Living Room Furniture - Europe

Europe

In Europe, the revenue generated in the Living Room Furniture market is projected to reach €56.47bn in 2024.
It is anticipated that the market will experience an annual growth rate of 2.54% (CAGR 2024-2029).
When comparing the revenue on a global scale, in the United States leads the way with a projected revenue of €67,770m in 2024.
In terms of per capita figures, each person in Europe is expected to generate a revenue of €66.91 in 2024.
In France, the current trend in the living room furniture market is a preference for sleek and minimalist design, with a focus on high-quality materials such as leather and wood.

Key regions: China, Germany, Brazil, France, United States

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Analyst Opinion

The Living Room Furniture market in Europe is experiencing significant growth and development. Customer preferences are shifting towards more modern and minimalist designs, as consumers seek to create a sleek and contemporary look in their living spaces. In addition, there is a growing demand for multifunctional furniture that can maximize space and provide storage solutions.

Customer preferences: Customers in Europe are increasingly drawn to living room furniture that is both stylish and functional. They are opting for furniture pieces that can easily be integrated into different interior design styles, allowing for flexibility and personalization. The trend towards minimalism is also influencing customer preferences, with many individuals seeking clean lines and simple yet elegant designs. Additionally, customers are looking for furniture that can serve multiple purposes, such as sofa beds or coffee tables with built-in storage compartments.

Trends in the market: One of the key trends in the Living Room Furniture market in Europe is the rising popularity of online shopping. Consumers are increasingly turning to e-commerce platforms to purchase furniture, as it offers convenience, a wide range of options, and often competitive prices. This shift towards online shopping has led to the emergence of new market players, including online-only furniture retailers that cater specifically to the European market. Another trend in the market is the increasing focus on sustainability and eco-friendly materials. European consumers are becoming more conscious of the environmental impact of their purchases and are actively seeking furniture made from sustainable materials, such as recycled wood or ethically sourced fabrics. This trend is driving furniture manufacturers to adopt more sustainable practices and offer eco-friendly options to meet consumer demand.

Local special circumstances: The Living Room Furniture market in Europe is influenced by the diverse cultural and design preferences of different countries within the region. Scandinavian countries, for example, are known for their minimalist and functional designs, while Mediterranean countries often favor more ornate and traditional styles. These local preferences influence the types of furniture that are popular in each country and contribute to the overall diversity of the European market.

Underlying macroeconomic factors: The growth of the Living Room Furniture market in Europe can be attributed to several underlying macroeconomic factors. Firstly, the improving economic conditions in many European countries have led to increased consumer spending power, allowing individuals to invest in higher-quality and more expensive furniture. Additionally, the growing trend of urbanization and smaller living spaces in European cities has created a demand for compact and space-saving furniture solutions. Furthermore, the rise of home renovation and interior design shows on television and social media platforms has fueled consumer interest in updating and refreshing their living spaces. This has contributed to the growth of the Living Room Furniture market as consumers seek to create stylish and aesthetically pleasing environments. In conclusion, the Living Room Furniture market in Europe is experiencing growth and development driven by shifting customer preferences towards modern and minimalist designs, the demand for multifunctional furniture, and the rise of online shopping. Local cultural and design preferences, as well as underlying macroeconomic factors such as improving economic conditions and the trend of urbanization, further contribute to the market's growth.

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.