Furniture - Luxembourg

Luxembourg

In 2024, the revenue in the Furniture market in Luxembourg amounts to US$395.50m.
It is projected that the market will experience an annual growth rate of 2.25% (CAGR 2024-2029).
The largest segment within the market is the Living Room Furniture segment, which has a market volume of US$105.00m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, reaching US$263bn in 2024.
In terms of per capita revenue, in Luxembourg generates US$597.80 per person in 2024.
Luxembourg's furniture market is thriving, with a strong focus on luxury and high-end designs to cater to the country's affluent population.

Key regions: Worldwide, United States, China, India, Germany

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market 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.

Market

Region

Region comparison

Currency

Analyst Opinion

The Furniture market in Luxembourg has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: in the Furniture market have shifted towards more modern and minimalist designs, as well as sustainable and eco-friendly materials. Customers are increasingly looking for furniture that not only enhances the aesthetic appeal of their homes but also aligns with their values and lifestyle choices. This trend is not unique to Luxembourg but is observed worldwide, as consumers become more conscious of the environmental impact of their purchases. One of the key trends in the Furniture market in Luxembourg is the rise of online retail. With the increasing availability of high-speed internet and the convenience it offers, more customers are opting to shop for furniture online. Online retailers provide a wide range of options, competitive prices, and the convenience of doorstep delivery, making it an attractive option for customers. This trend has been further accelerated by the covid-19 pandemic, which has led to an increase in online shopping across various industries. Another trend observed in the Furniture market in Luxembourg is the growing demand for multifunctional furniture. As living spaces become smaller and more compact, customers are looking for furniture that serves multiple purposes and maximizes the use of available space. This includes items such as sofa beds, storage ottomans, and modular furniture systems. The demand for multifunctional furniture is driven by the need for practicality and versatility in modern living arrangements. In addition to changing customer preferences and emerging trends, there are also

Local special circumstances: that impact the Furniture market in Luxembourg. One such circumstance is the country's high disposable income levels. Luxembourg has one of the highest gdp per capita in the world, which enables its residents to afford higher-end furniture and invest in quality pieces for their homes. This creates opportunities for luxury furniture brands and high-end retailers in the market. Underlying macroeconomic factors also play a role in the development of the Furniture market in Luxembourg. The country's stable economy, low unemployment rate, and favorable business environment contribute to consumer confidence and purchasing power. Additionally, the government's focus on sustainable development and energy efficiency has led to increased investments in eco-friendly furniture and sustainable manufacturing practices. Overall, the Furniture market in Luxembourg is experiencing growth due to changing customer preferences, emerging trends such as online retail and multifunctional furniture, local special circumstances like high disposable income levels, and

Underlying macroeconomic factors: that support consumer confidence and purchasing power. As these factors continue to shape the market, it is expected that the Furniture industry in Luxembourg will continue to thrive in the coming years.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments 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.