World News: 08:30 GMT Tuesday 3rd December 2019. [Technavio Research via Businesswire via SPi World News]
The global residential artificial flower retail market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global residential artificial flower retail market 2019-2023. (Graphic: Business Wire)
The high penetration of smartphones and internet will be one of the major drivers in the global residential artificial flower retail market. The world has witnessed significant growth in the usage of internet and smartphones in past few years. This has provided vendors with the opportunity to expand their consumer base and target audience using their online presence. Consumers are more likely to use online retail portals for purchasing products such as artificial flowers. This is due to the fact that online retailers offer security features for online payments, improved online customer service, free delivery options, and easy-to-navigate shopping websites which offer a lot of variety in terms of products.
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As per Technavio, the increasing trend for interior designing, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Residential Artificial Flower Retail Market: Growing Trend of Interior Designing
The rising popularity of interior designing will be one of the critical trends in the global residential artificial flower retail market. Nowadays, consumers are highly aware of different artistry forms from different regions. The interest in interior design is also increasing owing to the rising number of working women and their increased participation in household decision-making. For instance, according to The World Bank Group (data published as of June 28, 2018), in the US, female labor force increased from 45.47% in 1997 to 45.82% in 2017. Moreover, the increased social media penetration is encouraging consumer interest towards interior design and designer home decor products such as artificial flowers, which will propel global market growth during the forecast period.
“The low maintenance cost of artificial flowers and the rising urbanization in developing countries are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Residential Artificial Flower Retail Market: Segmentation Analysis
This market research report segments the global residential artificial flower retail market by distribution channel (offline and online) and geographical regions (Americas, APAC, and EMEA).
The Americas led the market share in 2018, followed by EMEA and APAC respectively. During the forecast period, the Americas is expected to maintain its dominance over the global market. This is due to the high cost of natural flowers in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Five Forces Analysis
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Business Wire: 08:30 GMT Tuesday 3rd December 2019
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