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:
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.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Jul 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Company Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Nov 2024
Source: Statista Market Insights
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.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights