Furniture And Home Furnishings Stores Market Outlook Report 2024-2033 | Trends, Analysis, Insights, Overview

"The Business Research Company recently released a comprehensive report on the Global Furniture And Home Furnishings Stores Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The furniture and home furnishings stores market size has grown strongly in recent years. It will grow from $469.56 billion in 2023 to $502.75 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to growing consumer confidence, demographic changes, disposable income levels, e-commerce growth, environmental awareness, homeownership rates.

The furniture and home furnishings stores market size is expected to see strong growth in the next few years. It will grow to $653.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to rise of sustainable practices, urbanization and small spaces, flexible supply chains, digital marketing strategies, global economic factors. Major trends in the forecast period include virtual and augmented reality retail, customization and personalization, direct-to-consumer (dtc) models, smart home integration, multi-channel retailing.

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Market Drivers and Trends:

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. For instance, in July 2023, according to the World Economic Forum, a Switzerland-based non-governmental organization (NGO), 60% of corporations think that big data and analytics capabilities are becoming more crucial and this technology is most likely to result in the creation of new jobs over the next 5 years. Additionally, between 2023 and 2027, data science and data analytics may create up to 1.4 million new jobs With the rapid growth in retail data and the availability of technologies to analyze data, it will become easier for furniture and home furnishings stores to identify and meet the needs and expectations of their customers, which is expected to drive the market going forward.

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. Furniture and home furnishings companies should consider using virtual reality technology to enhance the customer experience. IKEA, a Swedish multinational company, has launched an AR catalogue application that allows customers to see how certain items of furniture would look in their home. Consumers can virtually visualize how these pieces will look and fit in their homes according to the product's dimensions. Indian players such as Pepper Fry have also started using AR technology to show users how certain products will look in their home through their mobile application.

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Major Key Players of the Market:

Ethan Allen Interiors Inc., Berkshire Hathaway Inc., The home depot, Inter Ikea Holding B.V., Wayfair Inc., Steinhoff International Holdings N.V., Office Depot, Williams-Sonoma Inc., Bed Bath & Beyond, Nitori Holdings Co. Ltd., Ingvar Kamprad Elmtaryd Agunnaryd Ltd., Ashley Furniture Industries Inc., Rooms To Go Incorporated, Restoration Hardware, Pottery Barn Inc., Steelcase Inc., Herman Miller Inc., HNI Corporation, La-Z-Boy Inc., Bob's Discount Furniture Inc., Heritage Home Group, Crate & Barrel Inc., Pier 1 Imports Inc., Raymour & Flanigan Furniture and Mattresses., Nebraska Furniture Mart Inc., Haverty Furniture Companies Inc., American Signature Inc., Bassett Furniture Industries Inc., Global Furniture Inc., West Elm India

Furniture And Home Furnishings Stores Market 2024 Key Insights:

• The furniture and home furnishings stores market size is expected to see strong growth in the next few years. It will grow to $653.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Empowering Furniture And Home Furnishings Stores Through Data Analytics Is A Catalyst For Growth
• Revolutionizing Furniture Shopping Through The Impact Of Ar And Vr Technologies On Customer Experience
• North America was the largest region in the furniture and home furnishings stores market in 2023

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This release was published on openPR.