Furniture - Greece

  • Greece
  • In Greece, the Furniture market generates a revenue of US$1,303.00m in 2024.
  • It is projected to have an annual growth rate of 1.11% (CAGR 2024-2029).
  • The largest segment within the market is Bedroom Furniture, which has a market volume of US$317.90m in 2024.
  • When compared globally, in the United States leads in terms of revenue generation, with US$263bn in 2024.
  • On a per capita basis, each person in Greece generates 0.00 in revenue in 2024.
  • The demand for traditional Greek furniture in Greece has seen a resurgence, as consumers seek to embrace their cultural heritage.

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

 
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Analyst Opinion

The Furniture market in Greece has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences:
Greek consumers have shown a growing preference for modern and stylish furniture designs. They are increasingly looking for furniture that is not only functional but also aesthetically pleasing and in line with the latest trends. This shift in preferences has led to an increase in demand for contemporary furniture pieces, such as sleek sofas, minimalist dining sets, and innovative storage solutions.

Trends in the market:
One of the key trends in the Greek furniture market is the rise of online shopping. Greek consumers are increasingly turning to e-commerce platforms to purchase furniture, as it offers convenience, a wide range of options, and competitive prices. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various industries. As a result, many furniture retailers are investing in their online presence and expanding their digital offerings to cater to the growing demand. Another trend in the market is the growing demand for sustainable and eco-friendly furniture. Greek consumers are becoming more conscious of the environmental impact of their purchases and are actively seeking out furniture made from sustainable materials and produced using eco-friendly manufacturing processes. This trend is driven by a combination of factors, including increased awareness of climate change and environmental issues, as well as a desire to support ethical and responsible business practices.

Local special circumstances:
Greece has a rich cultural heritage and a strong tradition of craftsmanship, which has influenced the local furniture market. Greek consumers value quality and craftsmanship, and are willing to invest in furniture pieces that are made to last. This has created opportunities for local furniture manufacturers and artisans who specialize in traditional craftsmanship techniques. Additionally, the tourism industry in Greece plays a significant role in the furniture market, as there is a demand for furniture that caters to the needs and preferences of tourists and vacation rental owners.

Underlying macroeconomic factors:
The Greek economy has been recovering from a long period of economic crisis, which has had an impact on the furniture market. As the economy improves, consumer confidence and purchasing power are increasing, leading to higher demand for furniture. Additionally, low interest rates and government incentives for home improvement projects have also contributed to the growth of the furniture market. The ongoing urbanization and population growth in Greece are also driving the demand for furniture, as more people are moving to urban areas and setting up new households. In conclusion, the Furniture market in Greece is experiencing growth due to changing customer preferences towards modern and stylish designs, the rise of online shopping, the demand for sustainable and eco-friendly furniture, the influence of local craftsmanship and cultural heritage, and the underlying macroeconomic factors such as the recovery of the Greek economy and population growth.

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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