Australia Furniture Market is Expected to reach around AUD 14 billion by 2022: Ken Research

Australia furniture market segmentation by end users (Residential, Hospitality and Commercial), major cities (Sydney, Melbourne, Perth, Brisbane, Adelaide, Auburn, Gold Coast, New Castle and Canberra), by type of sector (Organized and Unorganized sector), by residential furniture (bedroom, living room, kitchen, home office furniture, dining room, storage furniture and other residential furniture), by home furnishing (Indoor, Outdoor and Lighting), by distribution channel (Homewares and Home Furnishing Stores, Home Improvement and Gardening Stores, Department Stores, Mass Merchandisers, Internet Retailing, Supermarkets, Variety Stores, Warehouse Clubs and others)

 The number of households in Australia is projected to rise from 8,196.6 thousand in 2017 to 9,160.3 thousand by 2022, representing growth at a CAGR of 1.8% during the period 2017-2022. The residential sector generated most of the demand for furniture products in the country.
 Growth in establishments of economy and luxurious hotels in the country resulted in increased demand for beds, wardrobes and other furniture to be installed within the premises.
 Inflow of multinational companies in Australia has resulted in increasing demand for fully furnished offices in the country thus increasing the demand of office furniture.

The construction of more condominiums and residential houses in the country is expected to drive the growth of the industry in the coming years. Moreover, many retailers are opening new stores in different locations and increasing the product listing is also driving the growth of the furniture market. Unorganized sector dominated the market, in terms of large number of unorganized manufacturers operated in the country in 2017.

Lower cost of production by using the locally available resources assists unorganized retailers in selling products at a lower price than the one sold by established companies with multiple retail outlets in Australia. The increasing demand for the branded products among the customers owing to rising income level has led to the growth of organized retailers in the country. There has been a rapid growth in real estate sector due to the rise in demand for residential property in the country. In future, bedroom furniture will be the highest selling product category in home furniture segment, followed by living room furniture, kitchen furniture, home office furniture, dining room furniture, storage furniture and all other residential furniture.

Analysts at Ken Research in their latest publication “Australia Furniture Market Outlook to 2022 - By Residential (Bedroom, Living Room, Kitchen, Home Office Furniture, Dining Room, Storage Furniture and Other Residential Furniture), Hospitality and Commercial Furniture, by Home Furnishing (Indoor, Outdoor and Lighting)” believe that rise in demand of residential furniture with the change of existing furniture and adopting new designs & contemporary furniture will aid the furniture market.

Australia Furniture market is expected to register positive CAGR of around 3.3% during the period 2018-2022. Rise in number of online market players catering to the demand for wooden products and accessories are expected to have positive impact on the overall revenue of Australia furniture market.

For more information about the publication, refer to below link:
https://www.kenresearch.com/consumer-products-and-retail/home-and-office-furnishings/australia-furniture-market/149484-95.html
 
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