Furniture - CIS | Statista Market Forecast

Furniture - CIS

CIS

Highlights

In 2024, the Furniture market in the CIS region is projected to generate a revenue of US$19.69bn.
This market is expected to grow at an annual rate of 1.60% (CAGR 2024-2029).
The largest segment within this market is the Living Room Furniture segment, which is forecasted to reach a market volume of US$6.95bn in 2024.
When compared globally, United States leads the way in terms of revenue generation, with an estimated revenue of US$264bn in 2024.
In terms of per capita revenue, the CIS region is expected to generate US$81.15 per person in 2024.
In the CIS market, traditional wooden furniture continues to dominate, with intricate carvings and richly detailed craftsmanship being highly valued by consumers.

Key regions:

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Furniture market in CIS has been experiencing significant growth in recent years. Customer preferences for furniture have evolved, leading to new trends in the market. Additionally, there are local special circumstances and underlying macroeconomic factors that contribute to the development of the furniture market in CIS.

Customer preferences: Customers in CIS have shown a growing preference for modern and stylish furniture. They are increasingly looking for furniture that combines functionality with aesthetic appeal. This shift in preferences has led to an increase in demand for contemporary furniture designs and materials. Customers are also placing importance on the quality and durability of furniture, opting for products that are long-lasting and require minimal maintenance.

Trends in the market: One of the key trends in the furniture market in CIS is the rise of online shopping. Customers are increasingly turning to online platforms to purchase furniture due to the convenience and wide range of options available. This trend has been further accelerated by the COVID-19 pandemic, as customers have been encouraged to stay at home and shop online. As a result, e-commerce sales of furniture have experienced significant growth in the region. Another trend in the furniture market is the growing demand for eco-friendly and sustainable furniture. Customers in CIS are becoming more conscious of the environmental impact of their purchases and are seeking furniture made from renewable materials and produced using sustainable manufacturing practices. This trend is driven by a combination of factors, including increasing awareness of environmental issues and changing consumer values.

Local special circumstances: The furniture market in CIS is also influenced by local special circumstances. The region has a rich history and diverse cultural heritage, which is often reflected in the design and style of furniture. Traditional and ethnic furniture designs are still popular among customers in CIS, especially in rural areas. Additionally, the climate in some parts of the region, such as the colder regions of Russia, influences the demand for specific types of furniture, such as cozy and warm pieces.

Underlying macroeconomic factors: The furniture market in CIS is influenced by various macroeconomic factors. Economic growth in the region has led to increased disposable income, allowing customers to spend more on furniture. The expanding middle class in CIS countries has also contributed to the growth of the market, as this demographic segment has more purchasing power and a higher demand for furniture. Furthermore, government policies and initiatives aimed at promoting the domestic furniture industry have played a role in the development of the market. These policies include tax incentives for furniture manufacturers and support for local craftsmanship. Such initiatives have encouraged the growth of the domestic furniture industry and have also contributed to the availability of a wide range of locally produced furniture options for customers in CIS. In conclusion, the furniture market in CIS is developing due to changing customer preferences, including a shift towards modern and stylish furniture, the rise of online shopping, and the demand for eco-friendly and sustainable products. Local special circumstances, such as cultural heritage and climate, also influence the market. Additionally, underlying macroeconomic factors, such as economic growth and government policies, contribute to the development of the furniture market in CIS.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.