The global COVID-19 pandemic in the year 2020 has disrupted every industry and caused severe losses, hospitality furniture industry is no exception. With the COVID-19 vaccine settling the COVID-19 situation and giving a ray of hope for the world to restore to its normal, businesses are likely to get back to their normal. With back to normal, the raise of hospitality industry is expected to give enough momentum for furniture procurement market. In this juncture, to stay ahead of the competitors the key trends Hospitality Furniture Manufacturers should watch out for in 2021 are:
Experiential Design Due to the substantial involvement of millennials in the hospitality industry, the hospitality procurement industry has been undergoing a massive transformation to cater to personalized products as per the customer business needs. This approach is one of the prime reasons constituting the market rise. This change triggered a new era, where furniture is not only regarded as means of providing basic service needs (food or sleeping or sitting) of customers visiting hotels/motels, but décor products are also considered as an essential element driving customer experiences. Because of which the experiential design takes centre stage. The procurement hospitality industry got to put their designers and architects at work to develop innovative décor products that elevate hotel/motel brand value. Not Selling, Customer Experiences Matters! The rising brand awareness among hotels and motels has resulted in an upsurge of investments in furniture, especially millennials inhospitality is triggering the market growth from the last few years .Further more, the effortless accessibility of furniture through the online platform has increased the procurement of products, making more choices for hotels/motels. The furniture procurement manufacturers have realized the pulse of customers, doing which they are advancing with product production cantered on improving the consumer experience than mere selling furniture products. So, hospitality procurement players must come out of the mindset of "deliver the product once and forget for a life time." So, the furniture Procurement organizations should make sure that work does not finish with supplying products; instead, the prime work kickstarts after the delivery process to offer continuous support. To stay competitive, attract, and retain customers, manufactures must ensure strong customer approachable initiatives to serve customers better. So, to solve these customer service challenges, the preferable solution can be a web portal solution with an integrated mobile app that allows customers to inform troubles and follow up on issue resolution status any time. Strategic partnerships There is a drastic rise in real estate in domestic and commercial constructions. To deliver value to customers, strategic partnerships and collaborations can pave the path and be one of the prime factors propelling the furniture industry expansion and attract new clients. Supply chain Management Lack of transparency in the entire supply chain relationship management is resulting in boosted operational costs. To solve this, getting onboard an integrated software application can be of great assistance to track data, get deep insights into it, and permits the client to monitor all the transactions in real-time
Furniture Material Standards As a part of environmental security, the Government's emphasis is on products that have a minimal carbon footprint and accordingly have to develop material standards. In the US, EPA mandates the composite wood products to be marked as TSCA Title VI compliant, which include hardwood plywood, Medium Density Fibreboard, and particleboard is covered by this rule. So, furniture manufacturers have clients globally must ensure they follow the standards relevant to the region.
Hotel Furniture Industry Market Projections
· In 2019, the global Hotel Furniture market size was US$ 4029.8 million, and it is expected to reach US$ 5211.6 million by the end of 2026, with a CAGR of 3.7% during 2021-2026. – Industry Research Report
· U.S. furniture and bedding sales will top $115billion in 2020across the entire nation is expected to grow by 24.4% from 2020to 2025.- Furniture Today
· The global hospitality market is expected to recover and grow at a CAGR of 8% from 2021 and reach $5593 billion in 2023 – The Business Research Company