Home Furnishings Stores Global Market Report 2024

The home furnishings stores market size has grown strongly in recent years. It will grow from $201.89 billion in 2023 to $213.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth observed during the historical period can be attributed to factors such as changes in consumer lifestyles, demographic shifts, consumer confidence levels, retailer strategies, and the dynamics of the global supply chain.

The home furnishings stores market size is expected to see strong growth in the next few years. It will grow to $267.45 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be attributed to factors such as smart home integration, the impact of urbanization on space optimization, a growing focus on health and wellness, increased demand for customization and personalization, and the strategies employed by retailers. Key trends expected in the forecast period include trends in home renovation and remodeling, the rise of rental and subscription models, a focus on artisan and handcrafted products, the emergence of outdoor living solutions, and the growth of the resale and secondhand market.

The anticipated growth of the home furnishings stores market is driven by the increasing interest in interior design. Interior design involves the comprehensive practice of creating interior environments that cater to human needs and provide protection. Consumers, drawn by home style and lifestyle influencers, are increasingly willing to invest in various designer and luxury home furniture, exhibiting a significant spending trend on home decor and interior design patterns. For example, a report from Made in CA, a Canada-based online publication, indicates that the global interior design market is projected to surpass $339 billion by 2027. Hence, the growing interest in interior design acts as a driving force for the expansion of the home furnishings stores market.

The growth in the housing market is poised to propel the home furnishings stores market forward. Housing, which involves the provision of shelter or accommodation in the form of buildings or dwellings, is a fundamental aspect of people's lives. Home furnishings stores play a crucial role by offering essential items and decor to enhance the comfort and aesthetics of residential spaces. Recent data from the US Census Bureau in November 2023 indicates a 4.6% increase in the seasonally adjusted annual rate of privately owned housing completions in the US compared to October 2022. Consequently, the growth in the housing market contributes to the expansion of the home furnishings stores market.

A notable trend in the home furnishings stores market is the increasing adoption of technological advancements. Major market players are dedicating efforts to the development of innovative technologies to solidify their market presence. For instance, IKEA, a Sweden-based home furnishing company, introduced IKEA Kreativ in June 2022, an AI-powered experience that empowers customers to create realistic room designs. IKEA Kreativ leverages spatial computing, machine learning, and 3D mixed reality technology to enhance the room design process.

Companies operating in the home furnishings stores market are actively pursuing technological advancements, such as composite technology, for integrated light furnishing. Composite technology involves combining different materials with distinct properties to create a new material with enhanced characteristics. LUCE5, an Italy-based provider of lighting solutions, launched Tech Thickness (TT) in March 2023, an innovative composite technology based on aluminum for integrated light furnishings. TT optimizes furnishing thickness, incorporates lighting solutions, and offers superior mechanical strength and reduced weight compared to wood. This technology, applicable in retail, luxury living, yachting, and design furnishings, emphasizes high standards in mechanical resistance, ease of handling, reduced CO2 emissions, and recyclability.

In February 2022, the US-based online interior design start-up Heavenly acquired The Inside for an undisclosed amount. This strategic move by Heavenly aims to establish an innovative design ecosystem, making home design more accessible and personalized. The Inside, a US-based home furnishing company, specializes in producing custom furniture, wallpapers, chairs, accent tables, rugs, screens, and other home furnishing items.

Major companies operating in the home furnishings stores market report are Ashley furniture industries Ltd., Duresta Upholestry Ltd., Kimball International, Shaw Industries Group Inc., Inter IKEA Group, Mohawk Industries Inc., Manning Mills Inc., Forbo Intenational SA, Bed Bath & Beyond Inc., Wayfair LLC, Herman Miller Inc., Suofeiya Home Collection Co. Ltd., Springs Window Fashions LLC, Hansemm Corporation, Armstrong World Industries Inc., Walmart Inc., Macy’s Inc., home24 SE, Conair Corporation, J.C. Penney, Home Depot Product Authority LLC, Williams-Sonoma Inc., Rooms To Go, Crate & Barrel, Ethan Allen, La-Z-Boy, Pier 1 Imports Inc., Pottery Barn, RH, Havertys, Bassett Furniture, Raymour & Flanigan, American Furniture Warehouse, Nebraska Furniture Mart, Bob's Discount Furniture, Jordan's Furniture, Value City Furniture, Mathis Brothers Furniture, Living Spaces, Badcock Home Furniture & More, Leon's Furniture, Dufresne Furniture & Appliances, Bernie & Phyl's Furniture, Kane's Furniture, El Dorado Furniture, Arhaus, Ballard Designs.

North America was the largest region in the home furnishings stores market in 2023. The regions covered in the home furnishings stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the home furnishings stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of products available in home furnishings stores include home furniture, home textiles, and wall decor. Home furniture encompasses all movable and compactable articles or apparatus furnishing a room or house, such as furniture, curtains, carpets, and decorations. These products are offered at various price points, including mass-market and premium, and are available through channels such as e-commerce and in-store sales.

The home furnishings store market research report is one of a series of new reports that provides home furnishings stores market statistics, including home furnishings stores industry global market size, regional shares, competitors with a home furnishing stores market share, detailed home furnishings store market segments, market trends, and opportunities, and any further data you may need to thrive in the home furnishings stores industry. This home furnishing store 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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