Abstract
Since 2008, consumer confidence has dipped because of worsening economic conditions, and the housing market has suffered a significant downturn, causing a severe drop in demand for all kinds of furniture and home products. Sales of home storage furniture appear to have dipped in line with the drop in furniture sales, but the desire to de-clutter and make the home tidier and more attractive has helped shore up demand for lower-priced storage accessory items.
The consumer boom of the last 15 years has meant that consumers have accumulated more possessions, and so they need more ways of storing them. Home storage items can provide a low-cost answer to de-cluttering and the fashionable designs introduced by a wide variety of suppliers can transform a utilitarian purchase into a treat.
People frustrated by not being able to move to a larger house may also have an increased desire to revamp their storage in the house they have now. So demand for home storage items is likely to fare better than that for all furniture.
Table of Contents
- Issues in the Market
- Key themes
- Definitions
- Abbreviations
- Market in Brief
- Tough market conditions
- Smaller homes need innovative storage
- More kids means more stuff
- Innovative styling
- Argos and IKEA dominate
- Four types of consumers
- Few use self-storage companies
- The future
- Internal Market Environment
- Key points
- Ownership of furniture
- Figure 1: UK: Penetration and purchasing of furniture, by major items,
2004-08
- Pricing in the sector
- Figure 2: UK: Consumer price indices, all items and furniture and
furnishings, 1998-2008
- Competition in the sector
- Fashion and style
- Figure 3: Agreement with selected lifestyle statements, 2004-08
- Broader Market Environment
- Key points
- Smaller dwellings
- Figure 4: Number of rooms in the home, 2004 and 2008
- Trend towards smaller households
- Figure 5: Number of households, by number of persons in the household,
2004-14
- The impact of kids
- Figure 6: Total population, number under age 5 and aged 5-14, 2004-14
- The economy and the housing market
- Figure 7: Housing transactions, transactions as a percentage of housing
stocks and average time between moves, 2004-08
- Pressure on disposable income
- Unemployment
- What consumers do in a downturn
- Figure 8: Impact of the credit crunch -- key financial groups, December
2008
- Population trends
- Figure 9: Trends and projections in UK population, by age group, 2004-14
- Competitive Context
- Key points
- Consumer spending
- Figure 10: Consumer expenditure, by sector, 2004-08
- Consumer priorities
- Figure 11: Expenditure priorities, 2007-09
- Boot sales and eBay
- Strengths and Weaknesses in the Market
- Strengths
- Weaknesses
- Market Size and Forecast
- Key points
- Furniture market
- Figure 12: UK furniture market, at current and constant 2009 prices,
2004-14
- Consumer spend on furniture and furnishings by main segment
- Figure 13: UK retail sales of furniture, by sector, 2004-14
- Home storage plastics and accessories
- Self-storage market
- A challenging future ahead
- Companies and Products
- Key points
- Furniture retailers
- IKEA
- Habitat
- Dunelm
- Sharps (part of HomeForm Group)
- General retailers
- Argos
- Wilkinson
- Department stores/clothing stores
- John Lewis
- Next
- Marks & Spencer
- DIY stores
- B&Q
- Homebase
- Supermarkets
- Tesco
- Asda
- Sainsbury' s
- Other retailers with storage
- Self-storage companies
- Figure 14: Self-storage companies, by number of stores and revenue,
2007/08
- Safestore plc
- Access Self Storage
- Big Yellow Group plc
- Lok' nStore
- Shurgard
- Brand Communication and Promotion
- Key points
- Above-the-line advertising
- Figure 15: Main media advertising expenditure, by furniture retailers
and self-storage companies, 2004-08
- Furniture retailers big spenders
- Figure 16: Main media advertising expenditure, by largest furniture
retailers, 2004-08
- The Consumer -- Purchasing of Home Storage Products
- Key points
- Items purchased
- Almost half buy plastic boxes
- Figure 17: Purchasing of home storage products in the last three years,
February 2009
- When the men get involved
- Kids and clutter
- Entertain me
- Home is a stylish place
- Number of types of products bought
- Figure 18: Number of types of storage products bought new in the last
three years, February 2009
- The Consumer -- Where They Buy Home Storage
- Key points
- Where they buy home storage
- Argos leads the pack
- Figure 19: Outlets used for buying home storage products in the last
three years, February 2009
- Variety of shopping patterns
- Figure 20: Home storage products bought in the last three years, by
outlets used for buying home storage products, February 2009
- Figure 21: Outlets used for buying home storage products, by number of
storage products bought new in the last three years, February 2009
- Appendix -- Purchasing of Home Storage Products
- Figure 27: Purchasing of home storage products in the last three years,
by detailed demographics, February 2009
- Figure 28: Purchasing of home storage products in the last three years,
by detailed demographics, February 2009
- Appendix -- Where They Buy Home Storage
- Figure 29: Outlets used for buying home storage products in the last
three years, by detailed demographics, February 2009
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