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Furniture and Furnishings Market Procurement Intelligence Report | Increase in Supplier OPEX to Impact Procurement Spend

December 19, 2019 GMT
Furniture and Furnishings Market Procurement Intelligence Report | Increase in Supplier OPEX to Impact Procurement Spend
Furniture and Furnishings Market Procurement Intelligence Report | Increase in Supplier OPEX to Impact Procurement Spend

LONDON--(BUSINESS WIRE)--Dec 19, 2019--

SpendEdge has been monitoring the global furniture and furnishings market and the market is poised to experience spend growth of more than USD 90 billion between 2018-2023 at a CAGR of over 4% during the forecast period. Request Free Sample Pages.

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SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Furniture and Furnishings Market - Procurement Intelligence Report. (Graphic: Business Wire)

Read the 103-page research report with TOC and LOE on “The Global Furniture and Furnishings Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”

Improvement in the employment generation and recruitment of professionals in the e-commerce, FMCG, and BFSI sectors are triggering the procurement of furniture and furnishings. The focus of employers on the mental and physical well-being of their employees is resulting in the demand growth of furniture that is ergonomically designed to prevent postural injuries that occur after seating for long hours. This is contributing to spend growth in the furniture and furnishings market to a significant extent.

Accounting for almost 36% of the spend, APAC is leading the global furniture and furnishings market. The exponential demand for furniture from the residential real-estate sector is one of the critical spend accelerators in the market in APAC. The commercial leasing industry in the US is has posted an impressive growth registering a revenue of USD 221 billion last year. This is increasing the space-occupying rate and is creating a subsequent demand for furniture and furnishings in the region.

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Insights into the market pricing trends

What are the strategies to adopt to optimize procurement spend in this market?

The furniture and furnishings price trends imply a substantial increase in suppliers’ OPEX which will result in a gradual decline in their profit margin. To compensate for this, suppliers are expected to increase the market price. In view of this, this procurement intelligence report has listed the top furniture and furnishings suppliers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal procurement in this market.

Engage with suppliers that have strong product innovation capabilities

Buyers are advised to assess suppliers’ innovation capabilities in designing customized furniture for their establishments. Engagements with such suppliers will enable buyers to reduce their procurement cost due to the former’s innovative capabilities in developing products that cost less and use high-quality raw materials.

Engage with suppliers who offer value-added services

In this market, it is advised that buyers partner with suppliers who offer value-added services such as interior designing, relocation, refurbishment, and maintenance services for furniture. This will enable buyers to consolidate their supply base, leading to cost-saving opportunities.

Buy 1 report and get the second for 50% off. Buy 2 reports and get the third for free. Download the free sample of this report on the furniture and furnishings market.

Some of the key topics covered in this report are:

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About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal

View source version on businesswire.com:https://www.businesswire.com/news/home/20191219005434/en/

CONTACT: SpendEdge

Anirban Choudhury

Marketing Manager

US: +1 630 984 7340

UK: +44 148 459 9299

https://www.spendedge.com/contact-us

KEYWORD:

INDUSTRY KEYWORD: INTERIOR DESIGN RETAIL OTHER RETAIL OTHER CONSTRUCTION & PROPERTY HOME GOODS CONSTRUCTION & PROPERTY

SOURCE: SpendEdge

Copyright Business Wire 2019.

PUB: 12/19/2019 10:30 AM/DISC: 12/19/2019 10:30 AM

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