Living Room Furniture - North America

In North America, specifically United States, the Living Room Furniture market generated a significant revenue of US$73bn in 2024.
This accounted for the highest revenue in comparison to other countries globally.
Looking at the overall market trend, the segment is projected to experience a steady annual growth rate of 3.52% between 2024 and 2029 (CAGR 2024-2029).
In terms of per capita revenue, the figure stood at US$159.20 per person in 2024.
This indicates the average revenue generated per individual in relation to the total population.
The demand for modern and minimalist living room furniture is booming in North America, reflecting the region's preference for sleek and contemporary design aesthetics.

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 North America is experiencing steady growth due to changing customer preferences, emerging trends, and favorable macroeconomic factors.

Customer preferences: Customers in North America are increasingly seeking living room furniture that combines functionality with style. They prefer furniture pieces that are not only comfortable but also aesthetically pleasing, reflecting their personal taste and lifestyle. Additionally, there is a growing demand for modular and multi-functional furniture that can adapt to different living spaces and accommodate various activities such as lounging, entertaining, and working from home.

Trends in the market: One of the key trends in the North American Living Room Furniture market is the rising popularity of eco-friendly and sustainable furniture options. Consumers are becoming more conscious of the environmental impact of their purchases and are actively seeking furniture made from renewable materials and produced using sustainable manufacturing processes. This trend is driving manufacturers to develop innovative and environmentally friendly solutions, such as furniture made from recycled materials or using low-emission production techniques. Another trend in the market is the increasing adoption of smart technology in living room furniture. With the rise of the Internet of Things (IoT), customers are looking for furniture that can integrate with their smart home systems and offer features such as built-in speakers, wireless charging capabilities, and remote control functionality. This trend is driving manufacturers to incorporate technology into their furniture designs, providing customers with a seamless and connected living room experience.

Local special circumstances: The North American market for living room furniture is highly competitive, with both domestic and international players vying for market share. Local manufacturers have the advantage of understanding the specific preferences and tastes of the North American consumer, allowing them to tailor their products to meet local demands. On the other hand, international manufacturers bring a global perspective and innovative designs that appeal to a diverse customer base.

Underlying macroeconomic factors: The North American economy has been experiencing steady growth, which has positively impacted the living room furniture market. Rising disposable incomes and low unemployment rates have increased consumer spending power, leading to higher demand for furniture products. Additionally, low interest rates have made it easier for consumers to finance their purchases, further boosting the market. In conclusion, the Living Room Furniture market in North America is witnessing growth driven by changing customer preferences, emerging trends such as eco-friendly and smart furniture, and favorable macroeconomic factors. Manufacturers are responding to these trends by developing innovative and sustainable products that cater to the diverse needs of customers in the region.

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.