapore Home Furnishings Market is expected to grow during 2022-2028. Some of the major opportunities for market players operating in the Singapore home furnishings market include expansion into new segments such as pet furniture and office furniture. The growth of the Singapore Home Furnishings Industry is driven by factors such as rising disposable incomes, growing demand for better quality products, and changing consumer preferences. Additionally, the expansion of the e-commerce sector and the increasing number of home improvement stores are expected to fuel market growth over the forecast period. However, the high cost of raw materials and labor costs are expected to restrain market growth to some extent over the next few years. Nevertheless, growing awareness about environmental sustainability is anticipated to create new opportunities for market players in the forthcoming years.

Influence of COVID-19 on Singapore Home Furnishings Market

The COVID-19 epidemic substantially impacted the Singapore Home Furnishings Market as the demand for home furnishings products has declined due to financial crisis and reduced purchasing power of individuals. Also, the decrease in foreign tourist arrivals has also had a negative impact on the market as tourism sector is a key driver of demand for luxury home furnishings products. Moreover, many retailers have been forced to shut their business operations on temporary basis amid the crisis.

Market analysis based on Product Type

The market is segmented by Product Type into Home Furniture Market, Home Textiles Market, and Floor Coverings Market. The Home Furniture Market is accounted to held the largest Singapore Home Furnishings Market share due to the rising demand for storage furniture such as cabinets and dressers. Floor Coverings are expected to be the fastest growing segment due to the increasing preference for hardwood floors.

Market analysis based on Distribution Channel

Based on Distribution Channel, the market is segmented into online retail and offline retail. The online retail channel is expected to witness the highest growth during the forecast period on the back of growing popularity of e-commerce platforms and the increasing number of internet users.

Competitive Landscape

The competitive landscape of the Singapore Home Furnishings Market is highly fragmented with the presence of a large number of small and medium-sized players in the market. The key players in the market are engaged in intense competition to gain a larger share over their competitors. Moreover, these players are also investing heavily in research and development activities to introduce innovative products and improve their product offerings.

Key attractiveness of the report

  • COVID-19 Impact on the Market.
  • 10 Years Market Numbers.
  • Historical Data Starting from 2018 to 2021.
  • Base Year: 2021.
  • Forecast Data until 2028.
  • Key Performance Indicators Impacting the Market.
  • Major Upcoming Developments and Projects.

Key Highlights of the Report:

  • Singapore Home Furnishings Market Outlook
  • Market Size of Singapore Home Furnishings Market, 2021
  • Forecast of Singapore Home Furnishings Market, 2028
  • Historical Data and Forecast of Singapore Home Furnishings Revenues & Volume for the Period 2018 - 2028
  • Singapore Home Furnishings Market Trend Evolution
  • Singapore Home Furnishings Market Drivers and Challenges
  • Singapore Home Furnishings Price Trends
  • Singapore Home Furnishings Porter's Five Forces
  • Singapore Home Furnishings Industry Life Cycle
  • Historical Data and Forecast of Singapore Home Furnishings Market Revenues & Volume By Product Type for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Home Furnishings Market Revenues & Volume By Home furniture market for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Home Furnishings Market Revenues & Volume By Home textiles market for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Home Furnishings Market Revenues & Volume By Floor coverings market for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Home Furnishings Market Revenues & Volume By Distribution Channel for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Home Furnishings Market Revenues & Volume By Offline Retail for the Period 2018 - 2028
  • Historical Data and Forecast of Singapore Home Furnishings Market Revenues & Volume By Online Retail for the Period 2018 - 2028
  • Singapore Home Furnishings Import Export Trade Statistics
  • Market Opportunity Assessment By Product Type
  • Market Opportunity Assessment By Distribution Channel
  • Singapore Home Furnishings Top Companies Market Share
  • Singapore Home Furnishings Competitive Benchmarking By Technical and Operational Parameters
  • Singapore Home Furnishings Company Profiles
  • Singapore Home Furnishings Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Product Type

  • Home Furniture Market
  • Home Textiles Market
  • Floor Coverings Market

By Distribution Channel

  • Offline Retail
  • Online Retail
Singapore Home Furnishings Market: FAQs
The forecast period of this report is 2022-2028.
The growing residential construction activities and rising disposable incomes, and the increasing preference for eco-friendly and sustainable products are the major trends and opportunities in the market.
The online channel is expected to witness the highest growth rate during the forecast period.
The high cost of living in Singapore, the limited space available in homes and apartments, and the competition from online retailers are the major challenges in Singapore Home Furnishings Market.
6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.
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1 Executive Summary
2 Introduction
2.1 Key Highlights of the Report
2.2 Report Description
2.3 Market Scope & Segmentation
2.4 Research Methodology
2.5 Assumptions
3 Singapore Home Furnishings Market Overview
3.1 Singapore Country Macro Economic Indicators
3.2 Singapore Home Furnishings Market Revenues & Volume, 2021 & 2028F
3.3 Singapore Home Furnishings Market - Industry Life Cycle
3.4 Singapore Home Furnishings Market - Porter's Five Forces
3.5 Singapore Home Furnishings Market Revenues & Volume Share, By Product Type, 2021 & 2028F
3.6 Singapore Home Furnishings Market Revenues & Volume Share, By Distribution Channel, 2021 & 2028F
4 Singapore Home Furnishings Market Dynamics
4.1 Impact Analysis
4.2 Market Drivers
4.3 Market Restraints
5 Singapore Home Furnishings Market Trends
6 Singapore Home Furnishings Market, By Types
6.1 Singapore Home Furnishings Market, By Product Type
6.1.1 Overview and Analysis
6.1.2 Singapore Home Furnishings Market Revenues & Volume, By Product Type, 2018 - 2028F
6.1.3 Singapore Home Furnishings Market Revenues & Volume, By Home furniture market, 2018 - 2028F
6.1.4 Singapore Home Furnishings Market Revenues & Volume, By Home textiles market, 2018 - 2028F
6.1.5 Singapore Home Furnishings Market Revenues & Volume, By Floor coverings market, 2018 - 2028F
6.2 Singapore Home Furnishings Market, By Distribution Channel
6.2.1 Overview and Analysis
6.2.2 Singapore Home Furnishings Market Revenues & Volume, By Offline Retail, 2018 - 2028F
6.2.3 Singapore Home Furnishings Market Revenues & Volume, By Online Retail, 2018 - 2028F
7 Singapore Home Furnishings Market Import-Export Trade Statistics
7.1 Singapore Home Furnishings Market Export to Major Countries
7.2 Singapore Home Furnishings Market Imports from Major Countries
8 Singapore Home Furnishings Market Key Performance Indicators
9 Singapore Home Furnishings Market - Opportunity Assessment
9.1 Singapore Home Furnishings Market Opportunity Assessment, By Product Type, 2021 & 2028F
9.2 Singapore Home Furnishings Market Opportunity Assessment, By Distribution Channel, 2021 & 2028F
10 Singapore Home Furnishings Market - Competitive Landscape
10.1 Singapore Home Furnishings Market Revenue Share, By Companies, 2021
10.2 Singapore Home Furnishings Market Competitive Benchmarking, By Operating and Technical Parameters
11 Company Profiles
12 Recommendations
13 Disclaimer
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