Furniture - New Zealand

  • New Zealand
  • In New Zealand, the Furniture market generates a significant revenue of US$1.95bn NZD in 2024.
  • It is projected to experience a steady annual growth rate of 1.69% (CAGR 2024-2029).
  • The largest segment in this market is the Living Room Furniture segment, which accounts for a substantial market volume of US$0.50bn NZD in 2024.
  • Comparatively, United States leads in terms of revenue generation, with a staggering US$263bn NZD in 2024.
  • When considering the population, the per person revenue in New Zealand amounts to US$369.90 NZD in 2024.
  • New Zealand's furniture market is experiencing a surge in demand for sustainable and locally made products.

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

 
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Analyst Opinion

The Furniture market in New Zealand is experiencing significant growth and development in recent years.

Customer preferences:
Customers in New Zealand have shown a strong preference for modern and minimalist furniture designs. They are increasingly seeking furniture that is not only functional but also aesthetically pleasing and fits well with their contemporary lifestyles. Additionally, customers are becoming more conscious of the environmental impact of their purchases and are actively seeking sustainable and eco-friendly furniture options.

Trends in the market:
One of the key trends in the furniture market in New Zealand is the rise of online shopping. With the increasing availability of online retailers and the convenience of shopping from home, more and more customers are opting to purchase furniture online. This trend has been further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping across all sectors. As a result, traditional brick-and-mortar furniture stores are facing increasing competition and are being forced to adapt to the changing market dynamics. Another notable trend in the market is the growing demand for multifunctional furniture. With the increasing population density and limited living spaces in urban areas, customers are looking for furniture that can serve multiple purposes and maximize the use of limited space. This has led to an increase in the popularity of furniture pieces such as sofa beds, storage ottomans, and modular shelving units.

Local special circumstances:
New Zealand's unique geography and natural resources play a significant role in the furniture market. The country is known for its abundant supply of high-quality timber, which is a key material in furniture production. This has allowed local furniture manufacturers to produce high-quality, locally sourced furniture that appeals to environmentally conscious customers. Additionally, New Zealand's strong outdoor lifestyle and emphasis on outdoor living spaces have created a demand for outdoor furniture that can withstand the country's variable weather conditions.

Underlying macroeconomic factors:
The strong growth in the furniture market in New Zealand can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to increased consumer spending power. This has allowed customers to invest in higher-quality furniture and make more frequent purchases. Furthermore, the government's focus on housing and infrastructure development has led to a rise in construction activity, which in turn has increased the demand for furniture. In conclusion, the furniture market in New Zealand is witnessing a period of growth and development driven by customer preferences for modern and sustainable designs, the rise of online shopping, and the demand for multifunctional furniture. The country's unique geography and outdoor lifestyle also contribute to the market's growth. Additionally, underlying macroeconomic factors such as economic growth and construction activity further support the expansion of the furniture market in New Zealand.

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