Living Room Furniture - G7 | Statista Market Forecast

In 2024, the Living Room Furniture market in G7 countries is projected to generate a total revenue of US$114.70bn.
The market is expected to experience an annual growth rate of 3.28% (CAGR 2024-2029).
In comparison to other countries around Worldwide, United States leads the way in revenue generation within this segment, with a projected revenue of US$73bn in 2024.
When considering the population figures, the per person revenue in G7 countries is estimated to be US$147.40 in 2024.
In the United States, the living room furniture market is seeing a rise in demand for modern and minimalistic designs.

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 G7 countries is experiencing steady growth, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in G7 countries are increasingly looking for living room furniture that combines functionality with style. They prefer furniture that is both comfortable and aesthetically pleasing, with a focus on modern and minimalist designs. Additionally, customers are becoming more conscious of the environmental impact of their purchases and are seeking furniture made from sustainable materials.

Trends in the market: One of the key trends in the Living Room Furniture market in G7 countries is the growing popularity of multifunctional furniture. With space becoming a premium in urban areas, customers are looking for furniture that can serve multiple purposes, such as sofa beds that can be converted into guest beds or storage ottomans that provide extra storage space. This trend is driven by the need to maximize space and create a flexible living environment. Another trend in the market is the rise of online retail. Customers are increasingly turning to online platforms to purchase living room furniture, attracted by the convenience and wider range of options available. Online retailers are capitalizing on this trend by offering competitive prices, easy returns, and personalized customer service.

Local special circumstances: Each G7 country has its own unique set of circumstances that influence the Living Room Furniture market. For example, in the United States, the housing market plays a significant role. As the housing market continues to recover from the 2008 financial crisis, more people are buying homes and furnishing their living rooms. In Japan, where space is limited, customers are particularly interested in compact and space-saving furniture solutions.

Underlying macroeconomic factors: The Living Room Furniture market in G7 countries is also influenced by underlying macroeconomic factors. Economic growth, disposable income levels, and consumer confidence all play a role in driving demand for living room furniture. When the economy is strong and consumers have more money to spend, they are more likely to invest in new furniture for their living rooms. On the other hand, during economic downturns, consumers may delay or scale back their furniture purchases. In conclusion, the Living Room Furniture market in G7 countries is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customers are looking for functional and stylish furniture, with a focus on sustainability. Multifunctional furniture and online retail are gaining popularity, while each G7 country has its own unique circumstances that shape the market. Economic growth and consumer confidence also play a significant role in driving demand for 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.