Furniture - Northern Europe

  • Northern Europe
  • In 2024, the Furniture market in Northern Europe is projected to generate a revenue of US$20.57bn.
  • This market is expected to experience an annual growth rate of 4.19% (CAGR 2024-2029).
  • The largest segment within this market is the Living Room Furniture segment, which is estimated to have a market volume of US$4.93bn in 2024.
  • When compared globally, in the United States leads in terms of revenue generation with a projected amount of US$263bn in 2024.
  • In terms of per capita revenue, in Northern Europe is expected to generate 0.00 per person in 2024.
  • In Sweden, the trend in the furniture market is a strong focus on minimalist and functional designs.

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

 
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Analyst Opinion

The Furniture market in Northern Europe has been experiencing significant growth in recent years. Customer preferences in the region have been shifting towards more sustainable and eco-friendly furniture options. Consumers are increasingly concerned about the environmental impact of their purchases and are willing to pay a premium for furniture made from sustainable materials and produced using environmentally friendly manufacturing processes. This trend is driven by a growing awareness of climate change and the desire to reduce carbon footprints. Another important customer preference in Northern Europe is for furniture that is both functional and aesthetically pleasing. Scandinavian design, known for its simplicity, functionality, and minimalism, has gained popularity not only in the region but also worldwide. Consumers appreciate the clean lines, natural materials, and timeless appeal of Scandinavian furniture, making it a sought-after choice in the market. Trends in the market indicate a growing demand for online furniture shopping. With the advancement of technology and the convenience it offers, more and more consumers are turning to online platforms to purchase furniture. This trend has been further accelerated by the covid-19 pandemic, as people have been spending more time at home and seeking to create comfortable and functional living spaces. Online furniture retailers are capitalizing on this trend by offering a wide range of products, competitive prices, and hassle-free delivery options. Local special circumstances in Northern Europe also contribute to the development of the furniture market. The region is known for its long and cold winters, which means that people spend more time indoors and prioritize creating cozy and comfortable living spaces. This has led to a higher demand for furniture that provides warmth and comfort, such as plush sofas, soft rugs, and cozy lighting options. Underlying macroeconomic factors, such as a strong economy and high disposable income levels, also play a role in the growth of the furniture market in Northern Europe. The region has a well-developed welfare state and a high standard of living, which allows consumers to allocate a significant portion of their income to furniture purchases. Additionally, the stable political environment and social stability in the region create a favorable business environment for furniture retailers. In conclusion, the Furniture market in Northern Europe is developing in response to

Customer preferences:
for sustainable and aesthetically pleasing furniture, as well as the growing trend of online shopping.

Local special circumstances:
such as the long and cold winters, contribute to the demand for cozy and comfortable furniture.

Underlying macroeconomic factors:
including a strong economy and high disposable income levels, further support the growth of the 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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