Furniture - Slovakia

Slovakia

In Slovakia, the revenue in the Furniture market is projected to reach US$901.60m in 2024.
It is anticipated that the market will experience an annual growth rate of 1.84% (CAGR 2024-2029).
The largest segment in this market is the Home Décor segment, which is expected to have a market volume of US$283.50m in 2024.
When comparing revenue on a global scale, in the United States leads the way with US$264bn in 2024.
In terms of per capita revenue, in Slovakia generates approximately US$158.10 per person in 2024.
Slovakia is experiencing a surge in demand for locally-made wooden furniture, driven by a growing appreciation for traditional craftsmanship and sustainable materials.

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 Slovakia has been experiencing steady growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences: Slovakian customers have shown a growing preference for modern and contemporary furniture designs. This shift in taste can be attributed to the increasing influence of global design trends and the desire for more minimalist and functional furniture options. As a result, furniture retailers in Slovakia have been focusing on offering a wide range of sleek and stylish furniture pieces to cater to these changing preferences. Additionally, there has been a rising demand for eco-friendly and sustainable furniture materials, with customers showing a preference for products made from recycled or natural materials.

Trends in the market: One of the key trends in the Furniture market in Slovakia is the growing popularity of online shopping. With the increasing penetration of internet access and the convenience it offers, more customers are opting to purchase furniture online. This trend has led to the emergence of several online furniture retailers in the country, offering a wide range of products and competitive prices. Traditional brick-and-mortar furniture stores have also adapted to this trend by establishing their online presence and offering online purchasing options. Another notable trend in the market is the increasing demand for multifunctional furniture. With the limited living space in many Slovakian households, customers are seeking furniture pieces that can serve multiple purposes. This includes items such as sofa beds, storage ottomans, and modular furniture systems. The demand for multifunctional furniture is driven by the need to optimize space and create a more versatile living environment.

Local special circumstances: Slovakia's furniture market is influenced by its geographical location and proximity to other European countries. The country's membership in the European Union has facilitated trade and allowed for the easy import and export of furniture products. This has resulted in a wide variety of furniture options available in the market, including both domestic and imported brands. Additionally, Slovakia's strong manufacturing sector has contributed to the growth of the furniture industry, with many local manufacturers producing high-quality furniture products for both domestic and international markets.

Underlying macroeconomic factors: The Furniture market in Slovakia has benefited from favorable macroeconomic factors, including a stable economy and increasing disposable incomes. The country has experienced steady economic growth in recent years, leading to higher consumer spending power. This has translated into increased demand for furniture products as customers have more disposable income to invest in home furnishings. Additionally, low interest rates have made it easier for customers to finance their furniture purchases, further driving market growth. In conclusion, the Furniture market in Slovakia is developing in response to changing customer preferences, such as a growing preference for modern designs and eco-friendly materials. The market is also influenced by trends such as the rise of online shopping and the demand for multifunctional furniture. The country's geographical location, strong manufacturing sector, and favorable macroeconomic factors have contributed to the growth of the furniture industry in Slovakia.

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.