The Furniture And Home Furnishings Stores Global Market Report 2023 by The Business Research Company, provides furniture and home furnishings stores market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Furniture And Home Furnishings Stores Global Market Report 2023, the market size is expected to grow from $438.79 billion in 2022 to $471 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of furniture and home furnishings stores market is expected to grow to $602.42 billion in 2027 at a CAGR of 6.3%.
Furniture and home furnishings stores are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers, and build loyalty. Data has become critical for most retail operations.
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The furniture and home furnishings stores market is segmented:
1) By Type: Furniture Stores, Home Furnishings Stores
2) By Ownership: Retail Chain, Independent Retailer
3) By Type of Store: Exclusive Retailers/Showroom, Inclusive Retailers/Dealer Store
Augmented reality (AR) and virtual reality (VR) empower the customer experience by letting them connect to the product with interactive and personalized options. While AR is a real-time integration of digital information with the user’s environment, VR is a three-dimensional, computer-generated environment that can be explored and interacted with. This allows the customers to understand the experience of owning a product. Furniture and home furnishings companies should consider using virtual reality technology to enhance the customer experience. IKEA, a Swedish multinational company, has launched an AR catalogue application that allows customers to see how certain items of furniture would look in their home. Consumers can virtually visualize how these pieces will look and fit in their homes according to the product’s dimensions. Indian players such as Pepper Fry have also started using AR technology to show users how certain products will look in their home through their mobile application.
The furniture and home furnishings stores market report table of contents includes:
- Executive Summary
- Report Structure
- Furniture And Home Furnishings Stores Market Characteristics
- Furniture And Home Furnishings Stores Market Product Analysis
- Furniture And Home Furnishings Stores Market Supply Chain
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- Key Mergers And Acquisitions In The Furniture And Home Furnishings Stores Market
- Market Background: Retail Market
- Recommendations
- Appendix
- Copyright And Disclaimer
Top Major Players
- Inter Ikea Holding B.V.
- The Home Depot
- Bed Bath & Beyond
- Nitori Holdings Co. Ltd.
- Williams-Sonoma Inc.
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