Furniture - Hungary

Hungary

In Hungary, the revenue in the Furniture market is projected to reach US$2,028.00m in 2024.
It is expected that the market will experience an annual growth rate of 4.00% (CAGR 2024-2029).
The largest segment in the market is the Living Room Furniture segment, which is estimated to have a market volume of US$556.50m in 2024.
When compared to other countries worldwide, in the United States generates the highest revenue in the Furniture market, with a value of US$264bn in 2024.
In terms of per capita figures, in Hungary generates approximately US$202.90 in revenue per person in 2024.
The furniture market in Hungary is experiencing a surge in demand for traditional, handcrafted pieces, reflecting the country's rich cultural heritage.

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 Hungary has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends, and favorable macroeconomic factors.

Customer preferences: in the Hungarian furniture market have been shifting towards more modern and minimalist designs. Customers are increasingly looking for furniture that is not only functional but also aesthetically pleasing and in line with the latest interior design trends. This change in preferences has led to an increase in demand for furniture with clean lines, neutral colors, and sleek finishes. Additionally, customers are also placing a greater emphasis on sustainability and eco-friendly materials, driving the popularity of furniture made from recycled or renewable materials. Trends in the Hungarian furniture market are also influenced by global and regional developments. One notable trend is the rise of online furniture shopping. With the increasing availability of e-commerce platforms and the convenience of online shopping, more customers in Hungary are opting to purchase furniture online. This trend has been further accelerated by the covid-19 pandemic, which has led to an increased reliance on online shopping due to social distancing measures and lockdowns. Another trend in the Hungarian furniture market is the growing demand for multifunctional furniture. As living spaces become smaller, customers are seeking furniture that can serve multiple purposes and maximize the use of limited space. This has led to an increase in the popularity of items such as sofa beds, storage ottomans, and modular furniture systems. Local special circumstances in Hungary also play a role in shaping the furniture market. The country has a rich tradition of craftsmanship, and Hungarian furniture manufacturers are known for their high-quality products. This reputation for craftsmanship and attention to detail has helped Hungarian furniture brands establish themselves both domestically and internationally. Additionally, hungary's central location within Europe makes it a strategic hub for furniture production and distribution, allowing for easy access to both Western and Eastern European markets. Underlying macroeconomic factors have also contributed to the growth of the furniture market in Hungary. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has translated into higher demand for furniture as customers have more purchasing power. Furthermore, favorable government policies, such as subsidies for home renovations and the construction of new homes, have also stimulated demand in the furniture market. In conclusion, the Furniture market in Hungary is developing in response to changing customer preferences, emerging trends,

Local special circumstances: and

Underlying macroeconomic factors:. The shift towards modern and minimalist designs, the rise of online furniture shopping, and the demand for multifunctional furniture are all driving growth in the market. Additionally, hungary's tradition of craftsmanship, its central location within Europe, and favorable macroeconomic conditions have further contributed to the development of the furniture market in the country.

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.