Home Furnishings Market Size, Share, Growth, and Industry Analysis, By Type (Home Furniture, Home Textile, Wall Decor, and Others), By Application (E-Commerce Sales and In-store Sales), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Home Furnishings Market Report Overview

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The global home furnishings market size was USD 877250 million in 2021 and is projected to touch USD 1469382.57 million by 2031, exhibiting a CAGR of 5.3% during the forecast period.

The craft of tastefully setting up the home's inner and outside spaces and making the house practically helpful for the consumer is called home furnishings. The home stylistic layout items are associated with different things such as bed materials, hall style, furniture, kitchen, eating, mats, shower material, and others. Home furnishings are an efficient way of changing the look of your home, such as a throw, a rug, some cushions, and others. Adding these items to your house changes the look of your home. Adding curtains, cushions, furniture, and other accessories is the perfect way to enhance the look of your house and interiors. 

Home furnishings are enhancing with the steady demand for unique interiors from consumers. The companies are using various textures to add a new dimension to the rooms, various colors and patterns as adding plenty of colors catch the eye, using layers and creating an appropriate balance between the colors and the designs. Home furniture refers to the product category that occupies the physical space of the ambiance. It includes independent and national chain stores. The rising need for an attractive interior is expected to boost the product demand. 

Covid-19 Impact: Supply Chain Interruption Affected Growth

The global COVID-19 pandemic has been unprecedented and staggering, with home furnishings experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The unexpected pandemic breakout gave the market momentum. The construction industry was also kept on hold, which paused the demand for the products. The demand for the products stood constant, but the supply chain was hampered due to the market shutdown. The imposed lockdown affected the manufacturing industries and their supply chain. In 2020, the COVID-19 outbreak significantly restricted the market for making home furnishings products because trade restrictions disrupted supply chains and consumption fell as a result of government-imposed worldwide lockdowns. Nevertheless, a steady recovery trend is anticipated to be visible in the approaching years, with the house furniture business exhibiting a respectable increase in revenues as various economies gradually remove their respective lockdowns.

LATEST TRENDS

"Shifting Toward an Urban Lifestyle to Boost Product Demand"

The rapidly shifting trend of the population toward an urban lifestyle is projected to increase the demand for furniture and home furnishings in the global market. The changing lifestyle of the population incurs standard furniture and furnishings. The population is concerned about the interiors and exteriors of their homes, as it has now become a status symbol in society. Thus, the population is emphasizing gaining a classic look at their homes by furnishing homes. Rising per capita income is an additional factor propelling the demand for the product. Moreover, the adoption of eco-friendly products increased the demand for home furnishings.

Home Furnishings Market Segmentation

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• By Type Analysis

By type, the market is segmented into the home furniture, home textile, wall decor, and others.

• By Application Analysis

Based on the application, the market is classified into e-commerce sales and in-store sales. 

The E-commerce segment is forecasted to experience maximum growth owing to the rising penetration of the internet coupled with the increasing use of online shopping. Online shopping allows the customer to compare and see products anytime, which is likely to aid home furnishings market growth. 

DRIVING FACTORS

"Increasing Disposable Income of the Population to Surge Product Demand"

The increasing per capita income of the population is leading to the population’s higher standard of living. The home furnishings market in developing countries is ascending due to the rising demand for a prosperous populace. Additionally, the increasing inclination toward the adoption of eco-accommodating home decor items is projected to surge home furnishings market growth. The population’s demand for stylish and unique furniture, wall decor, and home textiles is increasing, which is projected to create growth opportunities for market growth. The renovation of homes is also increasing the demand for furnishing products, which is likely to elevate growth.  

"Availability of Customized Furnishings to Fuel Market Growth"

The furnishing products are available in various specifications and can also be customized as per the customer’s requirements. Furnishing products such as home textiles, furniture, and floor coverings are available for customization and, thus, are more reliable for consumers. Moreover, the population shifting to new homes is expected to foster the demand for the products. The population’s rising interest in shrewd and trending products is anticipated to boost the market growth in the forecast period. The organizations adopting trending interiors is likely to increase the product demand in the global market. 

RESTRAINING FACTORS

"Higher Cost and Availability of Cheap Products May Limit the Market Growth"

The higher cost of the products may resist the population from buying and adopting them. Additionally, the market has cheap quality products available at cheaper prices and the availability of fake items. These factors are estimated to affect market growth.

Home Furnishings Market Regional Insights

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"North America to Dominate Owing To the Region’s Highly Developed Structure"

North America is projected to hold the maximum part of the home furnishings market share due to the highly developed structure of the region. Additionally, the rising adoption of home decor products owing to the celebrity endorsement and aggressive marketing of the products is estimated to surge growth in the region.

Asia Pacific is expected to show prominent growth in the global home furnishings market share owing to the increasing disposable income coupled with the rising improvements in retail infrastructure. Additionally, the inclination toward higher living standards is likely to boost the market growth.

KEY INDUSTRY PLAYERS

"Companies to Emphasize On Long-Term Growth Strategies"

The market is fragmented into various sized industries, including regional and global industries. The market revenues and shares are likely to be driven by the constant investment on research and development of the product. Various advancements are being adopted to gain steady growth in the market by launching new patterns, colors, and designs. The companies are focused on gaining mergers and acquisitions to enhance the product portfolio. Many companies also launched new products to gain the regional market share. Gaining a regional market will help the player’s further gain the global market. Organic and inorganic growth strategies are adopted by major companies to gain long-term growth. 

List of Market Players Profiled

• IKEA (Netherlands)
• Walmart (U.S.)
• Bed Bath & Beyond (U.S.)
• Macy's (U.S.)
• Wayfair (U.S.)
• Future Group (India)
• Haworth (U.S.)
• Ashley Furniture (U.S.)
• Carrefour (France)
• J.C. Penny (U.S.)
• Crate & Barrel (U.S.)
• Fred Meyer (U.S.)
• Herman Miller (U.S.)
• Home Depot (U.S.)

REPORT COVERAGE

The report offers accurate information about the market insights. It represents an analysis of a competitive edge that seems significant for the formation of business plans. The report defines various paths for the growth and development of the industry. Market segmentation is depicted in the report and highlights the essential factors of the sector with various growth opportunities, competitive landscape, and growth strategies of the major key players. The market report focuses on various growth prospects and the factors that may limit the growth of the market. Additionally, this market report represents the key players of the market and their headquarters. The report offers a deep insight into the market.