Furniture and Home Furnishings Stores Global Market Report 2024

The furniture and home furnishings stores market size has grown strongly in recent years. It will grow from $469.56 billion in 2023 to $502.75 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be attributed to various factors, including increasing consumer confidence, demographic shifts, higher disposable income levels, the expansion of e-commerce, rising environmental awareness, and fluctuations in homeownership rates.

The furniture and home furnishings stores market size is expected to see strong growth in the next few years. It will grow to $653.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. Forecasted growth hinges on sustainable practices, urbanization, flexible supply chains, digital marketing, and global economic factors. Major trends include VR/AR retail, customization, DTC models, smart home integration, and multi-channel retailing.

Furniture and home furnishings stores are integrating robust data analytics strategies into their management approach. This technology is being implemented to optimize supply chain efficiency, streamline operations to engage customers, and foster loyalty. Data has become a pivotal aspect of most retail operations. As of July 2023, as reported by the World Economic Forum, 60% of corporations deem big data and analytics capabilities increasingly essential, with expectations of generating new job opportunities within the next five years. Furthermore, between 2023 and 2027, the field of data science and analytics is anticipated to create approximately 1.4 million new jobs. With the exponential growth in retail data and the availability of analytical technologies, furniture and home furnishings stores are poised to better understand and fulfill customer needs and expectations, thereby influencing the market's trajectory in the coming years.

The furniture and home furnishings stores market is anticipated to witness growth, largely propelled by increased sales in new homes. The term "new homes" pertains to dwellings recently built, substantially renovated, or constructed to replace previously demolished structures. These stores offer a wide array of decor and furnishings that elevate and rejuvenate home spaces. For instance, according to a jointly published report by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development in August 2023, sales of new single-family homes in the US surged to a seasonally adjusted annual rate of 675,000, marking an increase from 638,000 in August 2022. Consequently, the surge in new home sales significantly influences the furniture and home furnishings stores market.

The COVID-19 outbreak significantly hindered the furniture and home furnishings stores market in 2020. Disruptions in supply chains due to trade restrictions and reduced consumption caused by global lockdowns greatly impacted the industry. COVID-19, identified in Wuhan, China, in 2019, led to flu-such as symptoms and spread worldwide, affecting regions such as Western Europe, North America, and Asia. To contain transmission, governments imposed restrictions, leading to reduced production and trade of non-essential goods and an overall economic downturn. Despite these challenges, the market is expected to gradually recover over the forecast period. The impact of COVID-19 is considered an unforeseen event ('black swan'), not linked to inherent market weaknesses or global economic fundamentals.

Augmented Reality (AR) and Virtual Reality (VR) technologies greatly enhance customer experiences by allowing interactive and personalized connections to products. AR involves integrating digital information in real-time with the user's surroundings, while VR creates a computer-generated environment for exploration and interaction. These technologies provide customers with an understanding of the product experience. In the furniture and home furnishings sector, utilizing virtual reality can significantly enrich customer interactions. For instance, IKEA, a multinational Swedish company, introduced an AR catalogue app enabling customers to visualize furniture pieces within their homes. Through this app, consumers can virtually preview how items will appear and fit in their living spaces based on product dimensions. Indian brands such as Pepper Fry have also incorporated AR technology in their mobile apps to showcase how certain products would look in a home setting.

Leading companies within the furniture and home furnishings industry are launching highly sophisticated furniture showrooms to expand their global market presence. An ultra-sophisticated furniture showroom exhibits furniture with exceptional refinement, luxury, and cutting-edge design. For example, in June 2023, Lazzoni, a Turkish contemporary design boutique renowned for functional creations, unveiled a state-of-the-art showroom in London, UK. This showroom exemplifies the brand's design principles, presenting a collection of furniture that reflects Lazzoni's commitment to superior craftsmanship and innovative design. The interior of this sophisticated showroom emanates contemporary and stylish aesthetics. The thoughtful arrangement of furniture pieces allows visitors to explore each item individually, gaining insights into Lazzoni's design philosophy.

Major companies operating in the furniture and home furnishings stores market report are Ethan Allen Interiors Inc., Berkshire Hathaway Inc., The home depot, Inter Ikea Holding B.V., Wayfair Inc., Steinhoff International Holdings N.V., Office Depot, Williams-Sonoma Inc., Bed Bath & Beyond, Nitori Holdings Co. Ltd., Ingvar Kamprad Elmtaryd Agunnaryd Ltd., Ashley Furniture Industries Inc., Rooms To Go Incorporated, Restoration Hardware, Pottery Barn Inc., Steelcase Inc., Herman Miller Inc., HNI Corporation, La-Z-Boy Inc., Bob's Discount Furniture Inc., Heritage Home Group, Crate & Barrel Inc., Pier 1 Imports Inc., Raymour & Flanigan Furniture and Mattresses., Nebraska Furniture Mart Inc., Haverty Furniture Companies Inc., American Signature Inc., Bassett Furniture Industries Inc., Global Furniture Inc., West Elm India.

North America was the largest region in the furniture and home furnishings stores market in 2023. Asia-Pacific was the second largest region in the furniture and home furnishings stores market. The regions covered in the furniture and home furnishings stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the furniture and home furnishings stores market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

Primary types within this industry include furniture stores and home furnishings stores. Furniture stores specialize in furniture sales, sometimes offering carpets as well. These stores can be categorized into exclusive showrooms and inclusive dealer stores, which encompass ownership by retail chains or independent retailers.

The furniture and home furnishings stores market research report is one of a series of new reports that provides furniture and home furnishings stores market statistics, including furniture and home furnishings stores industry global market size, regional shares, competitors with a furniture and home furnishings stores market share, detailed furniture and home furnishings stores market segments, market trends and opportunities, and any further data you may need to thrive in the furniture and home furnishings stores industry. This furniture and home furnishings 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 furniture and home furnishings stores market include revenues earned by entities by providing services through lifestyle stores, office supply stores, and furniture stores. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.


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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