Kitchen & Dining Furniture - Hong Kong

Hong Kong

In Hong Kong, the revenue generated by the Kitchen & Dining Furniture market in 2024 is estimated to be HK €741.10m.
It is projected to experience an annual growth rate of 1.41% from 2024 to 2029 (CAGR 2024-2029).
When compared to other countries worldwide, in the United States leads the market with a revenue of €35,620m in 2024.
Taking into account the population figures, the per person revenue generated in Hong Kong's Kitchen & Dining Furniture market for 2024 is calculated to be HK €98.86.
Despite its small living spaces, Hong Kong residents are investing in compact and multifunctional kitchen and dining furniture to maximize functionality in their homes.

Key regions: Canada, United Kingdom, Brazil, Germany, India

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Comparación de regiones

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Analyst Opinion

The Kitchen & Dining Furniture market in Hong Kong has been experiencing significant growth in recent years. Customer preferences in the market have shifted towards more modern and minimalist designs. Customers are increasingly looking for furniture that is not only functional but also aesthetically pleasing. This trend is in line with global preferences, as consumers worldwide are seeking furniture that complements their contemporary lifestyles. Another trend in the market is the increasing demand for space-saving furniture. Hong Kong is known for its limited living spaces, and customers are looking for furniture that can maximize the use of their available space. This has led to a rise in the popularity of foldable and multi-functional furniture pieces, such as dining tables that can be extended or collapsed as needed. Local special circumstances in Hong Kong have also contributed to the development of the Kitchen & Dining Furniture market. The city has a strong food culture, with a wide variety of cuisines and dining options. This has created a demand for dining furniture that can accommodate large gatherings and social events. Additionally, Hong Kong is a popular destination for expatriates and international residents, who often have different dining habits and preferences. This has resulted in a diverse market for kitchen and dining furniture, with a range of styles and designs available to cater to different tastes. Underlying macroeconomic factors have also played a role in the growth of the Kitchen & Dining Furniture market in Hong Kong. The city has a high population density and a strong economy, which has led to increased disposable income and consumer spending. As a result, more households are investing in furniture and home decor, including kitchen and dining furniture. Furthermore, the growth of e-commerce and online shopping platforms has made it easier for consumers to access a wide range of furniture options, contributing to the expansion of the market. In conclusion, the Kitchen & Dining Furniture market in Hong Kong is developing in response to

Customer preferences: for modern and space-saving designs. The city's unique food culture and diverse population have also contributed to the growth of the market. Additionally,

Underlying macroeconomic factors: such as high disposable income and the growth of e-commerce have further fueled the expansion of 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 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.