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Table of Contents

Executive Summary

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TABLE OF CONTENTS

1. INTRODUCTION 5

2. SUMMARY 6

3. ECONOMIC ENVIRONMENT 9

3.1 INTEREST RATES 9

3.2 INFLATION 9

3.3 PUBLIC SPENDING, TAXATION AND UNEMPLOYMENT 10

3.4 CONSTRUCTION 10

4. UPHOLSTERED FURNITURE 12

4.1 DEFINITION 12

4.2 MARKET SIZE 12

4.3 PRODUCTS 24

4.4 SUPPLIERS 36

5. BEDS & MATTRESSES 48

5.1 DEFINITION 48

5.2 MARKET BACKGROUND 48

5.3 MARKET SIZE 48

5.4 CONTRACT SECTOR 56

5.5 IMPORTS & EXPORTS 57

5.6 PRODUCTS 59

5.7 SUPPLIERS 74

6. DISTRIBUTION 80

6.1 STRUCTURE 80

6.2 DEFINITIONS 80

6.3 SHARES 81

6.4 FURNITURE INDEPENDENTS 82

6.5 MULTIPLES 83

6.6 DEPARTMENT STORES, VARIETY STORES & CO-OPERATIVES 90

6.7 MAIL ORDER 94

6.8 OTHERS 96

7. KEY MARKET INFLUENCES 97

7.1 THE HOUSING MARKET 97

7.2 CONTRACTORS OUTPUT - INDUSTRIAL AND COMMERCIAL 101

7.3 GENERAL 102

8. FUTURE PROSPECTS 106

TABLES & CHARTS

CHART 1: UK MARKET FOR UPHOLSTERED FURNITURE AND BEDS - MIX BY PRODUCT percent BY VALUE

TABLE 2: THE UK UPHOLSTERED FURNITURE MARKET 1990-2000 (£M MSP)

CHART 3: UK MARKET FOR UPHOLSTERED FURNITURE AT 1990 PRICES (£M MSP)

CHART 4: CONTRACT/DOMESTIC MIX OF UK UPHOLSTERED FURNITURE MARKET 1990 & 1996

TABLE 5: IMPORTS OF UPHOLSTERED FURNITURE 1993 - 1996 (£'000S)

TABLE 6: EXPORTS OF UPHOLSTERED FURNITURE 1993 - 1996 (£'000S)

CHART 7: PRODUCT MIX - UPHOLSTERED FURNITURE - VALUE £M MSP

CHART 8: MIX OF DOMESTIC UPHOLSTERED FURNITURE (EXCLUDING SOFABEDS) 1996

TABLE 9: NUMBER OF UPHOLSTERED FURNITURE UNITS BY TURNOVER SIZE 1994

TABLE 10: MARKET SHARES - UK UPHOLSTERED FURNITURE MARKET 1996

TABLE 11: THE UK BEDS & MATTRESSES MARKET 1990-2000 BY VALUE

TABLE 12: UK BEDS MARKET BY VALUE AT CONSTANT PRICES 1990 (£M MSP)

TABLE 13: IMPORTS OF DIVANS & MATTRESSES 1993-1996 (£'000S)

TABLE 14: EXPORTS OF DIVANS & MATTRESSES 1993-1996 (£'000S)

CHART 15: MIX OF SALES OF MAJOR PRODUCT GROUPS BY VALUE 1996

TABLE 16: MIX OF DIVAN/BEDSTEAD SALES - 1996

TABLE 17: STORAGE VERSUS NON-STORAGE DIVANS

CHART 18: DOUBLE STORAGE VERSUS NON-STORAGE DIVANS 1988 AND 1994

CHART 19: UK MATTRESS MARKET BY SIZE IN VOLUME TERMS 1994

CHART 20: MIX OF MATTRESSES MARKET BY TYPE 1996

TABLE 21: UK BED MANUFACTURERS' MARKET SHARES - BY VALUE 1996

TABLE 22: DISTRIBUTION OF UPHOLSTERED FURNITURE AND BEDS 1996 BY VALUE

TABLE 23: MIX OF FURNITURE, LIGHTING COMPONENT & HOUSEHOLD ARTICLE RETAILERS BY SIZE 1996

TABLE 24: HOUSING COMPLETIONS 1988-1996 GREAT BRITAIN ('000)

TABLE 25: HOUSING STARTS 1993-1997 GREAT BRITAIN ('000)

TABLE 26: VALUE OF NEW UK HOUSING OUTPUT AND RMI OUTPUT (£M)

TABLE 27: NUMBER OF PROPERTY TRANSACTIONS IN ENGLAND AND WALES 1990-1996

TABLE 28: CONTRACTORS OUTPUT - NEW WORK AND RMI NON HOUSING - CURRENT PRICES (£M)

CHART 29: INTEREST RATES AND INFLATION (RPI) FROM 1990-2000

CHART 30: PDI & SAVINGS RATIO

TABLE 31: STOCK OF DWELLINGS GREAT BRITAIN - 1983-1996

TABLE 32: DISTRIBUTION OF UK RESIDENT POPULATION JUNE 1995

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EXECUTIVE SUMMARY

The upholstered furniture and beds market is estimated to be worth around £1.3bn. Both markets grew substantially during the boom period of the late 1980's and suffered significant decline during the prolonged recession of the early 1990's.

The Upholstered Furniture Market is worth around £900m. The contract sector for upholstered furniture is estimated to take 7 percent of this, with major growth areas including hotels and guest houses, as well as private nursing homes.

Imports and exports have become increasingly significant, with imports having grown to around 17 percent of the UK market. Imports are sourced mainly from within the EC including Italy, Belgium, Luxembourg, Sweden and France. Exports are estimated to be worth 9 percent of UK production of upholstered furniture.

Action furniture continues to grow as consumers seek more benefits and features from their products. There is a growing proportion of older consumers and these products are also becoming more acceptable to younger age groups.

Classic styling is still very popular, although modern designs are becoming more accepted. However, traditional finishes such as leather and showwood are gaining share although both are now offered in more modern designs and colours to appeal to the younger generation. Cane and rattan is beginning to move upmarket after experiencing some problems in terms of quality.

Major suppliers of upholstery are Hillsdown Holding's subsidiaries, Christie Tyler and Walker & Homer, which dominate the market. Other leading suppliers include Cornwell Parker, Airsprung and Buoyant.

In terms of distribution, multiples command the largest share at 45 percent having continued to experience growth in recent years, while furniture independents and specialists are also key outlets.

The beds market has performed relatively well in recent years, with the market benefiting from a buoyant economy and reasonably healthy housing and construction activity. The market is also benefiting from consumers trading-up and purchasing better quality beds. In addition, the industry is attempting to increase the replacement frequency which, if successful, should result in further growth in this market.

The contract sector is estimated to be worth around £30m and similarly to the upholstered furniture market, growth areas are hotels and private nursing homes.

Imports and exports of bed bases and mattresses are experiencing underlying growth, but continue to be a very minor part of the UK beds market.

Bedsteads continue to be a major growth area, including both wooden and metal frames, however divans account for the major part of the market and are anticipated to continue to do so in the foreseeable future. Divans with storage continue to grow, increasing their share of the market in terms of both singles and doubles, as space within houses continues to be limited.

In terms of mattresses, spring interiors continue to dominate accounting for over 80 percent of the market, although rubber/latex mattresses are growing their share due to a combination of health factors and the growth in bedsteads. Childrens beds continue to be a growth sector with bunk beds and cabin beds both popular styles.

The beds sector is more concentrated in terms of suppliers than the upholstered furniture market with major suppliers including Silentnight and Airsprung, followed by Relyon, Myers and Slumberland.

In terms of distribution, furniture independents/specialists dominate with 35 percent, followed by multiples, department/variety stores, mail order and others.

This comprehensive report represents a detailed assessment of the market, reviewing major trends, key factors influencing developments and future prospects for the sector. Analysis is both quantitative and qualitative, based on our substantial experience of the building and home improvement markets.

Text © 1997 AMA Research

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