Furniture - EAEU

EAEU

In 2024, the revenue in the Furniture market in the EAEU amounts to US$18.42bn.
It is expected that the market will grow annually by 0.72% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, which has a market volume of US$6.64bn in 2024.
When compared to the global market, United States generates the highest revenue with US$263bn in 2024.
Considering the total population figures, the per person revenue in the EAEU is US$100.80 in 2024.
This indicates the average amount of revenue generated per individual within the population.
The furniture market in EAEU is experiencing a surge in demand for traditional and artisanal designs, reflecting a growing appreciation for cultural heritage.

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 EAEU has been experiencing steady growth in recent years. Customer preferences for furniture have shifted towards more modern and functional designs, reflecting global trends in the industry. This has led to an increase in demand for furniture that is not only aesthetically pleasing but also practical and space-saving.

Customer preferences: Customers in the EAEU region are increasingly looking for furniture that can serve multiple purposes and maximize the use of limited space. This is driven by urbanization and the growing trend of living in smaller apartments and houses. As a result, there is a rising demand for modular furniture, such as sofa beds and storage beds, that can be easily transformed and offer additional storage options.

Trends in the market: One noticeable trend in the EAEU furniture market is the growing popularity of online shopping. Consumers are becoming more comfortable with making large purchases online, and furniture retailers have responded by expanding their online presence. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across all industries. Another trend in the market is the focus on sustainability and eco-friendly products. Customers are increasingly concerned about the environmental impact of their purchases and are willing to pay a premium for furniture made from sustainable materials. This has prompted furniture manufacturers in the EAEU region to adopt more sustainable practices and offer eco-friendly options to meet the demand.

Local special circumstances: The EAEU region is characterized by a diverse range of cultures and traditions, which influences customer preferences in the furniture market. Different countries within the EAEU have their own unique styles and design preferences. For example, customers in Russia tend to prefer furniture with bold and luxurious designs, while customers in Kazakhstan may lean towards more minimalistic and functional styles.

Underlying macroeconomic factors: The growth of the furniture market in the EAEU can be attributed to several macroeconomic factors. Economic stability and rising disposable incomes in the region have increased consumer purchasing power, allowing more people to invest in furniture. Additionally, urbanization and the growth of the middle class have fueled demand for furniture as people move into new homes and seek to furnish them. In conclusion, the furniture market in the EAEU is experiencing growth due to changing customer preferences, including a focus on functional and space-saving designs, as well as the increasing popularity of online shopping. The region's diverse cultures and traditions also play a role in shaping customer preferences. Economic stability and rising incomes in the region have further contributed to the growth 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.