Furniture - Thailand

  • Thailand
  • In 2024, the Furniture market in Thailand is expected to generate a revenue of €2.59bn.
  • It is projected to experience an annual growth rate of 6.15% (CAGR 2024-2029).
  • The largest segment in this market is the Living Room Furniture segment, which is estimated to have a market volume of €0.99bn in 2024.
  • When compared globally, in the United States leads in revenue generation with €244bn in 2024.
  • In terms of per capita revenue, in Thailand generates approximately €36.00 per person in 2024.
  • The furniture market in Thailand is experiencing a surge in demand for modern, minimalist designs, reflecting the country's growing urbanization and desire for sleek, functional home decor.

Key regions: Worldwide, United States, China, India, Germany

 
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Analyst Opinion

The Furniture market in Thailand has been experiencing significant growth in recent years. Customer preferences have shifted towards modern and stylish furniture, leading to an increase in demand for high-quality and innovative products. This trend is driven by the rising disposable income of Thai consumers and their desire to create aesthetically pleasing living spaces.

Customer preferences:
Thai consumers are increasingly looking for furniture that combines functionality with modern design. They value furniture that is not only durable and practical but also adds a touch of elegance to their homes. As a result, there is a growing demand for contemporary and minimalist furniture styles. In addition, Thai consumers are becoming more environmentally conscious and are seeking furniture made from sustainable materials. This has led to an increase in the popularity of eco-friendly furniture options, such as those made from recycled materials or sourced from sustainable forests.

Trends in the market:
One of the key trends in the furniture market in Thailand is the rise of online shopping. With the increasing penetration of the internet and the convenience it offers, more and more consumers are turning to online platforms to purchase furniture. This trend is particularly prominent among the younger generation who are tech-savvy and prefer the ease of browsing and comparing products online. Another trend in the market is the growing demand for customized furniture. Thai consumers are increasingly looking for furniture that reflects their personal style and preferences. This has led to the emergence of furniture stores and brands that offer customization options, allowing customers to choose the design, color, and materials of their furniture.

Local special circumstances:
Thailand is known for its rich cultural heritage and traditional craftsmanship. This has influenced the furniture market, with a growing interest in traditional Thai furniture designs. Local artisans and craftsmen are incorporating traditional techniques and materials into their designs, creating unique and authentic pieces that appeal to both domestic and international customers.

Underlying macroeconomic factors:
The growth of the furniture market in Thailand is supported by several macroeconomic factors. The country's strong economic growth has resulted in increased disposable income, allowing consumers to spend more on furniture. Additionally, the growing urbanization and rising middle-class population have contributed to the demand for furniture as more people move into new homes and apartments. Furthermore, the government's efforts to promote the tourism industry have also had a positive impact on the furniture market. The influx of tourists has created a demand for hotels and resorts, leading to an increased need for furniture. This has provided opportunities for both domestic and international furniture manufacturers and suppliers. In conclusion, the furniture market in Thailand is experiencing growth due to changing customer preferences, including a demand for modern and eco-friendly furniture. The rise of online shopping and customization options are also shaping the market. Additionally, the country's rich cultural heritage and strong macroeconomic factors are contributing to the growth 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 segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments 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.

Visión general

  • Revenue
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  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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