Furniture and Home Furnishing Store Market Size (2024 - 2029)

The Furniture and Home Furnishing Store Market is projected to experience growth over the forecast period, driven by evolving consumer needs and technological advancements. As housing prices rise and space becomes limited, there is a shift towards multifunctional furniture solutions. The COVID-19 pandemic further accelerated changes in home decoration and furnishing preferences, with an increased demand for smart home products and multi-purpose furniture due to more time spent at home. In response, furniture retailers are expanding their product offerings and enhancing their digital marketplaces, employing strategies like fast shipping and personalized experiences to boost sales and market presence.

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Market Size of Furniture and Home Furnishing Store Industry

Furniture And Home Furnishing Store Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 518.21 Billion
Market Size (2029) USD 631.40 Billion
CAGR (2024 - 2029) 4.15 %
Market Concentration Medium

Major Players

Furniture And Home Furnishing Store Market Major Players

*Disclaimer: Major Players sorted in no particular order

Furniture & Home Furnishing Store Market Analysis

The Furniture and Home Furnishing Store Market size is estimated at USD 518.21 billion in 2024, and is expected to reach USD 631.40 billion by 2029, growing at a CAGR of 4.15% during the forecast period (2024-2029).

Over the years, trends and new ideas have come and gone in the furniture and home furnishings industry.With increasing housing prices and a shortage of space, furniture and furnishings are being modified to make it possible to live in a smaller space. Through technology and new ideas, sofas, beds, and other types of furniture are getting better and better.

With the start of COVID-19, people were limited in what they could do in their homes, and people around the world were spending more and more time at home. This made people change the way they decorated and furnished their homes. Smart home products observed a continuous increase in purchases as consumers spent more time at home. With a growing percentage of the population working from home, multi-purpose furniture is in high demand, serving a variety of functions. This leads to furniture stores increasing their variety of products.

Over the upcoming period and in recovery from COVID-19, furniture providers started providing customers with a variety of furniture products based on their needs. Brands and stores are adopting the latest technologies to capitalize on and grow their digital marketplaces. For increasing sales and revenue, stores are providing customers with fast and free shipping, financing, a personalized experience, cash and carry, and other options.

Furniture & Home Furnishing Store Industry Segmentation

Furniture consists of large moveable objects in a room, such as tables and chairs, with home furnishing consisting of the use of furniture products, carpets, etc. to decorate the room. The Furniture And Home Furnishing Store Market is Segmented By Type (Furniture Stores, Home Furnishing Stores), By Ownership (Retail Chains, Independent Stores), By Store Type (Exclusive/Retail Showrooms, Inclusive Retailers/Dealers Stores), and By Geography (North America, Europe, Latin America, Asia-Pacific, The Middle East, and Africa). The Report Offers Market Size And Forecasts for the Furniture and Home Furnishings Stores Market in Volume and Value (USD) for all the Above Segments.

By Type
Furniture Stores
Home Furnishing Stores
By Ownership
Retail Chains
Independent Stores
By Store Type
Exclusive/Retail Showrooms
Inclusive Retailers/Dealers Store
By Geography
North America
Europe
Asia-Pacific
Middle East
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Furniture and Home Furnishing Store Market Size Summary

The Furniture and Home Furnishing Store Market is poised for significant growth over the forecast period, driven by evolving consumer preferences and technological advancements. As housing prices rise and space becomes a premium, there is a noticeable shift towards multifunctional and space-saving furniture solutions. The COVID-19 pandemic further accelerated this trend, as people spent more time at home, leading to increased demand for smart home products and versatile furniture. This shift has prompted furniture stores to expand their product offerings and embrace digital marketplaces, enhancing customer experiences through options like fast shipping and personalized services. The DIY furniture segment is also witnessing growth, fueled by urbanization, globalization, and a rising standard of living, as consumers engage in modern home renovations and outdoor space enhancements.

In North America, the furniture and home furnishings market is experiencing robust growth, supported by an increase in household numbers and a growing immigrant population. The region's residential construction boom is driving demand for home furnishings, particularly in newly purchased homes. As the market recovers from the impacts of COVID-19 and supply chain disruptions, furniture stores are focusing on capturing market share through both online and offline sales channels. Key players such as Ashley Furniture Industries, IKEA, and Williams-Sonoma are competing for a larger market presence, with strategic investments and collaborations aimed at innovation and sustainability. The market's expansion is further bolstered by the introduction of new product lines and partnerships, reflecting a commitment to meeting evolving consumer needs.

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Furniture and Home Furnishing Store Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Industry Value Chain Analysis

    5. 1.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.5.1 Bargaining Power of Buyers

      2. 1.5.2 Bargaining Power of Suppliers

      3. 1.5.3 Threat of New Entrants

      4. 1.5.4 Threat of Substitutes

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Insights of Technology Innovations in the Market

    7. 1.7 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Furniture Stores

      2. 2.1.2 Home Furnishing Stores

    2. 2.2 By Ownership

      1. 2.2.1 Retail Chains

      2. 2.2.2 Independent Stores

    3. 2.3 By Store Type

      1. 2.3.1 Exclusive/Retail Showrooms

      2. 2.3.2 Inclusive Retailers/Dealers Store

    4. 2.4 By Geography

      1. 2.4.1 North America

      2. 2.4.2 Europe

      3. 2.4.3 Asia-Pacific

      4. 2.4.4 Middle East

Furniture and Home Furnishing Store Market Size FAQs

The Furniture and Home Furnishing Store Market size is expected to reach USD 518.21 billion in 2024 and grow at a CAGR of 4.15% to reach USD 631.40 billion by 2029.

In 2024, the Furniture and Home Furnishing Store Market size is expected to reach USD 518.21 billion.

Furniture and Home Furnishing Store Market Report Snapshots

Furniture and Home Furnishing Store Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)