Furniture - New Zealand

New Zealand

In New Zealand, the Furniture market generates a significant revenue of €1,799.00m NZD in 2024.
It is projected to experience a steady annual growth rate of 1.52% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, which accounts for a substantial market volume of €459.60m NZD in 2024.
Comparatively, in the United States leads in terms of revenue generation, with a staggering €242bn NZD in 2024.
When considering the population, the per person revenue in New Zealand amounts to €341.40 NZD in 2024.
New Zealand's furniture market is experiencing a surge in demand for sustainable and locally made products.

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 New Zealand is experiencing significant growth and development in recent years.

Customer preferences: Customers in New Zealand have shown a strong preference for modern and minimalist furniture designs. They are increasingly seeking furniture that is not only functional but also aesthetically pleasing and fits well with their contemporary lifestyles. Additionally, customers are becoming more conscious of the environmental impact of their purchases and are actively seeking sustainable and eco-friendly furniture options.

Trends in the market: One of the key trends in the furniture market in New Zealand is the rise of online shopping. With the increasing availability of online retailers and the convenience of shopping from home, more and more customers are opting to purchase furniture online. This trend has been further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping across all sectors. As a result, traditional brick-and-mortar furniture stores are facing increasing competition and are being forced to adapt to the changing market dynamics. Another notable trend in the market is the growing demand for multifunctional furniture. With the increasing population density and limited living spaces in urban areas, customers are looking for furniture that can serve multiple purposes and maximize the use of limited space. This has led to an increase in the popularity of furniture pieces such as sofa beds, storage ottomans, and modular shelving units.

Local special circumstances: New Zealand's unique geography and natural resources play a significant role in the furniture market. The country is known for its abundant supply of high-quality timber, which is a key material in furniture production. This has allowed local furniture manufacturers to produce high-quality, locally sourced furniture that appeals to environmentally conscious customers. Additionally, New Zealand's strong outdoor lifestyle and emphasis on outdoor living spaces have created a demand for outdoor furniture that can withstand the country's variable weather conditions.

Underlying macroeconomic factors: The strong growth in the furniture market in New Zealand can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to increased consumer spending power. This has allowed customers to invest in higher-quality furniture and make more frequent purchases. Furthermore, the government's focus on housing and infrastructure development has led to a rise in construction activity, which in turn has increased the demand for furniture. In conclusion, the furniture market in New Zealand is witnessing a period of growth and development driven by customer preferences for modern and sustainable designs, the rise of online shopping, and the demand for multifunctional furniture. The country's unique geography and outdoor lifestyle also contribute to the market's growth. Additionally, underlying macroeconomic factors such as economic growth and construction activity further support the expansion of the furniture market in New Zealand.

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.