Kitchen & Dining Furniture - South Korea

South Korea

In South Korea, the Kitchen & Dining Furniture market generates a revenue of US$0.62bn in 2024.
Looking ahead, the market is projected to experience an annual growth rate of 2.75% (CAGR 2024-2029).
When comparing in South Korea to other countries worldwide, in the United States leads the pack with a revenue of US$38,810m in 2024.
To put it in perspective, in 2024, per person revenues in South Korea amount to US$11.94.
South Korea's kitchen and dining furniture market is seeing a rise in demand for modern, minimalist designs with sleek lines and neutral colors.

Key regions: Denmark, United States, France, United Kingdom, Germany

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Analyst Opinion

The Kitchen & Dining Furniture market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean consumers have shown a growing interest in kitchen and dining furniture that combines functionality with modern and sleek designs. They are increasingly looking for furniture pieces that not only serve their practical needs but also enhance the overall aesthetic appeal of their homes. This shift in consumer preferences can be attributed to the rising influence of interior design trends and the desire to create stylish and visually appealing living spaces.

Trends in the market: One of the key trends in the South Korean Kitchen & Dining Furniture market is the increasing demand for compact and space-saving furniture. As the average size of homes in South Korea is relatively small, consumers are seeking furniture solutions that can maximize the available space without compromising on functionality. This has led to a rise in the popularity of multifunctional furniture pieces, such as dining tables with built-in storage compartments or collapsible chairs that can be easily stored away when not in use. Another trend in the market is the growing popularity of eco-friendly and sustainable kitchen and dining furniture. South Korean consumers are becoming more conscious of the environmental impact of their purchasing decisions and are actively seeking furniture made from sustainable materials, such as bamboo or recycled wood. This trend is further fueled by government initiatives and regulations that promote eco-friendly practices and encourage the use of sustainable materials in the manufacturing sector.

Local special circumstances: South Korea has a strong and vibrant dining culture, with eating out being a popular social activity. However, there has been a shift in recent years towards more home-cooked meals and entertaining at home. This change in behavior has contributed to the increased demand for kitchen and dining furniture, as consumers are investing in creating inviting and functional spaces for cooking, dining, and hosting guests.

Underlying macroeconomic factors: The South Korean economy has been growing steadily, which has resulted in higher disposable incomes for consumers. This has allowed them to allocate a larger portion of their budget towards home furnishings and decor, including kitchen and dining furniture. Additionally, the government's efforts to promote the housing market and encourage homeownership have also contributed to the growth of the Kitchen & Dining Furniture market. In conclusion, the Kitchen & Dining Furniture market in South Korea is experiencing growth due to changing customer preferences, including a focus on functionality and modern design. The market is also influenced by local special circumstances such as the dining culture and the trend towards more home-cooked meals. The underlying macroeconomic factors, including a growing economy and government initiatives, further support the market's expansion.

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.