Living Room Furniture - Finland | Statista Market Forecast

In Finland, the revenue in the Living Room Furniture market is projected to reach US$479.50m in 2024.
It is anticipated that the market will experience an annual growth rate of 0.56% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this segment, amounting to US$73bn in 2024.
In terms of per person revenues, in Finland generates US$86.39 in 2024.
Finland's living room furniture market is experiencing a surge in demand for minimalist and sustainable designs, reflecting the country's strong focus on simplicity and environmental consciousness.

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 Finland has been experiencing steady growth in recent years. Customer preferences have shifted towards more modern and minimalist designs, with a focus on functionality and space-saving solutions. This trend is in line with global preferences for simplicity and practicality in furniture design. In terms of trends in the market, Finnish consumers are increasingly opting for multifunctional furniture pieces that can serve multiple purposes. This is driven by the limited living space in urban areas and the desire to maximize the use of available space. For example, sofa beds and storage ottomans are becoming popular choices for those who want to make the most out of their living room furniture. Another trend in the market is the growing demand for sustainable and eco-friendly furniture. Finnish consumers are becoming more conscious of the environmental impact of their purchasing decisions and are actively seeking out furniture made from sustainable materials and produced using environmentally-friendly manufacturing processes. This trend is in line with the global shift towards sustainability and the increasing importance of corporate social responsibility. Local special circumstances in Finland also play a role in the development of the Living Room Furniture market. The long and cold winters in Finland mean that people spend more time indoors, making the living room a focal point of the home. This leads to a higher demand for comfortable and aesthetically pleasing furniture that can create a cozy and inviting atmosphere. Finnish design, known for its simplicity and functionality, is highly regarded both domestically and internationally, further driving the demand for finnish-made living room furniture. Underlying macroeconomic factors also contribute to the growth of the Living Room Furniture market in Finland. The country has a strong economy with a high standard of living, which allows consumers to invest in quality furniture. Additionally, the housing market in Finland has been robust in recent years, with an increase in new construction projects and renovations. This has led to a higher demand for furniture to furnish new homes and update existing living spaces. In conclusion, the Living Room Furniture market in Finland is developing in line with global trends towards modern and minimalist designs, multifunctional furniture, and sustainability.

Local special circumstances: such as the long winters and the popularity of Finnish design, further drive the demand for living room furniture. The strong economy and active housing market in Finland also contribute to the growth of the market.

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.