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Key regions: Denmark, France, Worldwide, Germany, United States
Having the second-highest market share, after the Living Room Furniture segment, the Bedroom Furniture segment saw a sharp increase in revenue growth during the early stages of the COVID-19 pandemic. This is due to a shift in consumer spending from out-of-home to household spending. While in-store sales were negatively impacted by the closure of brick-and-mortar furniture retailers, it was offset by the rise in online sales. The second half of 2021 saw a gradual shift back to normal levels of out-of-home spending as COVID-19 restrictions were lifted.
In 2022, the Bedroom Furniture segment was severely affected by the rising cost of living. Around the world, people have had to allocate more financial resources to food and energy, resulting in a decrease in disposable income. This has been the biggest challenge for this segment and the overall Furniture market in 2022.
Looking forward, we are aware of the negative global economic outlook, which can largely be attributed to the cost-of-living crisis. The Russia-Ukraine war has also had a negative impact on the Bedroom Furniture segment. Based on our analysis, a slow and steady decrease in inflation can be expected. Additionally, we foresee a loosening of COVID-19 related restrictions in China will have a positive impact on growth within this segment. We are cautiously optimistic about the future growth prospects for this segment in 2023 and beyond.
Data coverage:
Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.Modeling approach / Market size:
Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)