Furniture - United Kingdom

  • United Kingdom
  • In the year 2024, the Furniture market in the United Kingdom is projected to generate a revenue of €21.90bn.
  • It is anticipated that this market will witness an annual growth rate of 2.49% (CAGR 2024-2029).
  • Amongst the various segments within this market, the largest one is the Living Room Furniture segment, which is estimated to have a market volume of €5.22bn in 2024.
  • When compared on a global scale, United States stands out as the country generating the highest revenue in the Furniture market, with a predicted revenue of €244bn in 2024.
  • Taking into account the population figures, the per person revenue in the United Kingdom's Furniture market is expected to be €322.30 in 2024.
  • The United Kingdom's furniture market is experiencing a surge in demand for sustainable and eco-friendly products.

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

 
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Analyst Opinion

The Furniture market in United Kingdom has been experiencing significant growth in recent years, driven by changing customer preferences and underlying macroeconomic factors.

Customer preferences:
in the furniture market have shifted towards more modern and contemporary designs, as well as a greater emphasis on sustainability and eco-friendly materials. Consumers are also increasingly looking for furniture that is multifunctional and space-saving, as urban living spaces become smaller and more compact. Additionally, there is a growing demand for customized and personalized furniture, as consumers seek unique and individualized pieces that reflect their personal style and taste. Trends in the market include the rise of online furniture retailers, who offer a wide range of products at competitive prices and provide a convenient shopping experience for customers. This has led to increased competition in the market, as traditional brick-and-mortar retailers adapt to the changing landscape and invest in their online presence. Another trend is the growing popularity of furniture rental services, particularly among younger consumers who value flexibility and the ability to change their furniture as their needs and preferences evolve. Local special circumstances in the United Kingdom, such as the high cost of living and limited living space in urban areas, have contributed to the growth of the furniture market. As a result, consumers are more likely to invest in high-quality furniture that is durable and long-lasting, as they seek to maximize the value of their purchases. The prevalence of small living spaces has also led to an increased demand for space-saving furniture solutions, such as modular sofas and folding tables.

Underlying macroeconomic factors:
such as a strong economy and low unemployment rate, have also played a role in the growth of the furniture market in the United Kingdom. As consumer confidence and disposable income have increased, individuals are more willing to spend on big-ticket items like furniture. Additionally, low interest rates have made it easier for consumers to finance their furniture purchases, further driving demand in the market. Overall, the Furniture market in United Kingdom is experiencing growth due to changing customer preferences, the rise of online retailers,

Local special circumstances:
and positive macroeconomic factors. As these trends continue to shape the market, it is likely that the furniture industry in the United Kingdom will continue to thrive in the coming years.

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