Living Room Furniture - ASEAN

ASEAN

In ASEAN, the revenue generated in the Living Room Furniture market is projected to reach US$5.26bn in 2024.
It is anticipated that the market will experience an annual growth rate of 3.90% (CAGR 2024-2029).
When compared to other countries worldwide, United States leads in terms of revenue with US$73,080m in 2024.
In terms of per capita revenue, each person in ASEAN is expected to generate US$7.61 in 2024.
In Indonesia, there is a growing trend towards minimalist living room furniture, with a focus on sleek designs and multi-functional pieces.

Key regions: China, Germany, Brazil, France, United States

Market

Region

Region comparison

Currency

Analyst Opinion

The Living Room Furniture market in asean is experiencing significant growth and development, driven by changing customer preferences, emerging trends, and underlying macroeconomic factors.

Customer preferences: in the Living Room Furniture market are evolving, with consumers increasingly seeking stylish and functional furniture that enhances their living spaces. There is a growing demand for modular furniture that can be easily rearranged to suit different needs and lifestyles. Additionally, customers are placing a greater emphasis on sustainability and eco-friendly materials, driving the demand for furniture made from recycled or renewable materials. Trends in the market are also shaping the development of the Living Room Furniture industry in asean. One notable trend is the rise of e-commerce, which has transformed the way customers shop for furniture. Online platforms provide a convenient and accessible way for consumers to browse and purchase a wide range of furniture options. This trend has led to increased competition among retailers, as they strive to offer competitive prices and unique product offerings to attract customers. Another trend in the Living Room Furniture market is the growing popularity of minimalist and scandinavian-inspired designs. These styles emphasize clean lines, neutral colors, and natural materials, creating a modern and timeless aesthetic. This trend is driven by a desire for simplicity and functionality in living spaces, as well as a preference for furniture that can seamlessly blend with different interior design styles. Local special circumstances also play a role in the development of the Living Room Furniture market in asean. Each country in the region has its own unique cultural and economic factors that influence consumer preferences and market dynamics. For example, in countries with a large urban population, such as Singapore and Malaysia, space constraints drive the demand for compact and multifunctional furniture. On the other hand, countries with a strong tradition of craftsmanship, such as Indonesia and Thailand, have a thriving market for handcrafted furniture that showcases local artistry and heritage.

Underlying macroeconomic factors: such as rising disposable incomes and urbanization, contribute to the growth of the Living Room Furniture market in asean. As economies in the region continue to develop, more consumers have the means to invest in high-quality furniture to enhance their living spaces. Additionally, rapid urbanization and the growth of middle-class populations are driving the demand for affordable and stylish furniture options. In conclusion, the Living Room Furniture market in asean is experiencing growth and development driven by changing customer preferences, emerging trends,

Local special circumstances: and underlying macroeconomic factors. As consumers seek stylish and functional furniture, retailers are adapting to meet these demands by offering modular and sustainable options. The rise of e-commerce and the popularity of minimalist designs are also shaping the market. Additionally, each country in the region has its own unique factors that influence consumer preferences and market dynamics. Overall, the Living Room Furniture market in asean is poised for continued growth in the coming years.

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.