Now Available: Home Furnishings in South Korea

The Swedish home furnishing company, IKEA, entered South Korea in December 2014, opening its first store in Gwangmyung, on the outskirts of Seoul. IKEA’s entrance attracted vast attention from consumers and players alike.

Competitive Landscape

Hanssem continued to lead home furnishings in 2014, registering a 12% value share. The company witnessed an increase in sales value with 8% growth in 2014. Over the review period, Hanssem diversified its distribution channels and product portfolios, which led to an increase in sales. Through its internet retailing channel, Hanssem used to focus mainly on indoor furniture. However, since early 2014, the company has started to expand its product range to include total home furnishings by recruiting merchandisers to change the home furnishings featured on its internet site. In addition to targeting price-sensitive young consumers via internet retailing, the company successfully developed a niche premium market, by adding premium product lines under its kitchen furnishing brand, Kitchenbach in 2013.

Full Report Details at
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Industry Prospects

Home furnishings in South Korea is expected to stagnate in at constant 2014 prices over the forecast period. As the high price of housing in South Korea is not projected to drop in the short-term, consumers who do not own their own homes are unlikely to significantly expand their spending on home furnishings.

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