Furniture Market

In: Business and Management

Submitted By joanneyjm
Words 435
Pages 2
The current housing structure in Singapore is dominated by HDB dwellings - 943,859 households in 2010 – followed by condominiums and private flats - 128,854 households – and finally by landed properties with a total of 64.908 households. The average household size in 2010 was 3.5 persons per flat, a 0.2 decrease compared to the year 2000. The combination of growing population and declining household sizes is a favorable market trend to DeSin, due to a higher number of new flats means a higher potential demand for our shelving system.
Until 2004 the average apartment size grew steadily to 95 sq m. However, since 2005, the statistics prove that the apartment sizes are slightly going down whereas the prices are increasing. As smaller the flats are going to be designed in future, as more positive and valuable perception of a modular shifting shelves system will the inhabitants have. By exploiting the entire heights of a wall DeSin helps to use the limited space efficiently and getting the most for the square meter price possible.
With a per capita GDP of USD 57,200 and a real GDP growth rate of 14.7% in 2010, Singapore exceeds most other developed countries. Therefore the market for luxury goods – as special furniture - is a very attractive one. Nevertheless, the intense saving behavior of Singapore residents cannot be considered as being negligible. To take advantage of people’s high purchasing power and the challenging and confined housing situation DeSin has to convince with an intense and very target-oriented marketing strategy.

Despite the economic crisis in 2009, this industry builds a prosperous and healthy market. Most of the Singapore furnishing companies managed to maintain their operations during the economic downturn. Although the actual trade performance in 2009 decreased 4% from SGD 4.9 billion to SGD 4.7 billion, it recorded an average increase of…...

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