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Furniture And Home Furnishings Stores Market Challenges, Top Players, Demand, Share And Trends 2023
Furniture And Home Furnishings Stores Market Report
The Business Research Company's Furniture And Home Furnishings Stores Global Market Report 2023 identifies the rapid growth in retail data and the availability of technologies to analyze data as the major driver for the furniture and home furnishing stores market's growth in the forecast period. Furniture and home furnishings stores are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers, and build loyalty. Data has become critical for most retail operations.
The global furniture and home furnishings stores market grew from $438.79 billion in 2022 to $471 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The furniture and home furnishings stores market is expected to grow to $602.42 billion in 2027 at a CAGR of 6.3%.
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Major competitors in the furniture and home furnishing stores market are Inter Ikea Holding B.V., The Home Depot, Bed Bath & Beyond, Nitori Holdings Co. Ltd., Williams-Sonoma Inc., Steinhoff International Holdings N.V., Berkshire Hathaway Inc., Rooms To Go Incorporated, Office Depot, and RH.
A key trend in the furniture and home furnishing stores market includes augmented reality and virtual reality. Augmented reality (AR) and virtual reality (VR) empower the customer experience by letting them connect to the product with interactive and personalized options. While AR is a real-time integration of digital information with the user's environment, VR is a three-dimensional, computer-generated environment that can be explored and interacted with. This allows the customers to understand the experience of owning a product.
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The furniture and home furnishing stores market is segmented -
•By Type: Furniture Stores, Home Furnishings Stores
•By Ownership: Retail Chain, Independent Retailer
•By Type of Store: Exclusive Retailers/Showroom, Inclusive Retailers/Dealer Store
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the furniture and home furnishing stores market.
The Business Research Company's "Global Furniture And Home Furnishings Stores Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Furniture And Home Furnishings Stores Market Include:
1. Executive Summary
2. Report Structure
3. Furniture And Home Furnishings Stores Market Characteristics
4. Furniture And Home Furnishings Stores Market Product Analysis
5. Furniture And Home Furnishings Stores Market Supply Chain
……
16. North America Furniture And Home Furnishings Stores Market
17. South America Furniture And Home Furnishings Stores Market
18. Middle East Furniture And Home Furnishings Stores Market
19. Africa Furniture And Home Furnishings Stores Market
20. Furniture And Home Furnishings Stores Market Competitive Landscape
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