Living Room Furniture - EU-27

EU-27

In the year 2024, the Living Room Furniture market in the EU-27 region is projected to generate revenue of US$44.42bn.
It is anticipated that the market will experience an annual growth rate of 2.55% (CAGR 2024-2029).
When compared on a global scale, United States leads in terms of revenue generation, with a projected amount of US$73,080m in 2024.
In relation to the total population, per person revenues in the EU-27 region are estimated to be US$99.26 in 2024.
In Germany, the trend in the living room furniture market is towards minimalist designs and high-quality materials, reflecting the country's focus on practicality and durability.

Key regions: Worldwide, India, France, Denmark, Brazil

Market

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Analyst Opinion

The Living Room Furniture market in EU-27 is experiencing significant growth and development. Customers in this region have shown a strong preference for stylish and functional furniture that enhances the overall aesthetic appeal of their living spaces. This has led to a surge in demand for modern and contemporary designs, as well as furniture pieces that offer multi-purpose functionality.

Customer preferences: In EU-27, customers are increasingly seeking furniture that reflects their personal style and complements the overall décor of their living rooms. There is a growing preference for sleek and minimalist designs that create a sense of spaciousness, particularly in urban areas where living spaces are often limited. Additionally, customers are also looking for furniture pieces that offer practical storage solutions, such as coffee tables with built-in shelves or ottomans with hidden compartments.

Trends in the market: One of the key trends in the Living Room Furniture market in EU-27 is the rise of sustainable and eco-friendly furniture options. Customers are becoming more conscious of the environmental impact of their purchases and are actively seeking out furniture made from renewable materials and manufactured using sustainable practices. This trend is driving innovation in the industry, with manufacturers introducing new materials and production techniques to meet the growing demand for eco-friendly furniture. Another trend in the market is the increasing popularity of smart furniture. With the rapid advancement of technology, customers are looking for furniture pieces that can integrate seamlessly with their smart home systems. This includes features such as built-in charging ports, wireless connectivity, and voice-controlled functionality. Smart furniture not only enhances the convenience and comfort of the living room space but also aligns with the growing trend of home automation.

Local special circumstances: The Living Room Furniture market in EU-27 is influenced by the diverse cultural and design preferences of the member countries. Each country has its own unique style and aesthetic, which impacts the types of furniture that are popular in the market. For example, Scandinavian countries tend to favor minimalist and functional designs, while Mediterranean countries lean towards more ornate and traditional styles. Manufacturers in the region need to be aware of these local preferences and adapt their product offerings accordingly.

Underlying macroeconomic factors: The growth of the Living Room Furniture market in EU-27 is also driven by favorable macroeconomic factors. The region has experienced steady economic growth, which has led to an increase in disposable income and consumer spending. As a result, customers have more purchasing power to invest in high-quality and aesthetically pleasing furniture for their living rooms. Additionally, the growth of the real estate market and the increasing number of residential construction projects have also contributed to the demand for living room furniture in the region. In conclusion, the Living Room Furniture market in EU-27 is witnessing growth and development driven by customer preferences for stylish and functional furniture, trends such as sustainable and smart furniture, local design preferences, and favorable macroeconomic factors. Manufacturers in the region need to stay attuned to these factors and adapt their product offerings to meet the evolving needs and preferences of customers in EU-27.

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.