Furniture - Belgium

  • Belgium
  • In 2024, the Furniture market in Belgium is projected to generate a revenue of US$6.01bn.
  • It is expected to witness an annual growth rate of 1.30% between 2024 and 2029 (CAGR 2024-2029).
  • The largest segment in this market is the Living Room Furniture segment, which is estimated to have a market volume of US$1.71bn in 2024.
  • When compared globally, in the United States leads in terms of revenue generation, with an estimated revenue of US$263bn in 2024.
  • On a per capita basis, the revenue generated in 2024 amounts to US$512.60 per person in Belgium.
  • Belgium's furniture market is seeing a surge in demand for eco-friendly and sustainable products, reflecting the country's commitment to environmental consciousness.

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

 
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Analyst Opinion

The Furniture market in Belgium has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences:
in the Furniture market in Belgium have been shifting towards more modern and minimalist designs. Customers are increasingly looking for furniture that is both functional and aesthetically pleasing, with a focus on clean lines and simplicity. This shift in preferences is influenced by global design trends and the growing popularity of Scandinavian and mid-century modern styles. Additionally, sustainability and eco-friendly materials have become important considerations for many customers, leading to an increased demand for furniture made from recycled or renewable materials. Trends in the Furniture market in Belgium reflect the changing customer preferences. There has been a rise in the popularity of online furniture retailers, as customers seek convenience and a wider range of options. Online retailers offer a vast selection of furniture, often at competitive prices, and provide the convenience of shopping from home. This trend has led to increased competition among traditional brick-and-mortar stores, forcing them to adapt their business models to include online sales channels. Another trend in the Furniture market in Belgium is the growing demand for multifunctional furniture. As living spaces become smaller and more expensive, customers are looking for furniture that can serve multiple purposes. This includes items such as sofa beds, storage ottomans, and extendable dining tables. The demand for multifunctional furniture is also driven by the desire for flexibility and adaptability in interior design.

Local special circumstances:
in Belgium also influence the Furniture market. Belgium has a strong tradition of craftsmanship and high-quality furniture manufacturing. This reputation for craftsmanship has positioned Belgian furniture brands as premium and desirable, both domestically and internationally. Belgian furniture brands often emphasize traditional manufacturing techniques and use of natural materials, which appeals to customers seeking unique and high-quality products.

Underlying macroeconomic factors:
such as economic growth and consumer confidence, play a significant role in the development of the Furniture market in Belgium. As the economy grows and consumer confidence improves, customers are more willing to invest in furniture and home decor. Additionally, low interest rates and favorable financing options have made it easier for customers to purchase furniture, stimulating demand in the market. In conclusion, the Furniture market in Belgium is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customers are increasingly drawn to modern and minimalist designs, with a focus on functionality and sustainability. Online retailers and multifunctional furniture are gaining popularity, while Belgian craftsmanship and high-quality manufacturing continue to be valued. The overall growth of the economy and consumer confidence also contribute 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 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.

Overview

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