Furniture - GCC

In 2024, the revenue in the Furniture market in the GCC amounts to US$15.46bn.
It is projected that the market will experience an annual growth rate of 1.38% from 2024 to 2029 (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, which has a market volume of US$4.75bn in 2024.
When compared globally, it is evident that United States generates the highest revenue in the Furniture market, with US$263bn in 2024.
Taking into account the total population, the per-person revenue in the GCC is US$256.20 in 2024.
It is worth noting that these figures pertain specifically to the Furniture market in the GCC.
The furniture market in the GCC is experiencing a surge in demand for luxury, high-end pieces, particularly in countries like the UAE and Saudi Arabia.

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 gcc is experiencing significant growth and development due to several factors. Customer preferences for high-quality and stylish furniture, along with the increasing disposable income of consumers, are driving the demand for furniture in the region. Additionally, local special circumstances such as the growing tourism industry and the government's focus on infrastructure development are also contributing to the expansion of the furniture market. Furthermore, underlying macroeconomic factors, such as population growth and urbanization, are fueling the demand for furniture in the gcc countries.

Customer preferences: in the gcc region are shifting towards high-quality and stylish furniture. Consumers are increasingly looking for furniture that not only serves its functional purpose but also enhances the aesthetic appeal of their homes. This trend is driven by the rising disposable income of consumers, allowing them to invest in premium furniture brands and designs. Additionally, the younger population in the region is more design-conscious and seeks furniture that reflects their personal style and preferences. Trends in the furniture market in the gcc vary across different countries in the region. In Saudi Arabia, for example, there is a growing demand for luxury and customized furniture, driven by the increasing number of high-net-worth individuals and the desire for unique and personalized home interiors. In the United Arab Emirates, the hospitality sector is a major driver of the furniture market, with hotels and resorts constantly upgrading their interiors to attract tourists. In Qatar, the upcoming fifa World Cup has led to a surge in infrastructure development, including hotels and stadiums, which is driving the demand for furniture.

Local special circumstances: also play a significant role in the development of the furniture market in the gcc. The region is experiencing a boom in the tourism industry, with millions of tourists visiting every year. This has led to a demand for high-quality furniture in hotels, resorts, and other accommodation facilities. Additionally, the governments in the gcc countries are investing heavily in infrastructure development, including residential and commercial buildings. This has created a demand for furniture in both the residential and commercial sectors.

Underlying macroeconomic factors: such as population growth and urbanization, are driving the demand for furniture in the gcc. The region has a rapidly growing population, with a significant number of young individuals entering the workforce and starting their families. This has led to an increased demand for furniture for new homes and apartments. Furthermore, urbanization is on the rise, with more people moving to cities in search of better job opportunities and a higher standard of living. This urbanization trend has created a need for furniture in urban areas, where the majority of the population resides. In conclusion, the Furniture market in gcc is experiencing growth and development due to customer preferences for high-quality and stylish furniture, increasing disposable income of consumers, local special circumstances such as the growing tourism industry and infrastructure development, and underlying macroeconomic factors like population growth and urbanization. The market trends vary across different countries in the region, with a focus on luxury and customized furniture in Saudi Arabia, the hospitality sector in the uae, and infrastructure development in Qatar. With these factors driving the demand, the furniture market in the gcc is expected to continue growing in the coming years.

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.