Bedroom Furniture - Vietnam

Vietnam

In Vietnam, the revenue generated in the Bedroom Furniture market is projected to reach €208.50m in 2024.
It is anticipated that the market will experience an annual growth rate of 1.88% (CAGR 2024-2029).
When comparing the global market, in the United States dominates with a revenue of €43,120m in 2024.
In terms of per capita income, in 2024, each person in Vietnam contributes 0.00 in revenue towards the Bedroom Furniture market.
Vietnam's bedroom furniture market is experiencing a surge in demand due to the rising middle class and increasing urbanization.

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

Definition:

The Bedroom Furniture segment refers to those movable objects that are designed to be used in a bedroom, which is typically a space used for sleeping, dressing, and storage. It includes items such as beds, dressers, nightstands, and wardrobes, which are intended to make the room comfortable, functional, and aesthetically pleasing.

Structure:

The Bedroom Furniture segment is divided into four subsegments:

The Beds subsegment refers to furniture designed primarily for sleeping, which typically consist of a frame and mattress. This subsegment focuses on the frame and covers additional elements such as headboards, footboards, or storage drawers.
The Mattress subsegment refers to the long rectangular pad that is placed on top of a bed frame and is used to provide a comfortable sleeping surface. Mattresses come in a wide variety of sizes, from twin to king, and levels of firmness to suit individual preferences.
The Closets, Nightstands, & Dressers subsegment includes a range of storage furniture designed for bedrooms. These pieces are used to store and organize clothing, linens, and personal items, providing both functional and aesthetic value to the space.
The Bedding subsegment refers to products designed to enhance the comfort and functionality of a bed, including sheets, blankets, comforters, pillows, and mattress toppers. These products are available in a range of materials, styles, and sizes to suit individual preferences and needs.

Additional Information:

The Bedroom Furniture segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

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Analyst Opinion

The Bedroom Furniture market in Vietnam has been experiencing significant growth in recent years.

Customer preferences: Vietnamese consumers are increasingly seeking high-quality and stylish bedroom furniture to enhance the aesthetics of their homes. They are looking for furniture that is not only functional but also reflects their personal style and taste. As the standard of living improves and disposable incomes rise, consumers are willing to invest more in their homes, including their bedrooms. Additionally, the growing influence of Western culture and interior design trends has also contributed to the demand for modern and contemporary bedroom furniture in Vietnam.

Trends in the market: One of the key trends in the Bedroom Furniture market in Vietnam is the rising popularity of customized and modular furniture. Consumers are looking for furniture that can be tailored to their specific needs and preferences, allowing them to maximize the use of space in their bedrooms. This trend is driven by the increasing number of small-sized apartments and condominiums in urban areas, where space optimization is crucial. Modular furniture offers flexibility and versatility, allowing consumers to adapt their bedroom furniture to their changing needs. Another trend in the market is the growing demand for eco-friendly and sustainable bedroom furniture. Vietnamese consumers are becoming more environmentally conscious and are seeking furniture made from sustainable materials such as bamboo or reclaimed wood. They are also looking for furniture that is produced using environmentally friendly manufacturing processes. This trend is influenced by global sustainability movements and the increasing awareness of the environmental impact of furniture production.

Local special circumstances: Vietnam has a young and growing population, with a significant proportion of the population being in the working-age group. This demographic trend has led to an increase in the number of young professionals and families who are setting up their own households. As a result, there is a higher demand for bedroom furniture in Vietnam. Additionally, the rapid urbanization and economic development in Vietnam have led to an increase in the number of residential projects and housing construction. This has created a favorable environment for the Bedroom Furniture market, as new homeowners are in need of furniture for their bedrooms.

Underlying macroeconomic factors: Vietnam has been experiencing strong economic growth in recent years, which has contributed to the rising purchasing power of consumers. The country's GDP growth, increasing disposable incomes, and expanding middle class have all played a role in driving the demand for bedroom furniture. The government's efforts to improve infrastructure and promote the real estate sector have also stimulated the demand for housing and subsequently, bedroom furniture. In conclusion, the Bedroom Furniture market in Vietnam is developing due to changing customer preferences, including the desire for high-quality and stylish furniture, customization options, and eco-friendly products. The local special circumstances, such as a young and growing population and rapid urbanization, have further fueled the demand for bedroom furniture. Additionally, the underlying macroeconomic factors, including strong economic growth and increasing disposable incomes, have played a significant role in driving the market.

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.