The upholstered furniture and beds market is estimated to be worth around 400 billion dollar. 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. 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 are 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 show wood are gaining share although both are now offered in more modern designs and colors to appeal to the younger generation. Cane and rattan is beginning to move up market after experiencing some problems in terms of quality. Major suppliers of these industries are basically EU based like Germany, Sweden, etc. In terms of distribution, multiples command the largest share at 54 percent having continued EU nations in recent years, while furniture independents and specialists are also key outlets. In terms of Bangladesh some renowned brand company starts to dominate accounting for over increasing percent of the market, although non brand owners are growing their share due to a combination of labor intensive country. 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.
Furniture industry in Bangladesh
1.1. Origin of the report
This study and the resulting report was conducted and submitted as a partial requirement for the International Business (ITB 301) course .The report was authorized by Mr.Md.Gazi Salah Uddin, course instructor of ITB 301, and Senior lecturer, Department of Business Administration, East West University. The report was prepared jointly by Naim, Zareen, Moni, Mizan.
The objective of this report is to address the performance of Bangladesh in international trading through a thurst sector name “Furniture industry”. This is a study to identify the major trade partners and competitors of Bangladesh in this sector in the terms of foreign trade. To find out the problems of Bangladesh in terms of international trade and the problems of trade liberalization are the other objectives of the report. This information then is used to improve the position of Bangladesh in International Trade and build a positive image towards a leading furniture manufacturing as well as exporting country in the world market..
It also analyzes the trade potentiality of Bangladesh in different sectors with various trade partners and ultimately impact of trade in economic development of Bangladesh and to scrutinize the overall problems and opportunities from trade.
1.3. Scopes and methodology
Since it’s not possible to conduct analysis on the large number data, some specified tables and articles have been chosen for analysis. Throughout the study many things regarding International Trade of Bangladesh which contributes very small part in development of world’ trade was learnt.
1. Secondary research was conducted to identify present situation or position of Bangladesh in international trade. 2. Consequently, this study is grounded in observation data obtained...