The Outdoor Furniture market in G7 countries is experiencing significant growth and development.
Customer preferences: Customers in G7 countries are increasingly valuing outdoor spaces as an extension of their living areas, leading to a growing demand for outdoor furniture. With a focus on creating comfortable and stylish outdoor environments, customers are seeking furniture that is durable, weather-resistant, and low maintenance. Additionally, there is a rising demand for eco-friendly and sustainable outdoor furniture options, reflecting the growing environmental consciousness among consumers.
Trends in the market: One of the key trends in the Outdoor Furniture market in G7 countries is the popularity of multifunctional furniture. Customers are looking for versatile outdoor furniture pieces that can serve multiple purposes, such as modular seating that can be rearranged to accommodate different group sizes or convertible tables that can be adjusted for dining or lounging. This trend is driven by the desire for flexibility and maximizing the use of outdoor spaces. Another trend in the market is the increasing adoption of smart and connected outdoor furniture. With the advancement of technology, customers are looking for outdoor furniture that can be integrated with their smart homes. This includes features such as built-in speakers, USB charging ports, and LED lighting. The integration of technology into outdoor furniture not only enhances the overall outdoor experience but also provides convenience and entertainment options for customers.
Local special circumstances: Each G7 country has its own unique set of circumstances that influence the Outdoor Furniture market. For example, in the United States, the large size of outdoor spaces and the popularity of outdoor entertaining drive the demand for outdoor furniture. In Japan, where space is limited, there is a focus on compact and foldable outdoor furniture that can be easily stored when not in use. In Germany, there is a strong emphasis on quality and craftsmanship, with customers willing to invest in high-end outdoor furniture that can withstand the harsh weather conditions.
Underlying macroeconomic factors: The growth of the Outdoor Furniture market in G7 countries can be attributed to several underlying macroeconomic factors. One of the key drivers is the overall economic growth in these countries, which has led to increased disposable income and consumer spending. As people have more money to spend, they are willing to invest in outdoor furniture to enhance their outdoor living spaces. Another factor is the growing trend of staycations and outdoor leisure activities. With the rising cost of travel and a desire for a healthier lifestyle, more people are choosing to spend their leisure time at home and in their outdoor spaces. This has led to an increased demand for outdoor furniture that can provide comfort and relaxation. Furthermore, the increasing focus on sustainability and eco-friendliness has also influenced the Outdoor Furniture market in G7 countries. Customers are becoming more conscious of the environmental impact of their purchases and are seeking out furniture made from sustainable materials and manufactured using environmentally friendly processes. In conclusion, the Outdoor Furniture market in G7 countries is experiencing growth and development driven by customer preferences for comfortable and stylish outdoor spaces, the popularity of multifunctional and smart furniture, and the influence of underlying macroeconomic factors such as economic growth and sustainability. Each G7 country has its own unique circumstances that shape the market, but overall, the demand for outdoor furniture is on the rise.
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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