Specialist furniture and furnishings retailers in the UK have seen their market share fall to the lowest level in over a decade, according to newly released data from the Office for National Statistics (ONS).
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In 2023, specialist retailers accounted for 60% of total furniture and furnishings sales, a decline from 62.9% in 2022 and 62.1% in 2021. This marks the lowest market share for the sector since 2014, excluding the disrupted trading year of 2020 during the Covid-19 pandemic.
The ONS figures, drawn from the Annual Business Survey, suggest that generalist and variety retailers are gaining ground. These non-specialised stores increased their combined share to 14.2% in 2023, up from 11.9% the previous year.
The remaining sales were largely attributed to ecommerce pure plays and specialists outside the core household goods segment.
The data groups specialist retailers under SIC Code 47.5, which includes stores selling household items such as furniture and carpets. Generalists are classified under SIC Code 47.1, encompassing non-specialised retail outlets.
The decline in market share for traditional furniture specialists reflects a broader trend in retail, as consumers increasingly seek convenience, broader product ranges, and multichannel options provided by generalist retailers and online platforms.
This shift in consumer behaviour poses an ongoing challenge for independent and national furniture specialists, who must adapt to remain competitive in an evolving retail landscape.
Source: www.thefurnishingreport.com