Living Room Furniture - G20 | Statista Market Forecast

In 2024, the Living Room Furniture market in G20 countries is projected to generate a substantial revenue amounting to US$163.80bn.
This market is anticipated to experience an annual growth rate of 3.08%, as measured by the compound annual growth rate (CAGR) from 2024 to 2029.
When comparing global figures, it is noteworthy that United States leads the pack, generating the highest revenue in this segment with a staggering US$73bn in 2024.
To put this into perspective, considering the total population of the G20 countries, the per person revenue for Living Room Furniture market in 2024 is estimated to be US$46.26.
In China, the demand for high-end, luxury living room furniture is steadily increasing, driven by the growing affluence of the middle class.

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 G20 has been experiencing significant growth in recent years. Customer preferences, trends in the market, and local special circumstances have all contributed to this development. Additionally, underlying macroeconomic factors have played a role in shaping the market.

Customer preferences: for living room furniture in the G20 countries have been evolving. Consumers are increasingly looking for furniture that is not only aesthetically pleasing but also functional and durable. Modular furniture that can be easily rearranged to suit different needs and lifestyles has gained popularity. Additionally, eco-friendly and sustainable materials are becoming more important to customers, reflecting a growing concern for the environment.

Trends in the market: vary across G20 countries. In some countries, there is a shift towards smaller living spaces, leading to an increased demand for compact and multi-functional furniture. This trend is driven by factors such as urbanization and rising real estate prices. On the other hand, in countries with a growing middle class and higher disposable incomes, there is a trend towards larger and more luxurious living room furniture.

Local special circumstances: also influence the development of the Living Room Furniture market in G20. Cultural preferences and traditions play a significant role in shaping consumer demand. For example, in countries with a strong emphasis on hospitality and entertaining guests, there is a higher demand for larger seating arrangements and luxurious furniture. In contrast, countries with a more minimalist approach to design may prefer simpler and sleeker furniture styles.

Underlying macroeconomic factors: also contribute to the growth of the Living Room Furniture market in G20. Economic growth, rising incomes, and urbanization are key drivers of market expansion. As G20 countries continue to experience economic development, more households are able to afford living room furniture, leading to increased sales and market growth. Additionally, favorable government policies and investment in the real estate sector can stimulate demand for furniture as more homes are built or renovated. In conclusion, the Living Room Furniture market in G20 is developing due to evolving customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As consumers seek functional and sustainable furniture, the market has responded with innovative designs and materials. The varying trends and preferences across G20 countries reflect cultural differences and changing lifestyles. Economic growth and urbanization further drive market expansion, as more households are able to afford living room furniture.

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.