Singapore home improvement furniture market size

New York (USA) – Astute Analytica recently updated a new research report on the Singapore interior design furniture market. This research report contains primary and secondary data sources. This analysis includes government strategy, market status, competitive landscape, historical data, current market trends, technical inventions, future technologies and technical growth in related industries.

The Singapore interior design furniture market size was $2,004.9 million in 2022. Singapore interior design furniture market The size is expected to reach US$4,909.1 million by 2030 growing at a compound annual growth rate (CAGR) of 7.0% during the forecast period from 2022 to 2030.

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The global market is constantly changing to meet changing customer demands and trends. In recent years, the market has been increasingly influenced by digital innovation, the COVID-19 pandemic, and increased emphasis on sustainable and healthy behaviors. Digitization has put the customer in control, allowing them to compare and review things in real time.

In order to retain customers in this environment, consumer goods companies are improving their marketing methods and brand recognition. Major market players have introduced new products to meet an ever-increasing range of human needs and aspirations. These methods, combined with higher margins and portfolio weightings in fast-growing areas, have resulted in exceptional returns for shareholders.

COVID-19 Impact Analysis:

The COVID-19 pandemic has changed the way people buy and wreaked havoc on the market. Cleaning products, shelf-stable foods, drinks and toilet paper have become scarce in some countries. Additionally, the sustainability function is becoming increasingly important in the consumer goods industry; there is a growing desire for more sustainable and ethically produced products at all levels.

However, industry fundamentals and stock market performance deteriorated. In terms of contribution to economic profit, several players have started to take the lead. The US market before COVID-19, for example, is instructive. In the United States, some brands (with over $750 million in revenue) lost volume at a rate of 1.5%. Small brands increased by 1.7%, while private labels increased by 4.3%.

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Regional outlook:

The United States had the highest share in the consumer goods sector, followed by China, India, Indonesia, Brazil, Mexico and other developed and developing countries, and are expected to experience substantial growth over the next few years.

In 2020, China dominated the online retail sector. As the contactless economy grew in response to the COVID-19 outbreak, the country’s e-commerce advantage grew further as digital services such as education and healthcare remote healthcare were becoming more accessible and new sales channels were becoming essential. Improved living conditions for Chinese consumers have led to a shift towards development-oriented consumption rather than necessity-based shopping. As a result, life services have quickly become popular among consumers.

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SOURCE Clever Analytics

Betty K. Park