Furniture - Canada

Canada

In 2024, the Furniture market in Canada is projected to generate a revenue of €17.86bn.
It is anticipated that the market will experience an annual growth rate of 3.78% (CAGR 2024-2029).
The largest segment within the market is the Home Décor segment, which is expected to have a market volume of €4.93bn in 2024.
When comparing the Furniture market internationally, in the United States leads in terms of revenue generation with €242bn in 2024.
In terms of per capita revenue, in Canada is projected to generate €456.60 per person in 2024.
The Canadian furniture market is experiencing a surge in demand for sustainable and eco-friendly furniture options.

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

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market 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 Furniture market in Canada has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: in the Furniture market have shifted towards more sustainable and eco-friendly products. Consumers are increasingly conscious of the environmental impact of their purchases and are seeking furniture made from renewable materials and produced using sustainable manufacturing processes. Additionally, there is a growing demand for customizable furniture that allows consumers to personalize their living spaces. This trend is driven by the desire for unique and individualized home decor.

Trends in the market: indicate a rise in online furniture shopping. With the increasing prevalence of e-commerce platforms, consumers have greater access to a wide range of furniture options and can compare prices and styles more easily. Online retailers are also leveraging advanced technologies such as augmented reality to provide virtual room simulations, allowing customers to visualize how furniture will look in their homes before making a purchase. This convenience and accessibility have contributed to the growth of the online furniture market in Canada. Another trend in the Furniture market is the growing popularity of multifunctional furniture. As living spaces become smaller and more compact, consumers are seeking furniture that can serve multiple purposes. For example, sofa beds that can be converted into sleeping surfaces or coffee tables with built-in storage compartments. This trend is driven by the need to maximize space efficiency and functionality in smaller homes and apartments.

Local special circumstances: in Canada also play a role in the development of the Furniture market. The country's aging population has led to an increased demand for furniture that caters to the needs of seniors, such as adjustable beds and ergonomic chairs. Additionally, canada's diverse population has resulted in a demand for furniture that reflects different cultural aesthetics and design preferences. This has led to the emergence of niche markets catering to specific cultural communities. Underlying macroeconomic factors contribute to the growth of the Furniture market in Canada. The country's strong economy and low unemployment rate have increased consumer spending power, allowing individuals to invest in furniture purchases. Additionally, favorable interest rates and government policies promoting homeownership have stimulated the demand for furniture among new homeowners. The housing market also plays a significant role, as new housing construction and renovation projects drive the demand for furniture. In conclusion, the Furniture market in Canada is developing in response to changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:. The shift towards sustainable and customizable products, the rise of online shopping, the demand for multifunctional furniture, and the influence of canada's aging population and cultural diversity are all contributing to the growth of the market. The country's strong economy and favorable housing market conditions further support the expansion of the Furniture market in Canada.

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 categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.