Kitchen & Dining Furniture - Vietnam

Vietnam

Vietnam's Kitchen & Dining Furniture market is projected to generate a revenue of US$72.73m in 2024.
With an expected annual growth rate of 0.10% (CAGR 2024-2029), the market shows promising potential.
When compared globally, in the United States leads the pack with a revenue of US$38,810m in 2024.
In terms of per capita revenue, each person in Vietnam contributes US$0.73 to the industry in 2024.
The demand for modern and minimalist kitchen and dining furniture is on the rise in Vietnam, as consumers are increasingly embracing contemporary design trends.

Key regions: Canada, United Kingdom, Brazil, Germany, India

Market

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Analyst Opinion

The Kitchen & Dining Furniture market in Vietnam has been experiencing significant growth in recent years. Customer preferences in the market have been shifting towards modern and minimalist designs. Vietnamese consumers are increasingly looking for furniture that is both functional and aesthetically pleasing. This trend is in line with global preferences, as consumers worldwide are also gravitating towards sleek and contemporary designs. In addition to modern designs, Vietnamese consumers are also seeking furniture that is durable and made from high-quality materials. This preference for quality is driven by the desire for long-lasting products that offer value for money. Trends in the market include the rising popularity of open-plan living spaces, which has led to an increased demand for kitchen and dining furniture that seamlessly integrates with the overall design of the home. This trend is influenced by the growing urbanization in Vietnam, as more people are living in smaller spaces and looking for furniture that maximizes functionality and space efficiency. Another trend in the market is the increasing focus on sustainability. Vietnamese consumers are becoming more conscious of the environmental impact of their purchases and are seeking furniture made from eco-friendly materials. This trend is driven by global concerns about climate change and the desire to reduce waste and carbon emissions. Local special circumstances in Vietnam also contribute to the development of the Kitchen & Dining Furniture market. The country has a young and growing population, with a rising middle class that has higher disposable income. This demographic shift has led to an increase in consumer spending on home furnishings, including kitchen and dining furniture. Furthermore, Vietnam has a strong manufacturing sector, which enables the production of high-quality furniture at competitive prices. This has attracted both domestic and international furniture manufacturers to set up production facilities in the country. The presence of these manufacturers has contributed to the availability of a wide range of products in the market, catering to different

Customer preferences:. Underlying macroeconomic factors such as economic growth and urbanization also play a role in the development of the Kitchen & Dining Furniture market in Vietnam. The country has experienced robust economic growth in recent years, which has led to an increase in disposable income and consumer spending. Urbanization has also created a demand for new housing and home furnishings, including kitchen and dining furniture. In conclusion, the Kitchen & Dining Furniture market in Vietnam is growing due to customer preferences for modern and minimalist designs, as well as the increasing focus on quality and sustainability.

Local special circumstances: such as a young and growing population, a strong manufacturing sector, and

Underlying macroeconomic factors: such as economic growth and urbanization also contribute to the market's development.

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 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.