New Market Research Report: Home and Garden Specialist Retailers in Vietnam

From: Fast Market Research, Inc.
Published: Thu Jul 30 2015

While many local furniture retailers such as Mifaco develop good reputations on the global market with high-quality exported products, the presence of local brands remained negligible in Vietnam. Most domestic manufacturers opt to export, leaving the local market for Chinese and Malaysian players to dominate. Nevertheless, 2014 saw an increasing presence of local brands with ample designs and good quality offered at competitive prices in home and garden specialist retailers. The most distinct disadvantage of both of local manufacturers and home and garden specialist retailers is weak brand awareness; this takes time and investment to build up, thus domestic players are not particularly strong in the competitive landscape.

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Competitive Landscape

AA Corp continued to leads the home and garden specialist retailers channel with a 1% value share in 2014. The company’s ample product portfolio and its wide distribution network largely account for its success. In addition, its products are diverse in terms of price and brands, which include Nha Xinh, BoConcept, Bella Vita, Calligaris and Teknion, allowing it to cater to different consumer segments ranging from middle- to higher-income consumers. Not only operating in retailing, the company also offers wholesaling to major hotel renovation projects such as the furnishing deals with Intercontinental Da Nang, Dorado Beach Resort and St Regis Mauritius Resort; these generate significant profits for AA Corp.

Industry Prospects

Over the forecast period, the home and garden specialist retailers channel is expected to record a value CAGR of 4% at constant 2014 prices, representing a stronger performance than that seen in the review period. After years of limiting their expenditure on home and garden specialist products, it is likely that many households will need to undertake renovations, or at least replace old furniture. Furthermore, the optimistic outlook for the Vietnamese economy is expected to provide consumers with better disposable incomes, thereby presenting strong opportunities for the channel to post positive growth over the forecast period.

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