By Dr. Wilson Chew and Jaslene Pang
As the global economy stabilises and population becomes increasingly urbanised,
the lifestyle residential furniture sector is poised for growth.
SEA is primed to benefit from two key economic factors over the next decade:
(1) an increasingly important domestic demand market; and
(2) a powerhouse manufacturing base
Abstract
As global economic stability and urbanisation advance, the Lifestyle Residential Furniture (“LRF”) sector is poised for robust growth, particularly in emerging regions such as Southeast Asia (“SEA”). This report explores the dual role SEA is expected to play: both a burgeoning domestic demand market and a powerhouse manufacturing base.
Since SEA is presently and is expected to continue to be a LRF manufacturing powerhouse, LRF manufacturers in SEA should take the opportunity to leverage this market leadership position. In order to do so, business leaders should review their strategic and execution plans to establish greater areas of differentiation and scale further.
Concurrently, business leaders need to firmly establish their value proposition, differentiation factors and scalability factors, and formulate a plan to operationalise them. Addressing these issues would help improve businesses’ financial performance even with uncertainty.
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