Furniture market in the United Kingdom (UK) - statistics & facts
One contributing factor to the decline in furniture purchases in Great Britain is, surprisingly, the poor weather Brits face on a seasonal, if not daily, basis. Combined with the fact that prices remain high, and cost of living pressures persist, it comes as no surprise that British shoppers would avoid unnecessary purchases of big-ticket items, such as furniture. The inflation of furniture, however, has begun its downturn and will hopefully continue throughout the year.
The fall of inflation, rise in living wages, and gradual affordability of big-ticket items in Great Britain could be telling signs that financial circumstances are improving for the average consumer. Against the backdrop of these dynamics, furniture continues to be an integral part of both the retail sector, as well as the everyday British household.
Furniture sales on the rise again
Since the beginning of 2024, retail sales of furniture and lighting equipment has been on the rise, reaching nearly one and a half billion British pounds. Along with that, consumer spending on furniture barely differed between 2022 and 2023, but was much higher compared to previous years.Where does furniture in the UK come from?
The United Kingdom is one of the leading importers of furniture on a global scale, bringing in over 11 billion U.S. dollars’ worth of furniture in 2022. Furniture imports in the UK are divided by their source of origin, either from countries part of the European Union, or outside of it. Prior to 2023, furniture from regions outside the European Union have generally been of a higher value than those coming from within, however, in 2023, furniture imported from the EU had a roughly one billion British pound advantage on non-EU imports. The same trend can be observed in the international trade of office furniture, where imports from European Union member states were worth around 1.4 billion British pounds, as opposed to the 1.17 billion from outside the EU.The fall of inflation, rise in living wages, and gradual affordability of big-ticket items in Great Britain could be telling signs that financial circumstances are improving for the average consumer. Against the backdrop of these dynamics, furniture continues to be an integral part of both the retail sector, as well as the everyday British household.
