Furniture - Nordics

  • Nordics
  • In 2024, the revenue in the Furniture market in the Nordics amounts to US$19.64bn.
  • It is projected that the market will experience an annual growth rate of 4.31% (CAGR 2024-2029).
  • Among the various segments in the market, the largest one is the Living Room Furniture segment, which has a market volume of US$4.71bn in 2024.
  • When compared globally, in the United States generates the highest revenue in the Furniture market, reaching US$263bn in 2024.
  • This translates to per person revenues of 0.00 in 2024, taking into account the total population.
  • In the Nordic region, the furniture market is experiencing a surge in demand for minimalist and sustainable designs.

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

 
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Analyst Opinion

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

Customer preferences:
in the Nordics have shifted towards more modern and minimalist furniture designs. Customers are increasingly looking for sleek and functional furniture pieces that can fit into smaller living spaces. This preference for minimalist designs is influenced by the Nordic culture, which values simplicity and functionality. Additionally, customers in the region are becoming more environmentally conscious, leading to a growing demand for sustainable and eco-friendly furniture options. Trends in the market include the rise of online furniture retailers, which have gained popularity due to their convenience and wide product selection. Online retailers offer customers the ability to browse and purchase furniture from the comfort of their own homes, and often provide competitive prices and fast delivery options. This trend has been accelerated by the covid-19 pandemic, as more customers have turned to online shopping for their furniture needs. Another trend in the market is the increasing demand for smart furniture and home automation. Customers are looking for furniture pieces that can integrate with their smart devices and provide added convenience and functionality. This trend is driven by the growing popularity of smart home technology and the desire for a connected and automated living environment.

Local special circumstances:
in the Nordics also contribute to the development of the furniture market. The region has a high standard of living and disposable income, which allows customers to invest in high-quality furniture that will last for many years. Additionally, the cold climate in the Nordics creates a need for furniture that is durable and can withstand harsh weather conditions. This has led to a demand for furniture made from materials such as teak, oak, and metal, which are known for their durability and resistance to the elements. Underlying macroeconomic factors, such as a strong economy and low unemployment rates, also support the growth of the furniture market in the Nordics. These factors contribute to increased consumer confidence and purchasing power, allowing customers to invest in new furniture for their homes. Furthermore, government policies promoting sustainable and eco-friendly practices have encouraged the adoption of eco-friendly furniture options in the region. In conclusion, the Furniture market in Nordics is developing in response to changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:
. The shift towards modern and minimalist designs, the rise of online furniture retailers, the demand for smart furniture, and the preference for sustainable options are all contributing to the growth of the market. The high standard of living, cold climate, and strong economy in the Nordics further support the development of the furniture market in the region.

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.

Overview

  • Revenue
  • Key Players
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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