Summary
With a share of 3.3% in 2014, the furniture and floor coverings market is set to witness a modest CAGR of 2.2% over the forecast period, to reach retail sales of KRW10,583 billion by 2019. The industry is mature and the entry of international retailers IKEA has led other retailers to expand their existing product lines with the latest and innovative furniture and homeware products. The growth is expected arise from the renovation of old homes and decline price due to competition between the retailers.
Key Findings
Home furniture and homewares retailers account for 67.4% of the total sales of furniture and floor coverings
Furniture is expected to remain the largest category during the forecast period.
Sales through online channel are gaining momentum and are expected to grow at a CAGR of 9.4% during 2014-2019.
Synopsis
Furniture and Floor Coverings Retailing in South Korea- Market Summary and Forecasts is a detailed sector report providing a comprehensive analysis of the emerging trends, forecasts and opportunities to 2019.
What else does this report offer?
A thorough analysis of consumer trends changing economic and population factors
Both qualitative and quantitative insights and analysis of the shifting furniture and floor coverings retail dynamics for floor coverings and furniture from 2009 to 2019
Sales of furniture and floor coverings products through the following channels from 2009 to 2019: Home furniture and homewares retailers; hypermarkets, supermarkets and hard-discounters; online; department stores; value, variety stores and general merchandise retailers; home improvement and gardening supplies retailers; other general and non-specialist direct retailers; cash and carries and warehouse clubs; other specialist retailers
An overview of key furniture and floor coverings retailers operating across South Korea and their presence across distribution channels
Reasons To Buy
Gain a comprehensive knowledge on furniture and floor coverings sector in the South Korea retail market and develop a competitive advantage from the start of your supply chain
Investigate current and forecast behavior trends in furniture and floor coverings category to identify the best opportunities to exploit
Analyze the recommended actions to align your marketing strategies with the crucial trends influencing the consumer behavior
Understand the fastest growing categories including floor coverings and furniture, with insights on performance across key channels from 2009, with forecasts until 2019
Explore novel opportunities that will allow you to align your product offerings and strategies to meet demand by analyzing the vital economic and population trends, key consumer and technology trends influencing the furniture and floor coverings market
Analysis of key international and domestic players operating in the furniture and floor coverings market - including store counts and revenues that give you a competitive edge - identify opportunities to improve your market share
Table Of Contents
1 Introduction
1.1 What is this Report About?
2 Executive Summary and Outlook
3 Market Context
3.1 Steady economic factors to benefit retailers
3.1.1 South Koreas export-reliant economy is at cross roads
3.1.2 Steady rise in savings rate is a concern for retailers
3.1.3 Services sector continues to be the major sector for employment
3.1.4 Low inflation levels to benefit retailers
3.1.5 Rise in consumption expenditure- a positive sign to reckon with
3.1.6 Increasing urbanization offers growth opportunities for retailers
3.2 Aging population pose challenges for retailers
4 South Korean Shoppers
4.1 Retailers adopting omnichannel strategies to increase their customer base
4.2 Surge in m-commerce with the rise in smartphone ownership and mobile internet penetration
4.3 Increasing adoption of private label brands threatens national brands
4.4 Social commerce is on exponential rise in South Korea
4.5 Luxury retailers are targeting affluent locals
4.6 Herd consumption behavior rampant in South Korean society with the desire for self-satisfaction growing among single workers
4.7 Increasing number of international tourists contributing to retail sales
5 Doing Business in South Korea
5.1 Summary
5.1.1 Bureaucracy
5.1.2 Business culture
5.1.3 Infrastructure and logistics
5.2 Business reforms in South Korea in the recent past
5.3 Korea eases rules for foreign investors
6 Retail - Product Sectors
6.1 Product Sector Analysis
6.1.1 Furniture and Floor Coverings
6.2 Furniture and Floor Coverings Category Overview
6.2.1 Furniture and Floor Coverings by Channel
6.2.2 Furniture and Floor Coverings by Category
6.3 Furniture and Floor Coverings Category Analysis
6.3.1 Floor Coverings
6.3.2 Furniture
6.4 Major Retailers
6.4.1 Furniture and Floor Coverings
7 Appendix
7.1 Definitions
7.1.1 This report provides 2014 actual sales; while forecasts are provided for 2015 - 2019
7.2 Summary Methodology
7.2.1 Overview
7.2.2 The triangulated market sizing method
7.2.3 Industry surveys in the creation of retail market data
7.2.4 Quality control and standardized processes
7.3 About Conlumino
7.4 Disclaimer
List Of Tables
Table 1: South Korea Furniture and Floor Coverings Retail Sales (KRW bn), by Channel Group, 2009-2014
Table 2: South Korea Furniture and Floor Coverings Retail Sales Forecast (KRW bn), by Channel Group, 2014-2019
Table 3: South Korea Furniture and Floor Coverings Retail Sales (US$ bn), by Channel Group, 2009-2014
Table 4: South Korea Furniture and Floor Coverings Retail Sales Forecast (US$ bn), by Channel Group, 2014-2019
Table 5: South Korea Furniture and Floor Coverings Segmentation (% value), by Channel Group, 2009-2019
Table 6: South Korea Furniture and Floor Coverings Retail Sales (KRW bn), by Category, 2009-2014
Table 7: South Korea Furniture and Floor Coverings Retail Sales Forecast (KRW bn), by Category 2014-2019
Table 8: South Korea Furniture and Floor Coverings Retail Sales (US$ bn), by Category, 2009-2014
Table 9: South Korea Furniture and Floor Coverings Retail Sales Forecast (US$ bn), by Category 2014-2019
Table 10: South Korea Furniture and Floor Coverings Retail Segmentation (% value), by Category, 2009-2019
Table 11: South Korea Floor Coverings Retail Sales (KRW bn), by Channel Group, 2009-2014
Table 12: South Korea Floor Coverings Retail Sales Forecast (KRW bn), by Channel Group, 2014-2019
Table 13: South Korea Floor Coverings Retail Sales (US$ bn), by Channel Group, 2009-2014
Table 14: South Korea Floor Coverings Retail Sales Forecast (US$ bn), by Channel Group, 2014-2019
Table 15: South Korea Floor Coverings Retail Segmentation, by Channel Group, 2009-2019
Table 16: South Korea Furniture Retail Sales (KRW bn), by Channel Group, 2009-2014
Table 17: South Korea Furniture Retail Sales Forecast (KRW bn), by Channel Group, 2014-2019
Table 18: South Korea Furniture Retail Sales (US$ bn), by Channel Group, 2009-2014
Table 19: South Korea Furniture Retail Sales Forecast (US$ bn), by Channel Group, 2014-2019
Table 20: South Korea Furniture Retail Segmentation, by Channel Group, 2009-2019
Table 21: Key Furniture and Floor Coverings Retailers in South Korea
Table 22: South Korea Exchange Rate KRW-USD (Annual Average), 2009-2014
Table 23: South Korea Exchange Rate KRW-USD (Annual Average), 2015-2019 Forecasts
Table 24: Conlumino Retail Channel Definitions
Table 25: Conlumino Retail Category Definitions
List Of Figures
Figure 1: GDP Value (US$ billion), 2009-2014
Figure 2: Growth Rate of GDP (US$ billion, %), 2009-2014
Figure 3: GDP Value and Growth (KRW billion, %), 2008-2014
Figure 4: Forecasts for GDP Value and Growth (KRW billion, %), 2014-2019
Figure 5: Household Savings Rate (%), 2004-2014
Figure 6: Share of Employment by Sector (%), 2004 and 2014
Figure 7: Unemployment Rate (%), 2005-2014
Figure 8: Inflation Growth Rates (%), 2004-2014
Figure 9: Household Consumption Expenditure of South Korea (KRW billion), 2004 and 2014
Figure 10: Household Consumption Expenditure of Major Countries (US$ billion), 2014
Figure 11: Growth of Household Consumption Expenditure (US$, %), 2004-2014
Figure 12: Rural and Urban Populations (millions) 2004, 2014 and 2019
Figure 13: Total Population and Growth Rate (Millions, %), 2004-2019
Figure 14: Population Split by Gender (%), 2014 and 2019E
Figure 15: Population Split by Age Group (%), 2014 and 2019
Figure 16: Per Capita Spend on Retail (KRW), 2006 and 2014
Figure 17: Per Capita Spend (KRW) and Total Retail Spend by Age Group (%), 2006 and 2019
Figure 18: Retailers Adopting Omnichannel Strategies
Figure 19: Increasing penetration of M-commerce
Figure 20: Private label products offered by leading Korean retailers
Figure 21: Size of Koreas s-commerce market (2010-2014)
Figure 22: Luxury retailers strategizing to attract affluent locals
Figure 23: Tourist arrivals to South Korea, (in thousands), 2009 and 2014
Figure 24: Key Components of Doing Business in South Korea
Figure 25: Share of Furniture and Floor Coverings in overall Retail 2014 and 2019
Figure 26: Retail Sales Value and Growth (KRW billion, %) of Furniture and Floor Coverings 2014-2019
Figure 27: Spend per Head on Furniture and Floor Coverings 2014 and 2019
Figure 28: Online Spend in Furniture and Floor Coverings 2014-2019
Figure 29: Online Share of total Furniture and Floor Coverings Spend 2014 and 2019
Figure 30: Spending per Channel in Furniture and Floor Coverings (%) 2014 and 2019
Figure 31: South Korea Furniture and Floor Coverings Retail Sales and Forecast (KRW bn), by Channel Group, 2009-2019
Figure 32: South Korea Furniture and Floor Coverings Retail Market Dynamics, by Channel Group, 2009-2019
Figure 33: South Korea Furniture and Floor Coverings Retail Sales and Forecast (KRW bn), by Category Group, 2009-2019
Figure 34: South Korea Furniture and Floor Coverings Retail Market Dynamics, by Category 2009-2019
Figure 35: South Korea Floor Coverings Retail Sales and Forecast (KRW bn), by Channel Group, 2009-2019
Figure 36: South Korea Furniture Retail Sales and Forecast (KRW bn), by Channel Group, 2009-2019
Figure 37: The Triangulated Market Sizing Methodology
