Living Room Furniture - Vietnam

Vietnam

In Vietnam, the revenue generated in the Living Room Furniture market is expected to reach €424.80m in 2024.
It is projected to experience an annual growth rate of 2.10% (CAGR 2024-2029).
When compared to other countries around Worldwide, in the United States leads the market with a revenue of €67,070m in 2024.
In terms of per person revenues, in Vietnam generates approximately €4.27 in 2024.
Vietnam's demand for modern and multifunctional living room furniture is rapidly growing, reflecting the country's evolving urban lifestyle.

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

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Analyst Opinion

The Living Room Furniture market in Vietnam has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences: in Vietnam have shifted towards more modern and stylish living room furniture. Vietnamese consumers are increasingly looking for furniture that is not only functional but also aesthetically pleasing. This change in preference is driven by the growing middle class in the country, who are becoming more affluent and are willing to spend more on their homes. As a result, there has been an increased demand for contemporary designs and high-quality materials.

Trends in the market: reflect the changing customer preferences. Vietnamese consumers are increasingly opting for furniture that is compact and space-saving, as living spaces in urban areas are becoming smaller. Additionally, there is a growing interest in eco-friendly and sustainable furniture options. This trend is driven by a greater awareness of environmental issues and a desire to reduce the carbon footprint.

Local special circumstances: in Vietnam also contribute to the growth of the Living Room Furniture market. The country has a young and dynamic population, with a large proportion of the population being millennials. This demographic is more likely to invest in their homes and prioritize the aesthetics of their living spaces. Furthermore, Vietnam has experienced rapid urbanization in recent years, with more people moving to cities and urban areas. This has led to an increased demand for furniture and home decor items.

Underlying macroeconomic factors: have also played a role in the development of the Living Room Furniture market in Vietnam. The country has experienced strong economic growth in recent years, which has led to an increase in disposable income. As a result, consumers have more purchasing power and are willing to spend more on furniture and home decor items. Additionally, the government has implemented policies to promote the development of the manufacturing sector, which has led to an increase in the production and availability of living room furniture in the country. In conclusion, the Living Room Furniture market in Vietnam is developing due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Vietnamese consumers are increasingly looking for modern and stylish furniture, driven by the growing middle class and their willingness to spend more on their homes. Trends in the market reflect the changing customer preferences, with a focus on compact and eco-friendly options. Local special circumstances, such as a young and dynamic population and rapid urbanization, also contribute to the growth of the market. Lastly, underlying macroeconomic factors, such as strong economic growth and government policies, have further fueled the development 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.