Furniture - Baltics

Baltics

In 2024, the revenue in the Furniture market in the Baltics amounted to US$930.60m.
It is projected to experience an annual growth rate of 1.57% (CAGR 2024-2029).
Among the various segments in this market, the largest is the Bedroom Furniture segment, which had a market volume of US$312.40m in 2024.
When compared globally, United States generates the highest revenue in the Furniture market, with US$263bn in 2024.
Taking into consideration the population figures, the per person revenue generated in 2024 amounts to US$159.80 in the Baltics.
The furniture market in the Baltics is experiencing a surge in demand for sustainable and locally sourced materials.

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

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Market

Region

Region comparison

Currency

Analyst Opinion

The Furniture market in Baltics has been experiencing steady growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences: in the Baltics have shifted towards modern and minimalist furniture designs. Customers are increasingly looking for furniture that is functional, space-saving, and aesthetically pleasing. This trend is in line with global preferences, as consumers worldwide are opting for sleek and contemporary furniture styles. Additionally, customers in the Baltics are becoming more conscious of the environmental impact of their purchases and are seeking sustainable and eco-friendly furniture options. Trends in the market indicate a growing demand for online furniture shopping in the Baltics. e-commerce has gained popularity due to its convenience and the wide range of options available to customers. Online retailers are capitalizing on this trend by offering competitive prices, easy returns, and personalized customer service. Traditional brick-and-mortar furniture stores are also adapting to the changing market dynamics by enhancing their online presence and providing a seamless omnichannel shopping experience. Local special circumstances, such as the high level of internet penetration and tech-savvy population in the Baltics, have contributed to the growth of the online furniture market. The region has one of the highest internet usage rates in Europe, making it an ideal market for e-commerce. Moreover, the Baltics have a relatively small population compared to other European countries, which has led to intense competition among furniture retailers. This competition has driven innovation and price competitiveness in the market. Underlying macroeconomic factors have also played a significant role in the development of the Furniture market in the Baltics. The region has experienced stable economic growth, low unemployment rates, and increasing disposable incomes. As a result, consumers have more purchasing power and are willing to invest in high-quality furniture that meets their changing preferences. Additionally, favorable government policies and incentives for the furniture industry have attracted foreign investments and promoted domestic manufacturing. In conclusion, the Furniture market in the Baltics is evolving to meet the changing customer preferences for modern and sustainable furniture. The growth of e-commerce and the strong online presence of retailers are driving the market forward.

Local special circumstances: such as high internet penetration and a tech-savvy population, have contributed to the growth of the online furniture market. Favorable macroeconomic factors, including stable economic growth and increasing disposable incomes, have also played a role in the development of the market. Overall, the future looks promising for the Furniture market in the Baltics, with opportunities for further growth and innovation.

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 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.