Thursday, 27 October 2011

The Future of Interior Products in the UK to 2015

The interior products industry in the UK is recovering slowly from the recession, and while the UK housing market remains relatively sluggish, much of the industry’s revenues are coming from smaller home renovation and makeover projects.

London27 October 2011 - Specialized interior design firms catering to the residential markets are growing, but the outlook for contract design firms in the commercial and government sectors is still worrying. Since the global financial crisis, both government and private-sector spending in the UK have been exceptionally weak, with significant spending cuts being made on public-sector expenditure, adversely impacting the interior products industry.

Mixed Results for UK Interior Products Over the Review Period
During the review period, the interior products industry registered mixed revenues and profitability trends; while 2007 saw a growth in revenues, 2008 and 2009 saw significant declines. With the impact of the recession, products such as furniture, home furnishing, fabrics and flooring saw large declines in revenues and profitability, with products closely related to new housing activities such as furniture, lighting and home d├ęcor most affected. However, kitchen-related product sub-categories such as kitchenware and tableware registered much less severe revenue declines than other segments.

Interior Products and the Construction Industry
The fortunes of the interior products industry are closely linked to those of the construction industry in the UK. During the review period, the financial condition of the UK construction industry deteriorated sharply, with very few people investing in new homes. Sales of products such as furniture, furnishings, flooring and bedroom items fell significantly as a result. However, expenditure on bathroom and kitchen products were less affected, as people invested in bathroom and kitchen maintenance and renovations instead of moving house — a trend that is expected to continue.

Opportunities for the Interior Products Industry
Significant opportunities for the interior products industry are expected in the emerging segments of eco-friendly products and green building design, which have led to much-needed innovation in house building and the renovation of old buildings. The substantial construction work taking place in the Greater London area for the upcoming 2012 Olympic Games has brought some major investments into the region. With the related boom in the tourism and hospitality sectors, the interior products market is expected to improve over the forecast period, albeit slowly.


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For more information on the article, please contact:

Shelly Wills
Tel: +44 (0) 20 7936 6671
shelly.wills@industryreview.com

2 comments:

  1. Custom Bookshelf
    Sales of products such as home furniture, pieces of home furniture, flooring surfaces and bed room items dropped considerably as a result.

    ReplyDelete
  2. Nice,totally you are discussing about the products of home furniture!
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    ReplyDelete