Overview and Scope
A furniture store is a type of store that offers a vast selection of furniture goods, carpeting, and is often big and equipped with storage areas. Customers can test out the furnishings in these stores and look through all of their alternatives.
Sizing and Forecast
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 growth in the historic period can be attributed to housing market trends and homeownership rates, consumer spending and economic conditions, interior design trends and aesthetics, urbanization and small living spaces, population demographics and age groups..
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 growth in the forecast period can be attributed to e-commerce and online furniture retail, sustainability and eco-friendly furniture, customization and personalization trends, flexible and multifunctional furniture designs, rising importance of home décor. Major trends in the forecast period include augmented reality for shopping, rise of direct-to-consumer brands, global supply chain challenges, health and wellness in design, experiential retail.
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Segmentation & Regional Insights
The furniture stores market covered in this report is segmented –
1) By Material: Wood, Metal, Plastic, Other Material types
2) By Price Range: High End Price Furniture, Medium Price Range Furniture, Low Price Range Furniture
3) By Distribution Channel: Home Centers, Flagships Stores, Specialty Stores, Online, Other Distribution Channels
4) By End-User: Residential, Office, Hotel, Other End-Users
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
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Major Driver Impacting Market Growth
The increasing demand for furniture is expected to propel the growth of the furniture stores market going forward. Furniture refers to movable objects intended to support various human activities such as seating, eating, and storing items such as tables, chairs, desks, and cabinets. Due to rowing home decoration and renovation trends among the global population, the demand for furniture is rising which will propel the growth of the furniture stores. For instance, in February 2023, according to a report shared by Hollywood Mirror, a UK-based interior design company, the manufacturing of furniture generated about $3.22 billion. Additionally, in 2021, 5.58 million pieces of wooden bedroom furnishings were sold by UK manufacturers. Therefore, the increasing demand for furniture is driving the growth of the furniture stores market going forward.
Key Industry Players
Major companies operating in the furniture stores market are focused on adopting strategic partnerships to expand their geographical reach and gain a competitive edge in the market. Such partnerships involve collaborations between furniture stores, manufacturers, and other retail entities to enhance their product offerings, market reach, and customer engagement. For instance, in August 2023, Shivalik Group, an India-based real estate developer, formed a strategic partnership with Stanley Furniture, an India-based fully integrated luxury furniture manufacturer, to establish exquisite furniture showrooms across Gujarat, India. The store, which occupies an astounding 7,500 square feet, provides a wide range of high-quality sofas, wardrobes, beds, mattresses, cabinets, and other items. Customers can choose from a large variety of upscale home furnishings and entire home solutions with this extensive collection. Upon entering the store, customers will have the chance to see exquisite workmanship, cutting-edge designs, and carefully chosen items.
The furniture stores market report table of contents includes:
1. Executive Summary
2. Furniture Stores Market Characteristics
3. Furniture Stores Market Trends And Strategies
4. Furniture Stores Market – Macro Economic Scenario
5. Global Furniture Stores Market Size and Growth
…..
32. Global Furniture Stores Market Competitive Benchmarking
33. Global Furniture Stores Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Furniture Stores Market
35. Furniture Stores Market Future Outlook and Potential Analysis
36. Appendix
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