global factors affecting furniture industry
Social Factors
One of the biggest social factors to affect consumers purchasing bedroom furniture has been the recession. The recession struck the UK in 2008, one of its most major impacts have been job losses with both big and small organisations having cut backs on the number of employees . Jobs for most families are a form of stability, relying on the wages from their jobs to pay mortgage or rent and to buy necessities. The unemployment rates in 2008 were up by 1.6% and at the end of 2009 were up by a staggering 2.5%, at the end of 2011 rates were up to 2.5% which has been the highest unemployment rate that the UK has seen in 17years. The Graph below shows unemployment figures from 2007-2011.
Unemployment brings along with it many factors that can affect a person’s health and wellbeing. Families that are used to being in a stable job with a stable income were the ones to feel the sharpest cut backs, along with families that were already on benefits and living off a tight budget. Things like going for family meals, holidays and going to the pub would have to be limited or completely cut out as unemployment hit, which meant that most families would have to change their lifestyle on a whole.
A lifestyle change can have dramatic effects on families and relationships within the families, major cut backs and job loss can put stress on many parents and stress can bring along with it the following side effects, low self-esteem and confidence, depression, the feeling of being un-wanted and having no self-worth. Below is “Maslow’s hierarchy Of Needs”.
“Maslow's Hierarchy of Needs states that we must satisfy each need in turn, starting with the first, which deals with the most obvious needs for survival itself .Only when the lower order needs of physical and emotional well-being are satisfied are we concerned with the higher order needs of influence and personal development. Conversely, if the things that satisfy our lower order needs are swept
One of the biggest social factors to affect consumers purchasing bedroom furniture has been the recession. The recession struck the UK in 2008, one of its most major impacts have been job losses with both big and small organisations having cut backs on the number of employees . Jobs for most families are a form of stability, relying on the wages from their jobs to pay mortgage or rent and to buy necessities. The unemployment rates in 2008 were up by 1.6% and at the end of 2009 were up by a staggering 2.5%, at the end of 2011 rates were up to 2.5% which has been the highest unemployment rate that the UK has seen in 17years. The Graph below shows unemployment figures from 2007-2011.
Unemployment brings along with it many factors that can affect a person’s health and wellbeing. Families that are used to being in a stable job with a stable income were the ones to feel the sharpest cut backs, along with families that were already on benefits and living off a tight budget. Things like going for family meals, holidays and going to the pub would have to be limited or completely cut out as unemployment hit, which meant that most families would have to change their lifestyle on a whole.
A lifestyle change can have dramatic effects on families and relationships within the families, major cut backs and job loss can put stress on many parents and stress can bring along with it the following side effects, low self-esteem and confidence, depression, the feeling of being un-wanted and having no self-worth. Below is “Maslow’s hierarchy Of Needs”.
“Maslow's Hierarchy of Needs states that we must satisfy each need in turn, starting with the first, which deals with the most obvious needs for survival itself .Only when the lower order needs of physical and emotional well-being are satisfied are we concerned with the higher order needs of influence and personal development. Conversely, if the things that satisfy our lower order needs are swept