Key regions: Denmark, United States, France, United Kingdom, Germany
At the beginning of the pandemic, kitchen and dining furniture retailers saw a drop in sales as many physical stores were forced to close due to lockdowns and social distancing measures. This caused a shift in consumer behavior, with more people opting for online shopping, which increased competition and pressure to create a seamless online shopping experience. Retailers better positioned to weather the storm, quickly adapted to the new reality by investing in e-commerce and online marketing. This helped them to reach customers who were spending more time at home and shopping online.
As the pandemic continued, there was a surge in demand for kitchen and dining furniture, as more people ate from home. However, meeting this increased demand became a challenge for retailers due to supply chain disruptions resulting from factory shutdowns, port delays, and shipping container shortages. One strategy that retailers employed to meet the surge in demand was implementing flexible pricing strategies. Retailers adjusted their pricing strategies to accommodate fluctuations in supply and demand. They offered discounts to clear out excess inventory and increased prices for high-demand items to reflect the market conditions.
The predicted uptick in revenue in 2023 for the Kitchen & Dining Furniture segment can be attributed to the continued high demand for home furnishings as people have become more accustomed to working and spending time at home. While there has been a considerable amount of economic certainty, consumers have continued to spend and we believe this will propel the kitchen and dining furniture market forward in 2023.
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.
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