The Outdoor Furniture market in G20 has been experiencing significant growth and development in recent years.
Customer preferences: Customers in the G20 countries have shown a growing interest in outdoor living spaces and the desire to create comfortable and stylish environments in their outdoor areas. They are increasingly looking for high-quality outdoor furniture that is durable, weather-resistant, and aesthetically pleasing. Additionally, there is a rising demand for multifunctional outdoor furniture that can be easily transformed to suit different purposes, such as dining, lounging, or entertaining.
Trends in the market: One of the key trends in the Outdoor Furniture market in G20 is the increasing popularity of eco-friendly and sustainable materials. Consumers are becoming more conscious of the environmental impact of their purchasing decisions and are actively seeking furniture made from recycled or renewable materials. This trend is driving the development of innovative products that are both environmentally friendly and visually appealing. Another trend in the market is the growing demand for modular outdoor furniture. Modular furniture allows customers to customize their outdoor spaces according to their specific needs and preferences. It offers flexibility and versatility, enabling users to rearrange the furniture to create different seating arrangements or configurations. This trend is particularly popular among urban dwellers who have limited outdoor space and want to maximize its functionality.
Local special circumstances: In the United States, the Outdoor Furniture market has been buoyed by a strong housing market and a growing trend of outdoor entertaining. The availability of large outdoor spaces in suburban areas has also contributed to the demand for outdoor furniture. In Europe, the market is driven by the increasing popularity of outdoor living and dining, particularly in Mediterranean countries where the climate allows for year-round outdoor activities. In emerging economies such as Brazil and India, the market is growing due to rising disposable incomes and a growing middle class.
Underlying macroeconomic factors: The growth of the Outdoor Furniture market in G20 can be attributed to several macroeconomic factors. Firstly, the improving global economy has led to increased consumer spending power, allowing people to invest more in their outdoor living spaces. Secondly, the growth of the real estate sector and urbanization has led to an increase in the number of homes with outdoor spaces, creating a larger market for outdoor furniture. Finally, changing lifestyles and the desire for a more relaxed and leisurely lifestyle have also contributed to the growth of the market. Overall, the Outdoor Furniture market in G20 is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers continue to prioritize outdoor living and seek high-quality and sustainable products, the market is expected to further expand in the coming years.
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.
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