Market Challenges And Opportunities
Console Table Market Drivers
- Rising residential construction: The growth in residential construction is a major driver for the console table market. With more homes being built to accommodate the rising population and increasing number of households, it is creating demand for console tables as essential furniture for living rooms, foyers, bedrooms, and other spaces. For instances, according to statistics from the U.S. Census Bureau, the privately-owned housing starts in the U.S. were around 1.4 million in January 2022, which is an increase of over 11% as compared to January 2021. With more households being added, the need for furniture pieces like console tables has increased considerably.
- Growth of online furniture retail: The furniture industry has witnessed a major shift to online retail channels. The growing penetration of internet and smartphones has led to several furniture companies to sell through their own websites and online marketplaces. This omni channel approach provides wider visibility and easier access to products like console tables for time-pressed urban consumers. For instances, according to the United Nations Conference on Trade and Development reports, the total value of global e-commerce rose by 27% in 2020 alone. This massive growth of digital platforms has exposed furniture brands to wider audiences and simplified the purchasing process.
- Multifunctional and innovative designs: Console tables are gaining popularity due to their multi-functional and adaptable nature. They serve various needs beyond accent display, such as extra storage, workspaces, quick meals, and others. Manufacturers are innovating with convertible and transitional console table designs that are suited for small spaces.
- Growth in commercial real estate: The steady growth in new commercial real estate projects provides significant opportunities for console table sales. Console tables find application as display tables in hotel lobbies, office receptions, restaurants, hospitals, and other commercial settings.
Console Table Market Opportunities
- Smart furniture with tech integration: Integration of technology into furniture is an emerging opportunity that can be capitalized on by console table manufacturers. Smart console tables with features like wireless charging, Bluetooth connectivity, mood lighting, and more can enhance appeal and usability for tech-savvy consumers. For instances, according to the surveys conducted by the European Furniture Manufacturing Federation, over 75% of European households bought at least one smart home device in 2021 with projections of further growth expected until 2025.
- Sustainable materials and production: Sustainability has become a priority for every consumers. Using eco-friendly materials like recycled wood, upcycled plastic, and sustainably sourced natural fibers in console table production can attract environmentally conscious buyers. For instances, according to the World Economic Forum, bioplastics production has increased five-fold in the past two decades and is projected to grow 10-15% annually in the next 5 years.
- Customization and personalization: Offering customization services gives customers the ability to personalize console tables to their exact specifications. From customized dimensions, colors, storage solutions and materials, personalized console tables allow brands to provide tailored products and charge premium prices.
- New distribution through furniture rentals: Furniture rental is a promising new distribution model that console table brands can leverage to expand their consumer base. Instead of outright purchase, furniture rentals allow flexibility and affordability for mobile millennials and temporary living spaces.
Console Table Market Restraints
- Availability of substitute furniture: Console tables face significant threat from alternative furniture like sideboards, buffets, credenzas, sofa tables, and entryway units that serve similar functions. The availability of these multifunctional furnishings limits the volume sales of specialized console tables. For instances, according to the data from the United Nations Environmental Programme (UNEP), the per capita incomes in developing nations has increased significantly over the past decade providing greater purchasing power to citizens to explore newer furniture options beyond conventional pieces like console tables.
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