Furniture - Australia

  • Australia
  • In 2024, the Furniture market in Australia is projected to generate a revenue of AU €11.03bn.
  • This market is expected to grow annually by 5.24% (CAGR 2024-2029).
  • The largest segment within this market is the Living Room Furniture segment, which is estimated to have a market volume of AU €2.77bn in 2024.
  • When compared globally, United States leads in revenue generation, with an estimated revenue of €244bn in 2024.
  • In terms of per capita revenue, each person in Australia is expected to generate AU €413.20 in 2024.
  • The demand for sustainable and eco-friendly furniture is increasing rapidly in Australia, as consumers prioritize ethical and environmentally-conscious choices.

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

 
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Analyst Opinion

The Furniture market in Australia is experiencing significant growth and development, driven by various factors and trends in the industry.

Customer preferences:
Australian customers have shown a growing interest in purchasing furniture that is not only aesthetically pleasing but also functional and durable. They value high-quality materials and craftsmanship, and are willing to invest in furniture that will last for a long time. Additionally, there is a growing trend towards sustainable and eco-friendly furniture, with customers seeking products made from renewable materials and produced using environmentally friendly manufacturing processes.

Trends in the market:
One of the key trends in the Australian furniture market is the rise of online retail. With the increasing popularity of e-commerce platforms, more and more customers are choosing to purchase furniture online. This trend is driven by factors such as convenience, a wider range of options, and competitive pricing. Online retailers are also able to offer personalized and tailored recommendations based on customer preferences, further enhancing the shopping experience. Another trend in the market is the growing demand for multifunctional furniture. As living spaces in Australia become smaller and more compact, customers are looking for furniture that can serve multiple purposes and maximize the use of limited space. This includes items such as sofa beds, storage beds, and modular furniture that can be easily rearranged to adapt to changing needs.

Local special circumstances:
Australia's unique climate and outdoor lifestyle have also influenced the furniture market. There is a strong demand for outdoor furniture that is durable, weather-resistant, and suitable for entertaining and relaxing in outdoor spaces. This has led to the popularity of materials such as teak, aluminium, and synthetic wicker, which are able to withstand the harsh Australian climate.

Underlying macroeconomic factors:
The growth in the Australian furniture market can be attributed to several underlying macroeconomic factors. Firstly, Australia has experienced a period of sustained economic growth, resulting in higher disposable incomes and increased consumer spending. This has allowed customers to allocate more of their budget towards purchasing furniture and home decor items. Additionally, the growing population and urbanization in Australia have led to an increase in housing construction and renovation activities. This has created a strong demand for furniture as new homeowners and renovators seek to furnish their homes with stylish and functional pieces. Furthermore, the government's initiatives to stimulate the housing market, such as the First Home Owner Grant and various tax incentives, have also contributed to the growth of the furniture market. These policies have encouraged more people to enter the property market, leading to increased demand for furniture. In conclusion, the Furniture market in Australia is experiencing growth and development due to customer preferences for functional and durable furniture, the rise of online retail, the demand for multifunctional furniture, the unique outdoor lifestyle in Australia, and underlying macroeconomic factors such as economic growth, population growth, and government policies.

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.

Visión general

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