Market Trends of Russia Home Furniture Industry
This section covers the major market trends shaping the Russia Home Furniture Market according to our research experts:
E-Commerce in Furniture and Appliances Market of Russia
Russia has a large, fast-growing, open furniture market with about 142 million inhabitants. Revenue from the furniture and homeware market in Russia stood at one billion U.S. dollars in 2020. By 2025, this segment's revenue is estimated to reach 1.5 billion dollars. With an increase of 16%, the Russian eCommerce market contributed to the worldwide growth rate of 29% in 2021. Revenues for eCommerce continue to increase. New markets are emerging, and existing markets also have the potential for further development.
Increase in Disposable Income is Driving the Market
A key driver fueling the market's growth is the rising standard of living, leading to the increased introduction of premium products. The country's developed and developing areas are witnessing growth in the population of high net-worth individuals and a gradual increase in the preference for a luxurious lifestyle. With an increase in disposable income, the consumers spending capacity and expenditure on luxury goods and services are increasing. In Russia, the furniture market generated approximately 29.4 billion U.S. dollars in 2020. According to the Consumer Market Outlook, the revenue of this market will increase to roughly 41.8 billion U.S. dollars by 2025.
