Over the last five years, the Australian furniture industry has faced a lot of challenges. The furniture retailers have been faced with major changes on the market and the numbers show only a small, insignificant growth in generated revenue of about 1.4%. The instability of the market has imposed tougher conditions for all the companies involved in the furniture industry, which has led to instability in consumers’ sentiment and decrease in the retail spending on furniture online and offline all across the country.
The small and insignificant growth of incomes and the big concern about the increasing household debts during these years have weakened the demand for furniture. Virtually every Australian furniture online and offline store has suffered from this situation and is now trying to make a comeback. With almost 26,000 employees and over 4,500 registered business in the furniture sector, the total revenue for 2015 is about $8 billion. For the following years, new business options are expected to improve the business health in Australia and make the furniture industry a better working environment.
To boost the revenue, the largest manufacturers in the furniture industry have implemented few efficient strategies:
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