Outdoor Furniture - South Korea

South Korea

In the year 2024, the revenue generated in the Outdoor Furniture market in South Korea amounts to US$0.69bn.
It is projected that the market will experience an annual growth rate of 3.76% (CAGR 2024-2029).
When compared to other countries worldwide, in the United States leads in terms of revenue generation, with a total of US$18,450m in 2024.
In relation to the total population of South Korea, the per person revenue generated in the Outdoor Furniture market is US$13.39 in 2024.
South Korea's growing interest in outdoor living spaces has led to a surge in demand for stylish and functional outdoor furniture.

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

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Analyst Opinion

The Outdoor Furniture market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean consumers are increasingly valuing outdoor living spaces and are investing in outdoor furniture to create comfortable and stylish environments. The rise in disposable income has allowed consumers to prioritize leisure activities, leading to a growing demand for outdoor furniture. Additionally, the younger generation in South Korea is more inclined towards outdoor activities and socializing, which has further contributed to the popularity of outdoor furniture.

Trends in the market: One of the key trends in the South Korean Outdoor Furniture market is the shift towards multifunctional and modular furniture. Consumers are looking for furniture that can be easily rearranged and adapted to different outdoor spaces and occasions. This trend is driven by the limited space available in urban areas and the desire for flexibility in outdoor furniture arrangements. Another trend in the market is the increasing popularity of eco-friendly and sustainable outdoor furniture. South Korean consumers are becoming more environmentally conscious and are actively seeking products that have minimal impact on the environment. This has led to a rise in the demand for outdoor furniture made from recycled materials or sustainably sourced wood.

Local special circumstances: South Korea has a unique climate, with four distinct seasons. This has a significant impact on the demand for outdoor furniture. During the warmer months, there is a surge in demand as people spend more time outdoors. On the other hand, during the colder months, the demand for outdoor furniture decreases as people prefer to stay indoors. Manufacturers and retailers need to adapt to these seasonal fluctuations in demand to ensure a steady supply of outdoor furniture throughout the year.

Underlying macroeconomic factors: The South Korean economy has been growing steadily, which has resulted in increased consumer spending power. This has played a crucial role in driving the growth of the Outdoor Furniture market. Additionally, the government's focus on promoting tourism and leisure activities has also contributed to the growth of the market. The development of parks, recreational areas, and outdoor spaces has created opportunities for the Outdoor Furniture market to expand. In conclusion, the Outdoor Furniture market in South Korea is witnessing significant growth due to changing customer preferences, such as the increasing value placed on outdoor living spaces and the demand for multifunctional and eco-friendly furniture. The unique climate and seasonal fluctuations in demand, along with the overall economic growth and government initiatives, are also driving the market's development.

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.