Living Room Furniture - Iceland | Statista Market Forecast

In Iceland, the revenue generated in the Living Room Furniture market is projected to reach US$45.41m in 2024.
It is anticipated that the market will experience an annual growth rate of -0.62% (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 capita figures, the revenue per person is estimated to be US$120.20 in 2024.
Icelandic consumers are increasingly opting for minimalist and sustainable living room furniture designs to embrace the country's commitment to environmental responsibility.

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 Iceland has been experiencing steady growth in recent years.

Customer preferences: Icelandic consumers have shown a growing interest in modern and minimalist living room furniture. They prefer furniture pieces that are sleek, functional, and space-saving. This preference is in line with the global trend of minimalism in interior design. Additionally, customers in Iceland prioritize furniture that is made from sustainable materials and produced in an environmentally-friendly manner.

Trends in the market: One of the key trends in the Living Room Furniture market in Iceland is the increasing demand for multifunctional furniture. As living spaces in Iceland tend to be smaller compared to other countries, consumers are seeking furniture that can serve multiple purposes, such as sofa beds or coffee tables with built-in storage. This trend is driven by the need for space optimization and practicality. Another trend in the market is the growing popularity of online furniture shopping. Icelandic consumers are increasingly turning to online platforms to purchase their living room furniture due to the convenience and wide range of options available. This trend is in line with the global shift towards e-commerce and is expected to continue in the coming years.

Local special circumstances: Iceland's unique geography and climate also play a role in shaping the Living Room Furniture market. The country's harsh winters and limited daylight hours mean that Icelanders spend a significant amount of time indoors, making their living spaces even more important. As a result, there is a higher demand for comfortable and cozy furniture that can withstand the cold weather. This preference for warmth and comfort influences the choice of materials, such as plush fabrics and soft cushions.

Underlying macroeconomic factors: The steady growth of the Living Room Furniture market in Iceland can be attributed to several macroeconomic factors. Firstly, Iceland has experienced strong economic growth in recent years, leading to an increase in disposable income. This has allowed consumers to invest in higher quality and more expensive living room furniture. Secondly, the tourism industry in Iceland has been booming, attracting a large number of visitors from around the world. This has created a demand for furnished rental properties, which in turn drives the demand for living room furniture. Lastly, the government of Iceland has implemented policies to promote sustainable living and environmental consciousness. This has led to a growing awareness among consumers about the importance of sustainable and eco-friendly furniture. As a result, there is a higher demand for furniture made from recycled or renewable materials, as well as furniture produced using environmentally-friendly manufacturing processes. In summary, the Living Room Furniture market in Iceland is developing in response to customer preferences for modern and minimalist furniture, as well as the need for multifunctional and sustainable options. The local special circumstances, such as the country's small living spaces and harsh climate, also influence consumer choices. The underlying macroeconomic factors of strong economic growth, a thriving tourism industry, and government policies promoting sustainability further contribute to the market's growth.

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.