What Does the Historical and Current Furniture And Home Furnishings Stores Market Size Trend Indicate?
The furniture and home furnishings stores market has seen considerable growth due to a variety of factors.
• The market size for furniture and home furnishings stores has seen significant growth in the past few years. It is projected to expand from $512.7 billion in 2024 to $551.45 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%.
The increase in the previous period can be credited to factors such as growing consumer trust, demographic shifts, levels of disposable income, the surge in e-commerce, environmental consciousness, and rates of homeownership.
What is the Forecasted Market Size and CAGR for the Furniture And Home Furnishings Stores Market?
The furniture and home furnishings stores market is expected to maintain its strong growth trajectory in upcoming years.
• The market for furniture and home furnishings stores is anticipated to experience robust growth in the upcoming years, reaching a market size of $708.16 billion in 2029, with a compound annual growth rate (CAGR) of 6.5%.
The predicted growth during the forecast period can be credited to factors like the adoption of sustainable practices, the effects of urbanization and small living areas, the flexibility of supply chains, advancements in digital marketing strategies, and global economic factors. The key trends expected during this forecast period encompass virtual and augmented reality in retail, heightened customization and personalization, direct-to-consumer (DTC) models, the incorporation of smart home technology, and multi-channel retailing.
What Are the Critical Driver Fuelling the Furniture And Home Furnishings Stores Market's Growth?
Harnessing data analytics in management appears to be a strong and unified strategy that furniture and home furnishings stores are adopting. This technique is implemented to improve supply chain effectiveness, simplify operations to attract consumers, and cultivate loyalty. Data has become a cornerstone for most retail functions. For instance, the World Economic Forum, an NGO based in Switzerland, reported in July 2023 that 60% of corporations believe that the importance of big data and analytics abilities is on the rise and this technology will most likely generate new jobs in the following 5 years. Furthermore, between 2023 and 2027, data science and data analytics could potentially lead to the creation of approximately 1.4 million new jobs. As retail data continues to grow and technologies to analyze this data become more accessible, furniture and home furnishing stores are projected to find it easier to understand and cater to their customer's needs and expectations, one of the key driving factors for market growth in future.
What are the Market Segments in the Furniture And Home Furnishings Stores Market?
The furniture and home furnishings stores market covered in this report is segmented –
1) By Type: Furniture Stores, Home Furnishings Stores
2) By Ownership: Retail Chain, Independent Retailer
3) By Type of Store: Exclusive Retailers Or Showroom, Inclusive Retailers Or Dealer Store
Subsegments:
1) By Furniture Stores: Living Room Furniture, Bedroom Furniture, Dining Room Furniture, Office Furniture, Outdoor Furniture, Storage Furniture
2) By Home Furnishings Stores: Textiles, Decorative Items, Lighting Fixtures, Kitchenware, Home Décor Accessories
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What Trends are Shaping the Furniture And Home Furnishings Stores Market?
Augmented reality (AR) and virtual reality (VR) have the potential to significantly elevate the customer experience by enabling customers to interact with products in a more immersive and personalized manner. AR involves merging digital information real-time with users' surroundings, while VR creates a detailed three-dimensional digital environment which users can explore and engage with. This technology provides customers with a better understanding of the experience of owning a product. IKEA, an international Swedish company, has launched an AR catalogue app that shows customers how different furniture would appear in their households. With this app, they can virtually visualize the placement and look of furniture according to the piece’s dimensions. In India, companies like Pepper Fry have begun utilizing AR technology through their mobile apps to demonstrate how their products may appear in customers' homes. As a recommendation, businesses in the furniture and home furnishing industries could greatly benefit from incorporating virtual reality technology into their operations to enhance customer experience.
Who Are the Key Players in the Furniture And Home Furnishings Stores Market?
Major companies operating in the furniture and home furnishings stores market include:
• Ethan Allen Interiors Inc.
• Berkshire Hathaway Inc.
• The home depot
• Inter Ikea Holding B.V.
• Wayfair Inc.
• Steinhoff International Holdings N.V.
• Williams-Sonoma Inc.
• Nitori Holdings Co. Ltd.
• Ashley Furniture Industries Inc.
• Rooms To Go Incorporated
• Restoration Hardware
• Pottery Barn Inc.
• Steelcase Inc.
• Herman Miller Inc.
• HNI Corporation
• La-Z-Boy Inc.
• Bob's Discount Furniture Inc.
• Crate & Barrel Inc.
• Raymour & Flanigan Furniture and Mattresses.
• Nebraska Furniture Mart Inc.
• Haverty Furniture Companies Inc.
• American Signature Inc.
• Bassett Furniture Industries Inc.
• Global Furniture Inc.
• West Elm India
What are the Regional Insights into the Furniture And Home Furnishings Stores Market?
North America was the largest region in the furniture and home furnishings stores market in 2024. Asia-Pacific was the second largest region in the furniture and home furnishings stores market. The regions covered in the furniture and home furnishings stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
