Home Furnishings in Turkey - New Report Available

From: Fast Market Research, Inc.
Published: Tue Aug 04 2015

Home furnishings demonstrated positive current value growth of 4% in 2014, thanks mainly to the continuous increase being recorded in the popularity of branded products. Throughout the review period, home furnishings manufacturers, particularly those which are present in furniture and home textiles, continued to invest heavily in marketing activities and the expansion of their outlet and dealer networks, which led to a significant increase in the presence and sales of branded products in home furnishings. Furthermore, the ongoing transition from unorganised and informal retailing to organised retailing was another important factor underlying the rise in sales of branded home furnishings in 2014, with this transition stemming mainly from the drastic increase being recorded in the number of shopping centres operating in Turkey.

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Competitive Landscape

Boytas Mobilya San ve Tic AS continued to lead home furnishings with a 4% value share in 2014. The company’s leadership stems from the massive outlet network of its highly recognised Istikbal, Bellona and Mondi brands. The company continued to invest heavily in marketing activities and retail network expansion towards the end of the review period. As of 2014, the company’s products are available at more than 2000 points of sale across the country. On the other hand, Boytas Mobilya was one of the most active players in the Turkish home and garden industry in terms of advertising activities in 2014. Sevval Sam, who is a very famous actress and singer in Turkey, continued to star in Bellona’s television advertisements in 2014, whereas Istikbal was also widely visible in the vast majority of advertising channels, including television, radio and the internet. On the whole, Boytas Mobilya’s actual retail sales increased by 11% in 2014, which is higher than the overall growth rate realised in home furnishings in 2014.

Industry Prospects

Home furnishings is expected to increase in value at a CAGR of 1% in constant 2014 terms over the forecast period. This is expected to be commensurate with the 1% value CAGR recorded in the category in 2014 terms over the review period, mainly due to economic uncertainty and prospective stagnation in consumer expenditures. Another important reason behind the relatively slow growth forecast for home furnishings is the emergence towards the end of the review period of strong indicators that the bubble will burst in the Turkish housing market, which is another important determinant of home furnishings sales. To give an example, home sales were down by 20% in July 2014 comparing to the corresponding month of the preceding year, according to reports in the press. As a result, the anticipated stagnation in home sales is expected to negatively influence sales of home furnishings during the forecast period.

Home Furnishing Market Research

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