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Furniture Stores Market Report 2024 - Furniture Stores Market Share, Trends, And Insights
Furniture Stores Market
According to The Business Research Company's, The furniture stores market size has grown strongly in recent years. It will grow from $267.67 billion in 2023 to $288.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to housing market trends and homeownership rates, consumer spending and economic conditions, interior design trends and aesthetics, urbanization and small living spaces, population demographics and age groups.
The furniture stores market size is expected to see strong growth in the next few years. It will grow to $385.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to e-commerce and online furniture retail, sustainability and eco-friendly furniture, customization and personalization trends, flexible and multifunctional furniture designs, rising importance of home décor. Major trends in the forecast period include augmented reality for shopping, rise of direct-to-consumer brands, global supply chain challenges, health and wellness in design, experiential retail.
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Market Drivers and Trends:
The increasing demand for furniture is expected to propel the growth of the furniture stores market going forward. Furniture refers to movable objects intended to support various human activities such as seating, eating, and storing items such as tables, chairs, desks, and cabinets. Due to rowing home decoration and renovation trends among the global population, the demand for furniture is rising which will propel the growth of the furniture stores. For instance, in February 2023, according to a report shared by Hollywood Mirror, a UK-based interior design company, the manufacturing of furniture generated about $3.22 billion. Additionally, in 2021, 5.58 million pieces of wooden bedroom furnishings were sold by UK manufacturers. Therefore, the increasing demand for furniture is driving the growth of the furniture stores market going forward.
Technological advancement is a key trend gaining popularity in the furniture stores market. Major market players are concentrating their efforts on creating innovative technologies to strengthen their position in the market. For instance, in June 2022, IKEA, a Sweden-based home furnishings company, launched IKEA Kreativ, an AI-powered experience empowering customers to create lifelike room designs. IKEA Kreativ is software with spatial computing, machine learning, and 3D mixed reality technology that helps in room design. This advancement provides customers with the first lifelike, completely integrated way to design and visualize their living areas on smartphones and desktops.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Steelcase Inc.; HNI Corporation; Ashley Furniture Industries Inc.; Inter IKEA Systems B.V.; Herman Miller Inc.; Global Furniture USA; Heritage Home Group LLC; Restoration Hardware Inc.; Williams-Sonoma Inc.; La-Z-Boy Inc.; Raymour and Flanigan Furniture and Mattresses; American Signature Inc.; Kimball International Inc.; Okamura Corporation; Durham Furniture Inc.; Urban Office Interiors Ltd.; Furniture Services Inc.; Renaissance Furniture Manufacturing; Berkshire Hathaway Inc.; Rooms To Go Inc.; Ethan Allen Interiors Inc.; Havertys Furniture Companies Inc.; Bassett Furniture Industries Inc.; Bob's Discount Furniture LLC; Value City Furniture Inc.; W.S. Badcock Corporation; Jordan's Furniture Inc.; Berkshire Hathaway Company; Art Van Furniture Inc.; City Furniture Inc.; El Dorado Furniture Inc.; Kane's Furniture Inc.; Baer's Furniture Inc.; Slumberland Furniture Inc.; The Dump Furniture Outlet; Furniture Marketing Group Inc.
Furniture Stores Market 2024 Key Insights:
• The furniture stores market will grow to $385.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Surging Furniture Demand Ignites Growth In The Furniture Stores Market
• Technological Innovation Reshapes The Landscape Of Furniture Stores Market
• Asia-Pacific was the largest region in the furniture stores market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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