“The Business Research Company just published a thorough research on the size and trends of the global furniture store market, with a forecast for 2024–2033. The global market size, regional shares, and competitor market share are just a few of the many insightful and useful facts and figures included in this most recent market research analysis. It also discusses the most important information for industry performance, as well as current trends and potential future developments.
The market for furniture stores has expanded significantly in recent years, according to The Business Research Company. At a cumulative annual growth rate (CAGR) of 7.9%, it will increase from $267.67 billion in 2023 to $288.83 billion in 2024. Trends in the housing market and homeownership rates, consumer spending and economic conditions, interior design trends and aesthetics, urbanization and compact living spaces, as well as demographics and age groups, are all factors contributing to the expansion during the historic period.
The market for furniture retailers is anticipated to develop significantly during the coming years. It will increase at a compound annual growth rate (CAGR) of 7.5% to reach $385.72 billion in 2028. E-commerce and online furniture sales, eco-friendly and sustainable furniture, trends toward personalization and customisation, adaptable and multipurpose furniture designs, and the growing significance of home décor are all factors contributing to the rise throughout the projection period. The emergence of direct-to-consumer companies, global supply chain issues, health and wellness in design, augmented reality for shopping, and experiential retail are some of the major themes for the projection period.
Market Drivers & Trends:
The market for furniture retailers is anticipated to continue growing as a result of the rising demand for furniture. The term “furniture” describes moveable pieces like tables, chairs, workstations, and cabinets that are designed to facilitate a variety of human activities like eating, sitting, and storage. The need for furniture is increasing due to the global population’s inclination towards house restoration and décor, which will fuel the expansion of furniture retailers. For example, a survey released by the UK-based interior design firm Hollywood Mirror states that in February 2023, the furniture manufacturing industry brought in approximately $3.22 billion. Additionally, UK manufacturers sold 5.58 million pieces of wooden bedroom furniture in 2021. As a result, the market for furniture stores is expected to continue growing due to the rising demand for furniture.
One major trend that is becoming more and more popular in the market for furniture stores is technological innovation. To improve their position in the industry, major businesses are focusing their efforts on developing cutting-edge technologies. For example, the Swedish home furnishings business IKEA introduced IKEA Kreativ, an AI-powered tool that lets users build realistic-looking spaces, in June 2022. Software called IKEA Kreativ uses 3D mixed reality, machine learning, and spatial computing to assist with room design. Customers now have access to the first fully integrated, lifelike method of designing and visualizing their living spaces on PCs and smartphones thanks to this innovation.
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Major Market Participants:
Furniture Services Inc.; Renaissance Furniture Manufacturing; Berkshire Hathaway Inc.; Rooms To Go Inc.; Ethan Allen Interiors Inc.; Havertys Furniture Companies Inc.; Bassett Furniture Industries Inc.; Bob’s Discount Furniture LLC; Value City Furniture Inc.; W.S. Badcock Corporation; Jordan’s Furniture Inc.; Berkshire Hathaway Company; Art Van Furniture Inc.; City Furniture Inc.; El Dorado Furniture Inc.; Kane’s Furniture Inc.; Baer’s Furniture Inc.; Slumberland Furniture Inc.; The Dump Furniture Outlet; Furniture Marketing Group Inc. Steelcase Inc.; HNI Corporation; Ashley Furniture Industries Inc.; Inter IKEA Systems B.V.; Herman Miller Inc.; Global Furniture USA; Heritage Home Group LLC; Restoration Hardware Inc.; Williams-Sonoma Inc.; La-Z-Boy Inc.; Raymour and Flanigan Furniture and Mattresses; American Signature Inc.; Kimball International Inc.; Okamura Corporation; Durham Furniture Inc.; Urban Office Interiors Ltd.
Key Insights for the 2024 Furniture Stores Market:
- At a 7.5% compound annual growth rate (CAGR), the furniture retailers industry is expected to reach $385.72 billion by 2028.
- Growing Demand for Furniture Fuels Market Growth for Furniture Stores
- Technological Innovation Modifies the Market Environment for Furniture Stores
- In 2023, the largest market for furniture retailers was in Asia-Pacific.
To view the full scope of the report, visit:
https://www.thebusinessresearchcompany.com/report/furniture-stores-global-market-report