Furniture Stores Global Market Report 2024

The furniture stores market size has grown strongly in recent years. It will grow from $267.67 billion in 2023 to $288.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The historical growth in the furniture industry during the past period can be attributed to various factors, including trends in the housing market and homeownership rates, fluctuations in consumer spending influenced by economic conditions, evolving interior design trends and aesthetic preferences, the increasing urbanization leading to smaller living spaces, and shifts in population demographics including changes in age groups and their lifestyle preferences.

The furniture stores market size is expected to see strong growth in the next few years. It will grow to $385.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the furniture industry for the upcoming period is expected to be propelled by various factors, including the prominence of e-commerce and the surge in online furniture retail, a growing emphasis on sustainability and eco-friendly furniture production, trends favoring customization and personalization of furniture, the evolution of flexible and multifunctional furniture designs, and an increasing significance placed on home décor. Key trends forecasted for this period encompass the integration of augmented reality for enhanced shopping experiences, the rise of direct-to-consumer brands in the furniture sector, addressing global supply chain challenges impacting the industry, a focus on health and wellness aspects in furniture design, and the growing prominence of experiential retail to engage customers in novel ways.

The furniture stores market is poised for growth, driven by an escalating demand for furniture. Furniture, encompassing movable objects such as tables, chairs, desks, and cabinets, is witnessing increased interest due to global trends in home decoration and renovations. The surge in demand is evident in the figures reported in February 2023, revealing that furniture manufacturing generated approximately $3.22 billion. In 2021 alone, UK manufacturers sold 5.58 million pieces of wooden bedroom furnishings. This upward trajectory in furniture demand is a key driver propelling the growth of the furniture stores market.

The furniture stores market is expected to experience growth propelled by the rising disposable income of homeowners. Disposable income, denoting the funds available for spending and saving after accounting for income taxes, plays a pivotal role in shaping consumer behavior. With an increase in disposable income, homeowners are inclined to invest in home improvement projects, notably the acquisition of new furniture, to enhance the overall aesthetics of their living spaces. Statistics from March 2023, sourced from Statistics Iceland, indicate a noteworthy 9.2% increase in household gross disposable income from 2021 to 2022. Disposable income per capita reached $0.35 million (4.9 million ISK) in 2022, reflecting a 6.5% surge from the previous year. This heightened disposable income among homeowners is a significant factor driving the growth of the furniture stores market.

Technological advancements are emerging as a prominent trend in the furniture stores market. Major industry players are strategically investing in innovative technologies to fortify their market positions. An exemplary illustration is IKEA, a Sweden-based home furnishings company, introducing IKEA Kreativ in June 2022. This AI-powered experience employs spatial computing, machine learning, and 3D mixed reality technology to empower customers in creating lifesuch as room designs. IKEA Kreativ stands out as a cutting-edge solution, offering customers an integrated and immersive way to design and visualize living spaces seamlessly on smartphones and desktops. This technological trend underscores the commitment of market leaders to enhancing customer experiences and staying at the forefront of the evolving furniture retail landscape.

Leading companies within the furniture stores market are strategically leveraging partnerships to amplify their geographical presence and gain a competitive advantage. These strategic collaborations involve synergies between furniture stores, manufacturers, and additional retail entities to elevate their product offerings, extend market outreach, and enhance customer engagement. A noteworthy example of such collaboration unfolded in August 2023 when Shivalik Group, an India-based real estate developer, entered into a strategic partnership with Stanley Furniture, a fully integrated luxury furniture manufacturer in India. This partnership facilitated the establishment of opulent furniture showrooms spanning 7,500 square feet across Gujarat, India. The expansive range of offerings within these showrooms includes high-quality sofas, wardrobes, beds, mattresses, cabinets, and various other furnishings. Customers are presented with an extensive collection of upscale home furnishing solutions, showcasing exquisite craftsmanship, avant-garde designs, and meticulously curated items upon entering these stores.

In November 2021, Franchise Group Inc., a publicly traded holding company based in the United States, made a significant move by acquiring W.S. Badcock Corporation for $580 million. This strategic acquisition reflects Franchise Group Inc.'s strategic intent to bolster and broaden its business operations within the United States. W.S. Badcock Corporation, a prominent US-based home furniture company, specializes in offering an array of products such as sofas, chairs, chaises, cabinets, and more. This acquisition aligns with Franchise Group Inc.'s overarching business strategy, leveraging the established market presence and offerings of W.S. Badcock Corporation to fortify its position in the dynamic furniture retail landscape.

Major companies operating in the furniture stores market report are 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., 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..

Asia-Pacific was the largest region in the furniture stores market in 2023. It is expected to be fastest region in the furniture stores market report during the forecast period. The regions covered in the furniture stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the furniture stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Primary materials used in furniture production include wood, metal, plastic, and other materials. Wood, derived from trees' branches and trunks, serves as a robust construction material or an energy source. Furniture made from wood is available across different price ranges, spanning high-end, medium-priced, and low-priced segments. These products are distributed through diverse channels such as home centers, flagship stores, specialty stores, online platforms, and others. They cater to a broad spectrum of end-users including residential, office, hotel, and other commercial sectors.

The furniture stores market research report is one of a series of new reports that provides furniture stores market statistics, including furniture stores industry global market size, regional shares, competitors with a furniture stores market share, detailed furniture stores market segments, market trends and opportunities, and any further data you may need to thrive in the furniture stores industry. This furniture stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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