The Living Room Furniture market in Austria has been experiencing steady growth in recent years.
Customer preferences: Austrian consumers have shown a growing preference for modern and minimalist living room furniture designs. They are increasingly opting for furniture pieces that are sleek, functional, and space-saving. Additionally, there is a growing demand for furniture that is eco-friendly and made from sustainable materials. Austrian consumers are becoming more conscious of the environmental impact of their purchases and are willing to pay a premium for furniture that aligns with their values.
Trends in the market: One of the key trends in the Living Room Furniture market in Austria is the rise of online retail. More and more consumers are turning to online platforms to purchase furniture, attracted by the convenience, wider product selection, and competitive pricing. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various industries. As a result, traditional brick-and-mortar furniture retailers are facing challenges in attracting customers and are adapting their strategies to have a stronger online presence. Another trend in the market is the increasing demand for multifunctional furniture. Given the limited space in many Austrian homes, consumers are looking for furniture that can serve multiple purposes. For example, sofas that can be converted into beds or coffee tables with built-in storage compartments. This trend reflects the need for practical and versatile furniture solutions that can maximize space utilization.
Local special circumstances: Austria has a strong tradition of craftsmanship and quality in furniture manufacturing. Austrian furniture brands are known for their attention to detail, durability, and high-quality materials. This reputation has helped them establish a strong presence in both domestic and international markets. Austrian consumers take pride in supporting local brands and are willing to pay a premium for furniture that is made in Austria.
Underlying macroeconomic factors: The stable and prosperous economy of Austria has contributed to the growth of the Living Room Furniture market. With high disposable incomes and a strong purchasing power, Austrian consumers have the means to invest in quality furniture for their homes. Additionally, low interest rates and favorable financing options have made it easier for consumers to make large purchases, including furniture. In conclusion, the Living Room Furniture market in Austria is driven by customer preferences for modern and eco-friendly designs, as well as the growing popularity of online retail and multifunctional furniture. The strong tradition of craftsmanship and the stable macroeconomic factors in Austria further support the growth of the market.
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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