Bedroom Furniture - ASEAN

  • ASEAN
  • In the ASEAN region, the revenue generated in the Bedroom Furniture market is projected to reach US$2.70bn in 2024.
  • It is anticipated that the market will experience an annual growth rate of 3.52% (CAGR 2024-2029).
  • When compared globally, in the United States generates the highest revenue in this segment, amounting to US$46,500m in 2024.
  • On a per capita basis, the revenue generated per person in the ASEAN region is estimated to be 0.00 in 2024.
  • In Indonesia, demand for modern and minimalist bedroom furniture has been steadily increasing due to the growing urban population and changing lifestyle preferences.

Key regions: Denmark, Germany, China, United States, Worldwide

 
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Analyst Opinion

The Bedroom Furniture market in ASEAN has been experiencing significant growth in recent years. Customer preferences for bedroom furniture have evolved, leading to new trends in the market. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.

Customer preferences:
Customer preferences for bedroom furniture in ASEAN have shifted towards more modern and minimalist designs. Consumers are increasingly seeking furniture that is sleek, functional, and space-saving. This trend is driven by the growing urbanization in the region, where space is often limited. Additionally, there is a rising demand for eco-friendly and sustainable materials in bedroom furniture. Customers are becoming more conscious of the environmental impact of their purchases and are willing to pay a premium for products that are made from renewable resources.

Trends in the market:
One of the key trends in the bedroom furniture market in ASEAN is the increasing popularity of online shopping. E-commerce platforms have gained significant traction in the region, offering a wide range of bedroom furniture options at competitive prices. This trend has been further accelerated by the COVID-19 pandemic, as consumers turned to online shopping due to lockdowns and social distancing measures. Online retailers are capitalizing on this trend by providing convenient delivery options and virtual showrooms, allowing customers to visualize how the furniture would look in their bedrooms. Another trend in the market is the growing demand for multifunctional bedroom furniture. As living spaces become smaller, customers are looking for furniture that can serve multiple purposes. For example, beds with built-in storage compartments or folding mechanisms are becoming increasingly popular. This trend reflects the need for practical and versatile furniture solutions in ASEAN.

Local special circumstances:
One of the unique circumstances in the ASEAN region is the diverse cultural influences on bedroom furniture preferences. Each country within ASEAN has its own distinct cultural heritage and design aesthetics. For example, in Indonesia, traditional wooden furniture with intricate carvings is highly valued, while in Singapore, modern and minimalist designs are more popular. Furniture manufacturers and retailers need to take into account these cultural nuances and tailor their products accordingly to cater to the specific preferences of each market.

Underlying macroeconomic factors:
The growing middle-class population in ASEAN countries is a key driver of the bedroom furniture market. As disposable incomes rise, more individuals and families are able to afford higher-quality bedroom furniture. This has led to an increase in demand for premium and luxury furniture brands in the region. Additionally, the rapid urbanization and construction boom in ASEAN countries have created opportunities for furniture manufacturers and retailers to cater to the growing demand for residential properties. In conclusion, the Bedroom Furniture market in ASEAN is developing in response to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The shift towards modern and minimalist designs, the rise of online shopping, and the demand for multifunctional furniture are key trends in the market. Furniture manufacturers and retailers need to adapt to these trends and consider the cultural preferences of each ASEAN country. The growing middle-class population and urbanization in the region are driving the demand for bedroom furniture. Overall, the market presents both challenges and opportunities for businesses operating in the ASEAN region.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

Overview

  • Revenue
  • Key Players
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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