Every industry has its own set of challenges that keep changing with time. New innovations and trends in the industry bring about new challenges every year. The furniture fittings industry is no exception. The trends in this industry are changing with the changing face of technology and lifestyle. New trends bring with them new challenges to deal with. As the furniture fittings manufacturers incorporate changes as per the latest trends they also look for ways to deal with the challenges.
Here are the challenges and trends being faced likely to be faced by the furniture fittings manufacturers in 2016:
Rise in the Manufacturing Cost
The cost of the raw material and hardware components is increasing and so are the wages of the laborers. Thus, the overall manufacturing cost of furniture fittings has gone up and is likely to increase further by the end of this year. On the other hand, the consumers are looking for furniture at the most cost-effective rates.
Balancing between the increasing manufacturing cost and offering good quality end product at a competitive price is another major challenge.
Growing Trend of Online Shopping
The trend of online shopping is on the rise. People get to see a variety of furniture. They compare the prices and go for the lowest bid. To stay in the game, furniture fittings manufacturers need to rank high in the Google search results. This can be quite challenging as every player tries to acquire the top spots. They also need to offer the latest design furniture at the most cost-effective rates as the buyers get a host of manufacturers to choose from.
The Trend for Renting Furniture
Instead of purchasing the furniture, many people these days are opting for rented furniture pieces. This gives them a chance to change their furniture as frequently as they want in order to give new look to their apartment. This trend is especially growing among those who rent apartments and require relocating to different places due to their job. They mostly opt for lightweight and cost-effective furniture that can be accommodated in their rented space.
Furniture fittings manufacturers are now facing the challenge to manufacture reasonably-priced furniture without compromising on the quality factor.
Single Occupancy
Majority of people are migrating from villages to cities for employment purpose. Most of these people rent an apartment to live alone. Besides, youngsters, these days have grown ambitious and wish to settle financially before getting married. Many of them move out of their houses to live independently. This has added to the number of people living alone. Their furniture requirement is certainly different from those living with families. They prefer the latest furniture and fittings that are not very elaborate. The furniture fittings hardware manufacturers need to cater to the exact requirement of these buyers.
Expansion Expected
The growing urbanization, changing lifestyle and increase in the purchasing power of people will likely lead to an expansion in the furniture fittings hardware industry this year. This is good news for the furniture fittings manufacturers. However, it will bring its own set of challenges. As the industry will see a boom, more people will dive in the business thereby increasing the competition in the market.
The furniture fittings hardware industry is ever changing. It has changed for good in the past and is likely to enhance further. Only those who have the caliber to work through the challenges are thrown by the industry from time to time can survive in the market.
Here are the challenges and trends being faced likely to be faced by the furniture fittings manufacturers in 2016:
Rise in the Manufacturing Cost
The cost of the raw material and hardware components is increasing and so are the wages of the laborers. Thus, the overall manufacturing cost of furniture fittings has gone up and is likely to increase further by the end of this year. On the other hand, the consumers are looking for furniture at the most cost-effective rates.
Balancing between the increasing manufacturing cost and offering good quality end product at a competitive price is another major challenge.
Growing Trend of Online Shopping
The trend of online shopping is on the rise. People get to see a variety of furniture. They compare the prices and go for the lowest bid. To stay in the game, furniture fittings manufacturers need to rank high in the Google search results. This can be quite challenging as every player tries to acquire the top spots. They also need to offer the latest design furniture at the most cost-effective rates as the buyers get a host of manufacturers to choose from.
The Trend for Renting Furniture
Instead of purchasing the furniture, many people these days are opting for rented furniture pieces. This gives them a chance to change their furniture as frequently as they want in order to give new look to their apartment. This trend is especially growing among those who rent apartments and require relocating to different places due to their job. They mostly opt for lightweight and cost-effective furniture that can be accommodated in their rented space.
Furniture fittings manufacturers are now facing the challenge to manufacture reasonably-priced furniture without compromising on the quality factor.
Single Occupancy
Majority of people are migrating from villages to cities for employment purpose. Most of these people rent an apartment to live alone. Besides, youngsters, these days have grown ambitious and wish to settle financially before getting married. Many of them move out of their houses to live independently. This has added to the number of people living alone. Their furniture requirement is certainly different from those living with families. They prefer the latest furniture and fittings that are not very elaborate. The furniture fittings hardware manufacturers need to cater to the exact requirement of these buyers.
Expansion Expected
The growing urbanization, changing lifestyle and increase in the purchasing power of people will likely lead to an expansion in the furniture fittings hardware industry this year. This is good news for the furniture fittings manufacturers. However, it will bring its own set of challenges. As the industry will see a boom, more people will dive in the business thereby increasing the competition in the market.
The furniture fittings hardware industry is ever changing. It has changed for good in the past and is likely to enhance further. Only those who have the caliber to work through the challenges are thrown by the industry from time to time can survive in the market.