Furniture & Home Furnishing Store Market Size
| 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
*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 Market Trends
Increasing popularity of DIY furniture and home decor
The DIY furniture market is expanding due to changes in lifestyle and an increase in modern home renovations. The availability of contemporary home renovations encourages people to build outdoor gardens and galleries in their houses, for which they purchase do-it-yourself outdoor furniture to improve the aesthetic appeal of their houses. Another factor fuelling the DIY furniture market's expansion is the world's rapid urbanization and globalization.
The rising standard of living is a result of increased urbanization. The demand for creative do-it-yourself furniture products may rise quickly because of technological advancements. The factors anticipated to propel market growth include the expansion of Furniture Stores with attractive products.
North America is Witnessing a Surge in Demand for Home Furnishings
Increasing household numbers are among the factors contributing to the Noth America real estate industry's growth. Consequently, the region market for furniture for homes is seeing growth. Additionally accelerating the real estate industry's growth is the region growing immigrant population. Home furnishings are becoming more and more in demand as North America residential construction picks up steam and the country's residential activity rises. This is especially true for newly purchased homes. It is anticipated that this will increase market demand.
The United States Census Bureau estimates that there were almost 139 million household units in the previous year. In current year, there were approximately 1.0 million new housing units added to the single-family and multifamily housing stock. It is projected that through forecasted period, the average annual number of new households will be approximately 1.22 million.
Furniture & Home Furnishing Store Industry Overview
As the economy is recovering from the impact of COVID-19 and the furniture and home furnishings market is recovering from supply chain disruptions and market fluctuations, the focus of furniture and home furnishings stores is on capturing a segment of the market to increase their market share, as a result of which they are focusing on the online and offline modes of their sales. Ashley Furniture Industries, Heritage Home Group, Herman Miller, Inter Ikea Systems, Steelcase, The Home Depot, Bed Bath & Beyond, Nitori Holdings, Williams Sonoma, and Furniture are among the existing stores, competing with each other for a larger share of the market.
Furniture & Home Furnishing Store Market Leaders
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IKEA
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The home depot
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Bed Bath & Beyond
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Nitori Holdings Co.Ltd
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Williams-Sonoma Inc
*Disclaimer: Major Players sorted in no particular order
Furniture & Home Furnishing Store Market News
- In October 2023, Pottery Barn, a portfolio brand of Williams-Sonoma, Inc, the world’s largest digital-first, design-led and sustainable home retailer launched new home furnishings collaboration inspired by the beloved holiday film, Elf
- August 2022: Inter Ikea Group invested in Flow Loop. Flow Loop is a Danish startup developing a water recycling shower solution. This collaboration is an important step by IKEA, given its commitment to developing innovative solutions that enable home water savings.
- February 2022: Havenly acquires the direct-to-consumer home furnishings company The Inside. Havenly is a network of professional interior designers who create custom visual designs based on client preferences.
Furniture & Home Furnishing Store Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Buyers
4.5.2 Bargaining Power of Suppliers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights of Technology Innovations in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Furniture Stores
5.1.2 Home Furnishing Stores
5.2 By Ownership
5.2.1 Retail Chains
5.2.2 Independent Stores
5.3 By Store Type
5.3.1 Exclusive/Retail Showrooms
5.3.2 Inclusive Retailers/Dealers Store
5.4 By Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Middle East
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Ashley Furniture Industries
6.1.2 Heritage Home Group
6.1.3 Herman Miller
6.1.4 Inter Ikea System
6.1.5 Steelcase
6.1.6 The Home Depot
6.1.7 Bed Bath & Beyond
6.1.8 Nitori Holdings
6.1.9 Williams Sonoma
6.1.10 Global Furniture
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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 |
Furniture & Home Furnishing Store Market Research FAQs
How big is the Furniture and Home Furnishing Store Market?
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.
What is the current Furniture and Home Furnishing Store Market size?
In 2024, the Furniture and Home Furnishing Store Market size is expected to reach USD 518.21 billion.
Who are the key players in Furniture and Home Furnishing Store Market?
IKEA, The home depot, Bed Bath & Beyond, Nitori Holdings Co.Ltd and Williams-Sonoma Inc are the major companies operating in the Furniture and Home Furnishing Store Market.
What years does this Furniture and Home Furnishing Store Market cover, and what was the market size in 2023?
In 2023, the Furniture and Home Furnishing Store Market size was estimated at USD 497.56 billion. The report covers the Furniture and Home Furnishing Store Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Furniture and Home Furnishing Store Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Furniture and Home Furnishing Store Industry Report
Statistics for the 2024 Furniture And Home Furnishing Store market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Furniture And Home Furnishing Store analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
