Living Room Furniture - Hungary | Statista Market Forecast

In Hungary, the Living Room Furniture market generates a revenue of US$556.50m in 2024.
It is projected to experience an annual growth rate of 3.88% (CAGR 2024-2029).
When compared globally, United States leads in revenue generation with US$73bn in 2024.
In terms of per capita revenue, each person in Hungary generates US$55.68 in 2024.
In Hungary, there is a growing demand for modern and compact living room furniture to accommodate the smaller living spaces in urban areas.

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 Hungary is experiencing significant growth and development. Customer preferences are shifting towards modern and contemporary designs, as well as multifunctional and space-saving furniture. This trend is driven by the increasing urbanization and smaller living spaces in Hungary. Additionally, the growing popularity of online shopping is also influencing

Customer preferences: as consumers have access to a wider range of products and can easily compare prices and designs. One of the key trends in the market is the rising demand for modular and customizable furniture. Consumers in Hungary are increasingly looking for furniture that can be easily adapted to their changing needs and preferences. Modular furniture allows them to create versatile living spaces that can be easily rearranged and modified. This trend is particularly popular among younger consumers who value flexibility and functionality in their living room furniture. Another trend in the market is the growing demand for eco-friendly and sustainable furniture. Consumers in Hungary are becoming more conscious of the environmental impact of their purchases and are seeking furniture made from sustainable materials and produced using eco-friendly manufacturing processes. This trend is driven by the increasing awareness of climate change and the desire to reduce carbon footprints. Local special circumstances in Hungary also contribute to the development of the Living Room Furniture market. The country has a rich cultural heritage and a strong tradition of craftsmanship, which is reflected in the design and quality of Hungarian furniture. Consumers in Hungary value locally made furniture that showcases traditional craftsmanship and unique designs. This preference for locally made furniture creates opportunities for local manufacturers and artisans to thrive in the market. Underlying macroeconomic factors also play a role in the growth of the Living Room Furniture market in Hungary. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. As a result, consumers in Hungary have more purchasing power and are willing to invest in high-quality and stylish living room furniture. In conclusion, the Living Room Furniture market in Hungary is developing in response to changing customer preferences,

Local special circumstances: and

Underlying macroeconomic factors:. The trend towards modern and contemporary designs, modular and customizable furniture, and eco-friendly options reflects the evolving needs and values of consumers in Hungary. As the market continues to grow, there are opportunities for both local and international furniture manufacturers to meet the demand for innovative and sustainable living room furniture in Hungary.

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.