Furniture - Eastern Europe

Eastern Europe

In 2024, the Furniture market in Eastern Europe is projected to generate a revenue of US$21.19bn.
According to forecasts, the market is expected to experience an annual growth rate of 1.05% (CAGR 2024-2029).
The largest segment within the Furniture market is the Living Room Furniture segment, which is estimated to have a market volume of US$7.58bn in 2024.
When compared globally, in the United States leads in terms of revenue generation, with an estimated revenue of US$263bn in 2024.
Considering the total population figures, per person revenues of US$89.08 are anticipated in 2024.
The furniture market in Eastern Europe is experiencing a surge in demand for locally made, handcrafted pieces.

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

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

Region

Region comparison

Currency

Analyst Opinion

The Furniture market in Eastern Europe is experiencing significant growth and development. Customer preferences in the region are shifting towards more modern and stylish furniture options. This trend is driven by the increasing disposable income of consumers and their desire to create aesthetically pleasing living spaces. Additionally, the growing popularity of online shopping has made it easier for consumers to access a wide range of furniture options and compare prices. One of the key trends in the market is the rising demand for multifunctional furniture. With limited living spaces and the need for practicality, consumers are increasingly looking for furniture that can serve multiple purposes. This includes items such as sofa beds, storage ottomans, and extendable dining tables. The demand for these products is driven by the desire to maximize space and create a versatile living environment. Another trend in the market is the increasing focus on sustainability and eco-friendly furniture options. Consumers in Eastern Europe are becoming more conscious of the environmental impact of their purchases and are seeking furniture made from sustainable materials. This includes products made from recycled materials, certified wood, and low voc (volatile organic compounds) finishes. Manufacturers in the region are responding to this demand by offering a wider range of eco-friendly furniture options. Local special circumstances in Eastern Europe also play a role in the development of the furniture market. The region has a rich history of craftsmanship and traditional furniture production. This heritage is valued by consumers who appreciate the quality and unique design of locally made furniture. As a result, there is a strong market for handcrafted and artisanal furniture in Eastern Europe. This demand for traditional furniture is complemented by the growing interest in modern and contemporary designs. Underlying macroeconomic factors are also contributing to the growth of the furniture market in Eastern Europe. The region has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed consumers to invest in home furnishings and upgrade their living spaces. Additionally, the rise of the middle class in Eastern Europe has created a larger consumer base for furniture manufacturers and retailers. In conclusion, the Furniture market in Eastern Europe is experiencing growth and development driven by changing

Customer preferences: including a shift towards more modern and stylish furniture options, the rising demand for multifunctional and eco-friendly furniture, and the appreciation for traditional craftsmanship. These trends are supported by

Underlying macroeconomic factors: such as increasing disposable income and a growing middle class. As a result, the furniture market in Eastern Europe presents opportunities for manufacturers and retailers to cater to the evolving needs and preferences of consumers in the 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.