Global Furniture and Home Furnishings Stores Market Research Report: Ken Research

 North America was the largest region in the global furniture and home furnishings stores market, accounting for 34% of the market in 2019. Asia Pacific was the second largest region accounting for 33% of the global furniture and home furnishings stores market. Africa was the smallest region in the Global Furniture and Home Furnishings Stores Market.

In 2014, many e-commerce retailers started offline stores. Birchbox, an e-commerce store opened its first physical store in Soho, New York and companies like Bonobos and Warby Parker doubled the number of their brick and mortar stores in 2014. E-commerce retailers setting up offline stores are good news for brick and mortar concept because it validates the need for physical stores.

The furniture and home furnishings stores market consists of sales of furniture and home furnishings by entities (organizations, sole traders and partnerships) that sell furniture and home furnishings and appliances to ultimate users from fixed point-of-sale locations. The businesses in the industry operate from showrooms with substantial areas for the presentation of their products.

The global furniture and home furnishings stores market is expected to decline from USD 408.3 billion in 2019 to USD 402.2 billion in 2020 at a compound annual growth rate (CAGR) of -1.6%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 5% from 2021 and reach USD 459.4 billion in 2023.

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Global Furniture and Home Furnishings Stores Market

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Furniture And Home Furnishings Stores Global Market Report 2019

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Wide-Ranging Trends in Global Furniture and Home Furnishing Stores Market Outlook: Ken Research

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The furniture and home furnishings stores market comprise of sales of the furniture and home furnishings by the numerable entities (organizations, sole traders and partnerships) that trade in furniture and home furnishings and appliances to the eventual users from the fixed point-of-sale localities. The productions in the industry function from the showrooms with substantial regions for the demonstration of their products.

According to the report analysis, ‘Furniture And Home Furnishings Stores Global Market Report 2019’ states that in the furniture and home furnishings stores global market there are several companies which presently operating more actively for leading the fastest market growth and registering the handsome value of market share around the globe in the coming years while developing the productivity, durability, strength, and applications of the good, spreading the awareness related to the benefits of such, decreasing the linked price, delivering better consumer satisfaction, employing the young workforce, serving better services and studying and analyzing the strategies and policies of the competitor’s includes Ashley Furniture Industries, Heritage HomeGroup, Herman Miller, Inter IKEA Systems, Steelcase, and several others.

In 2014, several e-commerce retailers began offline stores. Birchbox, an e-commerce store released its foremost physical store in Soho, New York, and corporates such as Bonobos and Warby Parker crumpled the amount of their brick and mortar stores in 2014. E-commerce retailers setting up the offline stores are good news for the brick and mortar concept owing to it validates the requirement for the physical stores.

Whereas, the inclination towards the implementation of the eco-friendly products that put less anxiety on the environment has augmented the requirement for the creative home décor products produced with dissimilar raw materials, thereby propelling the requirement for the home décor products such as furniture over the review period.

Not only has this, fluctuating trend of customers towards the urban lifestyle on account of augmenting the rate of urbanization has propelled the market growth. Wide transformation in the lifestyle sustains the appropriate setting of the furniture and furnishings pertaining to the superior products with outstanding quality.

In addition, the growth of the interior designing the industry has flagged the way for the fancy and premium home décor products that deliver a ravishing observation for the visitors. Such fancy and premium products support in delivering the spiritual and aesthetic pleasure, which also supplements the sophistication of customers living in the house. The effective growth in the consumer preference for the renovation of their house after a convinced time period boosts the convenience of dissimilar home décor products such as eco-friendly furniture.

Based on the region, the Asia Pacific was the greatest region in the worldwide furniture and home furnishings stores market, registering for 29% of the market in 2018. Western Europe was the second greatest region registering for 28% of the worldwide furniture and home furnishings stores market. For instance, Africa was the smallest economy in the worldwide furniture and home furnishings stores market. Therefore, in the near years, it is predicted that the market for furniture and home furnishing stores will increase around the globe over the coming decades.

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Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249