Furniture - G7 | Statista Market Forecast

Furniture - G7

Highlights

In 2024, the revenue in the Furniture market in G7 amounted to US$427.50bn.
It is projected that the market will experience an annual growth rate of 3.32% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, with a market volume of US$114.70bn in 2024.
When compared globally, United States generates the highest revenue in the Furniture market, amounting to US$264bn in 2024.
In terms of per capita figures, the revenue generated per person in G7 in 2024 is US$549.30.
It is worth mentioning that the Furniture market is a significant market segment within the G7 countries.
In the United States, the current trend in the furniture market is a shift towards sustainable and eco-friendly materials.

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 G7 countries is experiencing steady growth due to changing customer preferences, emerging trends in the market, and favorable macroeconomic factors.

Customer preferences: in the Furniture market are shifting towards sustainable and eco-friendly products. Consumers are increasingly conscious of the environmental impact of their purchases and are seeking furniture made from recycled or renewable materials. Additionally, there is a growing demand for multifunctional furniture that maximizes space utilization in smaller homes and apartments. Customers are also looking for customizable furniture options that allow them to personalize their living spaces. Trends in the Furniture market in G7 countries include the rise of online retail and the integration of technology in furniture design. With the convenience of online shopping, customers can easily compare prices, read reviews, and make purchases from the comfort of their homes. This has led to the growth of e-commerce platforms specializing in furniture sales. Furthermore, technological advancements have enabled the development of smart furniture that incorporates features such as built-in charging ports, wireless connectivity, and voice control. Local special circumstances in each G7 country contribute to the development of the Furniture market. For example, in the United States, the housing market plays a significant role in driving furniture sales. As more people buy homes or renovate existing ones, the demand for new furniture increases. In Germany, a country known for its high-quality craftsmanship, there is a strong emphasis on traditional and artisanal furniture. Italy, on the other hand, is renowned for its luxury furniture brands and design excellence. Underlying macroeconomic factors also play a crucial role in the growth of the Furniture market in G7 countries. Economic stability and rising disposable incomes enable consumers to invest in furniture purchases. Low interest rates and favorable credit conditions also encourage customers to make big-ticket purchases. Additionally, government initiatives promoting sustainable living and energy-efficient homes contribute to the demand for eco-friendly furniture. In conclusion, the Furniture market in G7 countries is experiencing growth driven by changing customer preferences, emerging trends,

Local special circumstances: and favorable macroeconomic factors. The shift towards sustainable and multifunctional furniture, the rise of online retail, and the integration of technology are shaping the market. Each G7 country has its own unique factors influencing the Furniture market, and overall economic stability and rising disposable incomes are driving consumer demand.

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.