According to the report by Expert Market Research (EMR), the global Furniture and Home Goods Market Size reached a value of USD 579.23 billion in 2023. Aided by the surge in consumer spending on home furnishings and an increasing preference for aesthetically pleasing and functional living spaces, the market is projected to further grow at a CAGR of 5.2% between 2024 and 2032 to reach a value of USD 914.10 billion by 2032.
Furniture and home goods refer to a wide range of products and items used to furnish and decorate residential spaces, including houses, apartments, and other living environments. These products serve both functional and aesthetic purposes, enhancing the comfort, functionality, and visual appeal of indoor spaces.
Furniture and home goods encompass a wide range of products designed to enhance the functionality and aesthetics of residential spaces. These products not only serve practical purposes but also play a crucial role in defining the ambience and comfort of living environments. The furniture and home goods market growth is fuelled by several key factors, including urbanisation, rising disposable incomes, and the evolving consumer demand for home decor that reflects personal style and comfort. The shift towards e-commerce platforms has revolutionised the furniture and home goods sector, making it easier for consumers to access a wide array of products from the comfort of their homes. This digital transformation has enabled retailers to reach a broader audience, offering convenience and a diversified product range to meet the varied needs and preferences of consumers.
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One of the primary drivers of the global furniture and home goods market is the increasing consumer interest in home renovation and interior design. With more people spending time at home, there has been a noticeable shift towards creating more comfortable, functional, and personalised living spaces. This trend in the furniture and home goods market is further amplified by the influence of social media and home improvement television shows, which inspire consumers to update their homes according to the latest design trends.
The growing environmental awareness among consumers has also led to a rise in demand for sustainable and eco-friendly furniture and home goods. Manufacturers are responding by adopting greener practices, utilising sustainable materials, and promoting recycling and upcycling in their production processes. According to the furniture and home goods market analysis, this shift towards sustainability is not only a response to consumer demand but also aligns with global efforts to reduce environmental impact. There’s a renewed interest in vintage and retro aesthetics, with consumers drawn to nostalgic designs from past decades. Mid-century modern, Scandinavian, and Art Deco styles are particularly popular, as they offer timeless appeal and blend well with contemporary interiors.
Additionally, as per the furniture and home goods market outlook, the global market is witnessing significant innovations in product design and materials. Technological advancements, such as augmented reality (AR) apps for interior design and smart furniture integrated with IoT (Internet of Things) technologies, are enhancing the shopping experience and adding value to the products offered.
Alternative ownership models, such as furniture rental and subscription services, are gaining traction, especially among urban millennials and Gen Z consumers who prioritise flexibility and sustainability. These models allow customers to access high-quality furniture and home goods temporarily, reducing the need for long-term ownership and disposal which can further contribute to the furniture and home goods market share.
There is a growing appreciation for locally made, handcrafted furniture and home goods that showcase artisanal craftsmanship and support small-scale manufacturers and independent artisans. Consumers value the authenticity, uniqueness, and quality of handmade products, fostering a resurgence of traditional craft techniques and heritage materials which can propel the furniture and home goods market expansion.
Furniture And Home Goods Market Segmentation
The market can be divided based on type, material type, application, distribution channel, and region.
Market Breakup by Type
- Organised
- Unorganised
Market Breakup by Material Type
- Wooden
- Plastics and Polyurethane
- Fibres
- Metal
- Stone, Clay, and Melamine
- Others
Market Breakup by Application
- Sofa and Bed
- Chairs and Dining Table
- Home Décor Items
- Lighting Products
- Kitchen and Dining
- Bedding and Bath
- Rugs
- Others
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Onsite
- Single and Multi-Brand Retail
- E-Commerce
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Furniture And Home Goods Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global furniture and home goods market. Some of the major players explored in the report by Expert Market Research are as follows:
- IKEA Global
- Harman Miller Inc.
- Steelcase Inc.
- HNI Corporation
- Home Centre
- Ashley Furniture Industries
- Dulf & Phelps
- Wayfair LLC
- Pottery Barn
- Deodon GmbH
- Others
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