Home Office Furniture - South Korea

South Korea

In South Korea, the revenue generated in the Home Office Furniture market in 2024 amounts to €487.20m.
This market is projected to experience an annual growth rate of 3.24% (CAGR 2024-2029).
When compared globally, in the United States leads in revenue generation with €17,360m in 2024.
On a per capita basis, in 2024, each person in South Korea generates revenues of €9.41.
The demand for ergonomic home office furniture in South Korea is on the rise due to the country's emphasis on work-life balance and employee well-being.

Key regions: Germany, Brazil, United Kingdom, Denmark, China

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Analyst Opinion

The Home Office Furniture market in South Korea has been experiencing significant growth in recent years. Customer preferences have shifted towards creating functional and comfortable workspaces at home, which has led to an increased demand for home office furniture. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.

Customer preferences: in South Korea have evolved to prioritize remote work and the creation of productive home office environments. As more individuals work from home, there is a growing need for ergonomic and versatile furniture that can accommodate long hours of work. Customers are seeking adjustable desks and chairs, storage solutions, and other accessories that enhance productivity and comfort. Furthermore, South Korean consumers have a preference for sleek and modern designs that blend well with their home interiors. Trends in the Home Office Furniture market in South Korea reflect global patterns, but with some unique characteristics specific to the country. The market has seen a surge in demand for standing desks, as research suggests that they promote better posture and reduce the risk of sedentary-related health issues. The popularity of standing desks can be attributed to the increasing awareness of the importance of physical well-being among South Korean consumers. Additionally, there is a growing trend towards multifunctional furniture that maximizes space utilization, catering to the smaller living spaces commonly found in urban areas.

Local special circumstances: have also played a role in the development of the Home Office Furniture market in South Korea. The country has a strong emphasis on education and career success, which has led to a high percentage of the population pursuing higher education and professional careers. As a result, there is a greater demand for home office furniture to support studying and remote work. Additionally, the covid-19 pandemic has accelerated the adoption of remote work practices, further driving the demand for home office furniture.

Underlying macroeconomic factors: have contributed to the growth of the Home Office Furniture market in South Korea. The country has a strong economy and a high level of disposable income, allowing consumers to invest in quality home office furniture. Furthermore, the government has implemented policies to support remote work and flexible working arrangements, which has encouraged individuals and businesses to invest in home office setups. These factors have created a favorable environment for the development of the Home Office Furniture market in South Korea. In conclusion, the Home Office Furniture market in South Korea is experiencing growth due to evolving customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for functional and comfortable home office furniture, particularly standing desks and multifunctional furniture, reflects the changing work dynamics in the country. With a strong emphasis on education and career success, as well as government support for remote work, the market is expected to continue its upward trajectory in the coming years.

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.