Living Room Furniture - Worldwide

  • Worldwide
  • In 2024, the Living Room Furniture market worldwide achieved a revenue of US$227.70bn.
  • According to projections, this market is anticipated to grow at an annual rate of 5.77% (CAGR 2024-2028).
  • When compared globally, in the United States stands out as the top revenue generator, reaching US$70,610m in 2024.
  • Taking into account the total population, the per person revenue in 2024 amounts to US$29.38.
  • In the United States, there is a growing trend towards minimalist and multifunctional living room furniture, reflecting a desire for simplicity and practicality in home design.

Key regions: Germany, India, China, United States, France

 
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Analyst Opinion

The living room is typically considered to be the most lively and main room in the home; thus, it comes as no surprise that the Living Room Furniture segment holds the largest market share of the Furniture market. In much of 2020 and the first half of 2021, there was a sharp increase in global living room furniture sales due to what can be referred to as the COVID-effect. As the majority of people spent more time at home and less time at the office and in social settings, the allocation of disposable income shifted from out-of-home to household spending, greatly benefiting the Living Room Furniture segment.

One of the major trends that has been observed over the past few years is the increase in demand for dual-purpose living room furniture. This is due to the boom in small apartment construction. It is now easier than ever to find coffee tables and sofas with storage space, side tables that can be used for seating purposes, and modular shelving and bookcases that are customizable to the user's wishes. An increasing population and growing disposable income in developing countries are the key factors contributing to the continued growth in this segment.

The rise in cost-of-living around the world, which can be attributed to wage growth not keeping up with inflation, put downward pressure on the Living Room Furniture segment’s growth throughout much of 2022. Many governments around the world have introduced measures to lower inflation, and we believe these steps will have a positive effect on the Living Room Furniture segment in 2023. Therefore, this segment can be expected to grow again in 2023. In the years to follow, we anticipate moderate growth, with developing countries leading the charge.

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.

Overview

  • Revenue
  • Analyst Opinion
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Players
  • Key Market Indicators
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