Furniture - Singapore

Singapore

In Singapore, the revenue generated in the Furniture market in 2024 amounts to SGD €1,527.00m.
It is projected that the market will experience an annual growth rate of 2.93% from 2024 to 2029 (CAGR 2024-2029).
The largest segment within the Furniture market is the Living Room Furniture segment, which has a market volume of SGD €476.80m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, reaching SGD €245bn in 2024.
Considering the total population of Singapore, the per person revenue in the Furniture market amounts to SGD €252.40 in 2024.
Singapore's furniture market is experiencing a surge in demand for sleek and modern designs to cater to its affluent and design-conscious consumer base.

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 Singapore is experiencing steady growth and development, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: In recent years, there has been a shift in customer preferences towards modern and minimalist furniture designs. Singaporeans are increasingly embracing a more contemporary and sleek aesthetic, favoring clean lines and functional designs. Additionally, there is a growing demand for eco-friendly and sustainable furniture options, as consumers become more conscious of their environmental impact.

Trends in the market: One of the key trends in the Singaporean furniture market is the rise of online shopping. With the increasing popularity of e-commerce platforms, more consumers are opting to purchase furniture online, taking advantage of the convenience and wider product selection. This trend has also led to the emergence of online furniture retailers, offering competitive prices and personalized shopping experiences. Another trend is the growing popularity of multifunctional furniture, as Singaporeans seek to maximize the use of limited living spaces. Furniture pieces that can serve multiple purposes, such as sofa beds and storage ottomans, are in high demand.

Local special circumstances: Singapore's limited land area and high population density have resulted in smaller living spaces for many residents. This has led to a demand for compact and space-saving furniture solutions. Furniture manufacturers and retailers have responded to this need by offering a range of space-efficient designs, such as modular furniture and foldable tables. Additionally, Singapore's multicultural society has influenced the furniture market, with a demand for furniture that reflects diverse cultural aesthetics and traditions.

Underlying macroeconomic factors: Singapore's strong economy and high disposable income levels have contributed to the growth of the furniture market. As the country continues to experience economic prosperity, consumers have more purchasing power to invest in quality furniture pieces. Furthermore, the government's initiatives to promote home ownership and renovation have also stimulated the demand for furniture. Singaporeans are increasingly investing in their homes, leading to a higher demand for furniture and home decor items. In conclusion, the Furniture market in Singapore is evolving to meet the changing customer preferences and local circumstances. The shift towards modern designs, the rise of online shopping, and the demand for space-efficient furniture are driving the market's growth. Additionally, Singapore's strong economy and multicultural society provide favorable conditions for the furniture market to thrive.

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.