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AM36003
AMA HOME OFFICE FURNITURE MARKET : SEPTEMBER 2003
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TABLE OF CONTENTS

1 INTRODUCTION 6
2 SUMMARY 7
3 ECONOMIC ENVIRONMENT 10
3.1 GENERAL 10
3.2 GDP GROWTH 10
3.3 INTEREST RATES & INFLATION 11
3.4 EMPLOYMENT & CONSUMER SPENDING 11
3.5 HOUSING & CONSTRUCTION 12
3.6 STERLING 13
3.7 POPULATION PROFILE 13
3.8 CONCLUSIONS 13
4 THE HOME OFFICE FURNITURE MARKET 14
4.1 DEFINITION OF OFFICE FURNITURE PRODUCTS 14
4.1.1 The Overall Office Furniture Market - Product Definitions 14
4.1.2 Definition of Home Office Furniture 14
4.2 OVERALL FURNITURE MARKET. 16
4.2.1 Market Size and Trends 16
4.2.2 Overall Office Furniture Market 17
4.3 THE HOME OFFICE FURNITURE MARKET 21
4.3.1 Market Size and Growth 21
4.3.2 Background and Current Situation 21
4.3.3 Future Prospects 27
4.3.4 Home Office Furniture Market Vs the Total Office Furniture Market 31
4.3.5 International Trade 34
4.4 KEY EXTERNAL MARKET INFLUENCES 37
4.4.1 The Housing Market 37
4.4.2 Macro-Economic Influences 42
5 PRODUCT SECTORS 49
5.1 TOTAL OFFICE FURNITURE PRODUCT MIX 49
5.2 HOME OFFICE FURNITURE PRODUCT TYPES 51
5.3 HOME OFFICE FURNITURE PRODUCT MIX 53
5.4 HOME OFFICE DESKING 55
5.5 HOME OFFICE SEATING 56
5.6 HOME OFFICE STORAGE FURNITURE 57
5.7 PRODUCT TRENDS 58
6 SUPPLIERS OF HOME OFFICE FURNITURE 61
6.1 BACKGROUND 61
6.2 MARKET SHARES 62
6.3 IMPORT LEVELS 64
6.4 KEY SUPPLIERS OF HOME OFFICE FURNITURE 65
6.4.1 Major Suppliers 65
6.4.2 Traditional Furniture Suppliers 70
6.4.3 Importers 71
6.4.4 Other UK Suppliers of Home Office Furniture 73
6.4.5 Office Furniture Suppliers 74
6.5 TOTAL COMMERCIAL OFFICE FURNITURE MARKET SUPPLIERS 75
6.5.1 Overall Market Shares 75
6.5.2 Profiles of the Leading Office Furniture Suppliers 78
7 DISTRIBUTION OF HOME OFFICE FURNITURE PRODUCTS 82
7.1 THE SUPPLY STRUCTURE OF THE OVERALL OFFICE FURNITURE MARKET 82
7.2 THE SUPPLY STRUCTURE IN THE HOME OFFICE FURNITURE MARKET 85
7.3 COMPANIES IN THE DISTRIBUTION OF HOME OFFICE FURNITURE 89
7.3.1 Furniture Retail Multiples 89
7.3.2 Office Retail Multiples 91
7.3.3 Electrical Multiples 93
7.3.4 Office Furniture Dealers 93
7.3.5 DIY Multiples 94
7.3.6 Catalogue Retailers / Mail Order 95
7.3.7 Others 96
8 TECHNOLOGY CHANGES & NEW WORKING PRACTICES 100
8.1 TECHNOLOGICAL DEVELOPMENTS 100
8.1.1 Introduction 100
8.1.2 Hardware Developments 101
8.1.3 Communications Development 104
8.1.4 Internet Developments 107
8.1.5 Software Developments 109
8.2 NEW WORKING PRACTICES 109
8.2.1 Organisational Environmental Change 110
8.2.2 Flexible Working Practices 113
9 FUTURE PROSPECTS 117

TABLES & CHARTS
CHART 1 HOME OFFICE FURNITURE MARKET 1996-2006 BY VALUE (MSP £M) 7
TABLE 2 THE UK MARKET FOR DOMESTIC FURNITURE 1996-2004 (£M MSP) 16
TABLE 3 UK MARKET FOR OFFICE FURNITURE 1996-2006 £M MSP 18
TABLE 4 UK MARKET FOR HOME OFFICE FURNITURE 1996 - 2006 £M MSP 21
TABLE 5 UK TELEWORKERS AS A percent OF WORKING POPULATION 1998 - 2002 23
TABLE 6 PENETRATION OF PERSONAL COMPUTERS IN UK 1996 - 2002 26
CHART 7 UK HOME OFFICE FURNITURE MARKET 1996-2006 (£ MILLION MSP) 28
TABLE 8 UK HOME OFFICE FURNITURE VS TOTAL OFFICE FURNITURE & TOTAL DOMESTIC FURNITURE 32
TABLE 9 RETAIL SALES OF FURNITURE, LIGHTING ETC RSP £M 33
TABLE 10 UK IMPORTS AND EXPORTS OF OFFICE TYPE FURNITURE £M 34
TABLE 11 IMPORTS & EXPORTS OF OFFICE TYPE FURNITURE BY COUNTRY 36
TABLE 12 HOUSEBUILDING COMPLETIONS 1995-2004 GREAT BRITAIN ('000) 37
TABLE 13 NUMBER OF PROPERTY TRANSACTIONS IN ENGLAND AND WALES 1995-2002 39
TABLE 14 STOCK OF DWELLINGS GREAT BRITAIN - 1985-2002 40
TABLE 15 AVERAGE HOUSEHOLD SIZE FOR GREAT BRITAIN 1971 - 2001 41
CHART 16 AGE DISTRIBUTION RESIDENT UK POPULATION 2001 ('000) 42
CHART 17 NUMBER OF EMPLOYEES IN EMPLOYMENT GB - JUNE 1982-02 (MILLIONS) 43
CHART 18 INTEREST RATES AND INFLATION (RPI) FROM 1990-2005 44
CHART 19 PDI & SAVINGS RATIO 1980-2005 46
TABLE 20 RETAIL SPENDING - PREDOMINANTLY NON-FOOD STORES 1995-2002 47
TABLE 21 EXCHANGE RATE FLUCTUATIONS 1997-2003 - DOLLARS, ECU TO POUND STERLING, SPOT RATES 48
TABLE 22 PRODUCT MIX IN UK OFFICE FURNITURE MARKET, 2001 BY VALUE MSP 49
CHART 23 MIX OF OFFICE FURNITURE BY PRODUCT TYPE 2001 50
CHART 24 VALUE MIX OF FLAT PACK/READY ASSEMBLED HOME OFFICE FURNITURE 2002 52
TABLE 25 PRODUCT MIX UK HOME OFFICE FURNITURE MARKET 2002 BY VALUE MSP 54
CHART 26 MIX OF HOME OFFICE FURNITURE BY PRODUCT TYPE 2002 BY VALUE 55
CHART 27 MARKET SHARE MAJOR SUPPLIERS IN 2002, percent BY VALUE 63
CHART 28 MIX OF UK MADE AND IMPORTED HOME OFFICE FURNITURE 2002 BY VALUE 64
TABLE 29 UK MARKET FOR OFFICE FURNITURE SUPPLIERS percent BY VALUE 2001 77
CHART 30 OFFICE FURNITURE - MARKET INFRASTRUCTURE 82
CHART 31 DISTRIBUTION CHANNEL SHARE BY VALUE - OFFICE FURNITURE - 2001 84
CHART 32 THE HOME OFFICE FURNITURE MARKET INFRASTRUCTURE 86
CHART 33 CHANNEL SHARES FOR HOME OFFICE FURNITURE 2002 BY VALUE 88
CHART 34 KEY INFLUENCES ON OFFICE FURNITURE 110

INTRODUCTION and OVERVIEW

AMA Research has published the third edition of the 'UK Home Office Furniture Market Report '. This 110+ page report presents a comprehensive review of the market for home office furniture by product sector, and also includes a section about the effects on the home office market by changes in technology and working practices. The report should be of interest to existing and potential manufacturers, suppliers and retailers of home office furniture, as well as others with an interest in the furniture industry in general.
Areas covered in the report include:-
· THE MARKET - market size, market growth, key trends & influencing factors
· PRODUCT MIX - analysis by product sector (desking, seating and storage), product trends and developments.
· SUPPLIERS - review of the supply structure, market shares and company profiles.
· DISTRIBUTION - review of key distribution channels, shares and company profiles.
· TECHNOLOGY & WORKING PRACTICES - Assessment of the driving factors behind the increasing incidence of home working, review of technological developments.
With an estimated value of around £190 million in 2002, the home office furniture market is forecast to maintain healthy growth rates in the short-medium term, depending on external economic and political factors.
Specific points of interest:
· Continued growth in household penetration of home office furniture
· Increasing levels of PC ownership
· Growth in the flat pack sector of the market
· Flexible working practices, particularly home working, becoming more common
· Price pressures, leading to higher levels of imported furniture.
· Greater choice of designs and increased availability of products in the high street
This analysis is based on research into the suppliers and distributors of home office furniture products from published data, industry sources, government statistics and trade interviews, coupled with our experience and understanding of the furniture industry.
Key areas covered in the report include:
MARKET
· Overall Furniture Market - definition, historical market development, analysis of market size by value 1995-2004
· Overall Office Furniture Market - product & market definitions, historical market development, analysis of market size by value 1996-2006, future prospects.
· Home Office Furniture Market - product & market definitions, historical market development, analysis of market size by value 1996-2006, current situation and future prospects.
· Key External Market Influences - housing market, population profile, employment, interest rates, consumer disposable income & savings and exchange rate fluctuations.
PRODUCT MIX
· Total Office Furniture Product Mix - percent split desking, seating storage and others
· Home Office Furniture Product Mix - by product type and product sector, current trends in design, materials, colours and added value
· Home Office Desking - Historical and current trends
· Home Office Seating - Historical and current trends
· Home Office Storage - Historical and current trends
SUPPLIERS
· Analysis of Supply Structure - background, import levels, supplier category split
· Profiles of Leading Home Office Furniture Suppliers - market position, analysis of activities, financial information etc.
· Profiles of Leading Office Furniture Suppliers - overall market shares, market position, analysis of activities, financial information etc.
DISTRIBUTION
· Analysis of Market Structure - office furniture supply structure and home office furniture market infrastructure
· Distribution Channel Shares - analysis of office furniture and home office furniture shares by value and trends/developments in shares.
· Role of Distributors - review of major national distributors, company profiles.
TECHNOLOGY & WORKING PRACTICES
· Technological Developments - current and future developments within hardware, communications, software and the Internet, and how they could impact the market.
· New Working Practices - covers organisational environmental change and flexible working practices
This 110+ page report provides a comprehensive review of developments in home office furniture products, with comment on key driving factors and future prospects .

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EXECUTIVE SUMMARY

The Home Office Furniture sector forms part of both the overall UK Office Furniture market and the overall UK Domestic Furniture market. The overall Office Furniture market was worth an estimated £911 million during 2002 with approximately 20 percent accounted for by the home office furniture sector. In addition, the overall UK Furniture market was worth an estimated £4.1 billion in 2002 with the home office furniture sector accounting for approximately 4.6 percent of sales.
The Home Office Furniture market has experienced high growth rates during the 1990s. The home office furniture market saw significant growth between 1996-2000 due to a number of underlying factors, including increasing household penetration of computers and a change in working practices, leading to more people working from home.
The home office market is also very sensitive to changes in general economic conditions. 
There was a steady growth in consumer confidence between 1995 and 1998, as well as windfall payments, which have helped to sustain this growth. Despite economic uncertainty during late 1998 and early 1999 the home office furniture market managed to achieve high levels of growth. 2000 was also a very positive year for the market with economic factors generally positive, increases in home working and PC ownership and general developments in awareness from consumers and retailers resulting in increased allocation of store floor space and more sophisticated and higher quality products.
In 2001/2002 however, growth started to slow down as a result of a number of factors including the uncertain economic climate, a lower level of consumer confidence and signs of PC market saturation. As competition increases and the home office furniture market begins to approach maturity, growth rates are expected to continue to stay below 1990's levels but still remain ahead of other furniture sectors.
In terms of the product mix, the home office furniture market is comprised of desking, seating and storage products. Home office desking is by the largest sector accounting for around 46 percent of the market in value terms. This sector has grown in the last two years, mainly due to strong growth in workstations. Another growth sector is seating, which has grown at an annual rate of around 15 percent over the last few years. Around three-quarters of all home office furniture is estimated to be of the flat packed type.
The home office furniture market is still in the growth phase of its product lifecycle, and the vast majority of sales are new purchases. However, in recent years the market has developed in terms of design and products are becoming more durable, comfortable, sophisticated and aesthetically pleasing. Therefore, a replacement market is beginning to emerge as consumers seek to replace lower value first time purchases.
Design trends are also a key area of change for the home office furniture market. As the market has grown, product choice in terms of style has widened and the market has become increasingly design-led with space, practicality, flexibility, co-ordination and ergonomics becoming key considerations. In particular, a key area of growth is the children and teens designs, due to the increase in multiple PC ownership and the increasing number located in children's bedrooms.
The supply structure for home office furniture is very fragmented and it remains difficult to distinguish market leaders at this stage. For the purpose of this report suppliers have been segmented into the following categories; Major Suppliers, Traditional Suppliers, Other UK Suppliers, Importers, and Predominantly Office Furniture Manufacturers, although there is some overlap between these categories. The major suppliers hold a share of around 49 percent of the market, and most of these are manufacturers that supply large retail chains such as MFI, IKEA and Argos, including The Furniture Factory and Bush Europe.
The percentage of home office furniture imported into the UK from Europe, the USA or the Far East is high. This is due in part to the fact that in order to cut costs, retailers are having products made overseas and importing the finished items as own label. In addition, the US market for home working is strong and as a result the level of imports is high from that country.
Furniture multiples continue to dominate in terms of distribution, largely due to their strength in terms of national coverage and the growth in IKEA. Multiple Office Superstores also take a substantial amount of share and catalogue/mail order sales of home office furniture has grown strongly over the last two years. Office furniture dealers have lost share and there has been a noticeable increase in supply through other retail, such as variety and department stores like John Lewis and Marks & Spencer.
A number of online retailers have emerged but so far Internet sales only account for around 1 percent of the market. At the moment the main role of the Internet will be as a marketing tool, with manufacturer and retailer websites acting as the first point of contact for customers, although many major retailers are starting to sell online. Also, some manufacturers are using the Internet as an efficient way to sell their products directly to consumers.
The market for home office furniture is expected to continue to grow and change in the medium term, driven by two key aspects - the growth of home computer ownership and usage by the whole family, and an increasing proportion of the workforce operating from home. The product and service requirements of each of these sectors may be different, but their simultaneous growth is expected to drive forward the market for home office furniture in the medium to longer term. 

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Text © 2003AMA Research

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