Living Room Furniture - BRICS | Statista Market Forecast

In 2024, the Living Room Furniture market in the country in BRICS is projected to generate a revenue of US$45.18bn.
This market is expected to experience an annual growth rate of 7.70% between 2024 and 2029 (CAGR 2024-2029).
When compared to other countries globally, United States leads in terms of revenue generation, with an estimated revenue of US$73bn in 2024.
In terms of per capita revenue, an average of US$13.70 is generated per person in the country in BRICS in 2024.
In Brazil, the living room furniture market is booming due to an increasing demand for modern and multifunctional pieces.

Definition:

This Living Room Furniture segment refers to movable objects that are designed to be used in a living room, which is typically a central and multi-functional space in a home. It includes items that are intended to make the room more comfortable and functional, such as seating, tables, and storage unts (e.g., TV stands, console tables, etc.)

Structure:

The Living Room Furniture segment is divided into two subsegments:

The Seats & Sofas subsegment refers to furniture designed for sitting, lounging, or reclining, and typically includes items such as sofas, armchairs, recliners, and ottomans.
The Cabinets, TV Stands, & Side Tables subsegment refers to furniture items that are designed to store or hold various objects such as media equipment, drinks, books, or lamps.

Additional Information:

The Living Room Furniture segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment 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.

Sofas and armchairs, dining chairs
Bar tables and chairs, stools, and benches
Coffee, console, and side tables
TV and media furniture

Consumer electronics
Household appliances
Lamps and lighting
Floor covering

The Living Room Furniture market in brics countries is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory.

Customer preferences: in the Living Room Furniture market in brics countries have shifted towards more modern and contemporary designs. Consumers are increasingly looking for furniture that is not only functional but also aesthetically pleasing. This change in preference is driven by the desire for a more stylish and sophisticated living space. Additionally, consumers are also placing a greater emphasis on the quality and durability of the furniture they purchase, as they seek to invest in long-lasting pieces.

Trends in the market: indicate a growing demand for multifunctional furniture in brics countries. With limited living spaces and the need for versatility, consumers are opting for furniture that can serve multiple purposes. For example, sofa beds that can be easily converted into a sleeping space or coffee tables with built-in storage compartments are becoming increasingly popular. This trend is driven by the need for practicality and efficiency in smaller living spaces.

Local special circumstances: also play a role in the development of the Living Room Furniture market in brics countries. For instance, in Brazil, the growing middle class and increasing urbanization have led to a higher demand for affordable, yet stylish furniture. In Russia, the preference for luxury and high-end furniture is driving the market. In India, the market is influenced by the cultural preference for traditional and handcrafted furniture. These local factors shape the market and contribute to its growth.

Underlying macroeconomic factors: also contribute to the development of the Living Room Furniture market in brics countries. Economic growth and rising disposable incomes have led to an increase in consumer spending on furniture. Additionally, urbanization and population growth have resulted in a higher demand for housing, which in turn drives the demand for furniture. Furthermore, government initiatives to promote affordable housing and urban development also contribute to the growth of the market. In conclusion, the Living Room Furniture market in brics countries is experiencing growth and development due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards modern and contemporary designs, the demand for multifunctional furniture, and the influence of local factors all contribute to the positive trajectory of the market. Additionally, economic growth, rising disposable incomes, and government initiatives also play a significant role in driving the market forward.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.