Furniture - G20

  • G20
  • In 2024, the Furniture market in G20 generated a staggering revenue of US$592.60bn.
  • It is projected to experience an annual growth rate of 3.15% (CAGR 2024-2029).
  • The largest segment within this market is Living Room Furniture, which accounted for a market volume of US$163.80bn in 2024.
  • When compared globally, in the United States leads the pack in terms of revenue generation, with a total of US$263bn in 2024.
  • Moreover, in relation to the total population, each person contributed 0.00 in revenue in 2024.
  • In Italy, the furniture market is characterized by a strong emphasis on traditional craftsmanship and high-quality materials.

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

 
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Analyst Opinion

The Furniture market in G20 has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and underlying macroeconomic factors.

Customer preferences:
Customers in the G20 countries have shown a growing preference for furniture that is both functional and aesthetically pleasing. They are increasingly seeking furniture pieces that are versatile, space-saving, and durable. With the rise of urbanization and smaller living spaces, there is a growing demand for compact and multifunctional furniture that can maximize the use of limited space. Additionally, customers are increasingly concerned about the environmental impact of their purchases and are looking for sustainable and eco-friendly furniture options.

Trends in the market:
One of the prominent trends in the Furniture market in G20 is the increasing popularity of online retail. Customers are turning to online platforms to browse and purchase furniture due to the convenience and wide range of options available. Online retailers are leveraging advanced technologies such as augmented reality and virtual reality to provide customers with a virtual shopping experience, allowing them to visualize furniture pieces in their own homes before making a purchase. Another trend in the market is the growing demand for customized and personalized furniture. Customers are seeking unique and bespoke furniture pieces that reflect their individual style and preferences. This trend has led to the rise of niche furniture retailers and artisans who specialize in creating one-of-a-kind pieces. Additionally, customers are increasingly interested in furniture that incorporates smart technology, such as built-in charging ports and wireless connectivity.

Local special circumstances:
Each country in the G20 has its own unique set of circumstances that influence the Furniture market. For example, in China, rapid urbanization and a rising middle class have contributed to a surge in demand for furniture. The Chinese market is also characterized by a preference for traditional and handcrafted furniture. In the United States, the Furniture market is driven by a strong housing market and a culture of homeownership. Customers in the US are willing to invest in high-quality furniture that will last for years.

Underlying macroeconomic factors:
The growth of the Furniture market in G20 is also influenced by underlying macroeconomic factors. Economic growth, rising disposable incomes, and urbanization are key drivers of demand for furniture. As countries experience economic development and an increase in purchasing power, consumers are more likely to invest in furniture for their homes. Additionally, government policies and regulations can also impact the market, such as incentives for sustainable furniture production or import/export restrictions. In conclusion, the Furniture market in G20 is experiencing growth due to changing customer preferences, emerging trends, and underlying macroeconomic factors. Customers are seeking functional and aesthetically pleasing furniture, and are increasingly turning to online retail and customization options. Each country in the G20 has its own unique circumstances that influence the market, and underlying macroeconomic factors such as economic growth and urbanization play a significant role in driving demand.

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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