Furniture - Australia & Oceania

  • Australia & Oceania
  • In 2024, the revenue in the Furniture market in Australia & Oceania amounts to US$13.96bn.
  • It is projected to experience an annual growth rate of 4.59% (CAGR 2024-2029).
  • The largest segment in this market is the Living Room Furniture segment, which has a market volume of US$3.50bn in 2024.
  • When compared globally, in the United States generates the highest revenue with US$264bn in 2024.
  • In terms of per capita figures, each person in Australia & Oceania generates US$321.50 in revenue in 2024.
  • The demand for sustainable and eco-friendly furniture in Australia is steadily increasing as consumers become more conscious of their environmental impact.

Key regions: Worldwide, United States, China, India, Germany

 
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Analyst Opinion

The Furniture market in Australia & Oceania is experiencing steady growth and development. Customer preferences are shifting towards more sustainable and eco-friendly furniture options. Additionally, there is a growing demand for multi-functional furniture that can maximize limited living spaces.

Customer preferences:
Customers in Australia & Oceania are increasingly concerned about the environmental impact of their purchases. As a result, there is a growing demand for sustainable and eco-friendly furniture options. This includes furniture made from recycled materials, as well as pieces that are produced using environmentally friendly manufacturing processes. Customers are also looking for furniture that is durable and long-lasting, reducing the need for frequent replacements. Another customer preference in the region is for multi-functional furniture. With limited living spaces in many urban areas, customers are looking for furniture that can serve multiple purposes. This includes items such as sofa beds, storage ottomans, and dining tables that can be extended or folded away when not in use.

Trends in the market:
One of the key trends in the Furniture market in Australia & Oceania is the rise of online shopping. Customers are increasingly turning to online retailers to purchase furniture, attracted by the convenience and wider range of options available. Online retailers are also able to offer competitive prices, making it an attractive option for cost-conscious customers. This trend is expected to continue as more customers become comfortable with making large purchases online. Another trend in the market is the increasing popularity of minimalist and Scandinavian-inspired designs. Customers are drawn to clean lines, simple forms, and neutral colors. This trend is reflected in the popularity of furniture retailers that specialize in these styles.

Local special circumstances:
Australia & Oceania is a geographically diverse region, with a mix of urban and rural areas. This can impact the availability and accessibility of furniture options. In more remote areas, customers may have limited access to a wide range of furniture retailers, leading to a greater reliance on online shopping. Additionally, the climate in Australia & Oceania can also influence customer preferences for certain types of furniture. For example, outdoor furniture is in high demand in areas with a warm climate, while customers in cooler regions may prioritize furniture that is cozy and comfortable.

Underlying macroeconomic factors:
The growing population and increasing urbanization in Australia & Oceania are driving the demand for furniture. As more people move to urban areas, the need for furniture to furnish their homes increases. Additionally, rising disposable incomes in the region are enabling customers to spend more on furniture and home decor. Overall, the Furniture market in Australia & Oceania is characterized by a shift towards sustainable and multi-functional furniture, as well as a growing preference for online shopping. These trends are driven by customer preferences for environmentally friendly options and the need to maximize limited living spaces. The region's diverse geography and climate also influence customer preferences and the availability of furniture options. The underlying macroeconomic factors of population growth, urbanization, and rising incomes are contributing to the development of the market.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.

Overview

  • Revenue
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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