Home Furnishings Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Home Furnishings Industry Prospective:

The global home furnishings market size was worth around USD 822.46 billion in 2023 and is predicted to grow to around USD 1401.36 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.1% between 2024 and 2032.

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Home Furnishings Market: Overview

The term "home furnishing" describes the different objects and accessories that are used to equip and adorn a house. They consist of wall décor, lighting fixtures, bedding, curtains, and other ornamental pieces in addition to furniture. It also refers to the skill of furnishing a house with fashionable and useful furnishings, textiles, accent pieces, and accessories. It entails meticulous consideration of space planning, color schemes, lighting design, and element placement, going beyond simple décor. It makes it possible for people to design a customized living area that captures their distinct aesthetic. It also contributes significantly to improving a home's comfort and functionality by offering well-organized storage options, comfortable seating configurations, and exquisite embellishments that give rooms personality.

Key Insights

• As per the analysis shared by our research analyst, the global home furnishings market is estimated to grow annually at a CAGR of around 6.1% over the forecast period (2024-2032).
• In terms of revenue, the global home furnishings market size was valued at around USD 822.46 billion in 2023 and is projected to reach USD 1401.36 billion by 2032.
• The increasing disposable income is expected to drive the global home furnishing market growth over the forecast period.
• Based on the product, the home furniture segment is expected to dominate the market during the forecast period.
• Based on the price, the premium segment is expected to hold a prominent market share over the projected period.
• Based on the sales channel, the supermarkets and hypermarkets segment is expected to capture a major market share over the projected period.
• Based on region, Europe is expected to dominate the market during the forecast period.

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Home Furnishings Market: Growth Drivers

Rising interest in interior design drives market growth

People throughout the world are choosing the best ideas and products within their budgets and spending more money on the interior design of their homes. High-end furnishings, rugs, and carpets are all part of this style, as are fabrics for the home like pillows, drapes, and mattresses, along with other items that enhance the aesthetic appeal overall. Furthermore, the rise in interest in interior design can be attributed to a variety of factors, including changing lifestyles, rising affluence, increasing media exposure, and absorbing numerous cultural influences. Additionally, the growing number of working women and their influence on interior design decisions are helping sales. These factors encourage consumers to spend more on luxury and designer furniture, which is propelling the home furnishing market expansion over the projection period.

Home Furnishings Market: Restraints

Uncertainty in the price of raw materials hinders market growth

The cost of producing home furnishings is affected by the growing cost of premium raw materials. Prices are typically raised to cover this additional expense for customers. Volume sales may be hampered by this. There is an opportunity that the recent increases in commodity prices and the lack of raw materials will negatively impact the worldwide home furnishing industry.

Home Furnishings Market: Opportunities

Growing collaboration among the market players offers a lucrative opportunity for market growth

The growing collaboration among the market players is expected to offer a lucrative opportunity for home furnishing market growth during the forecast period. For instance, in December 2023, the Ralph Lauren Corporation and Haworth Lifestyle Design, a renowned leader in the creation, production, and distribution of upscale furniture, announced a strategic, long-term partnership that will allow Ralph Lauren to keep developing and growing its home business. In a first-of-its-kind partnership for the two businesses, the agreement combines the power of the Ralph Lauren brand with the operational know-how of Haworth Lifestyle Design to greatly increase the production and distribution of Ralph Lauren's high-end, Italian-made furniture offerings. The partnership will also involve the creation and management of a network of brand-new, immersive, standalone Ralph Lauren Home stores in key worldwide cities.

Home Furnishings Market: Challenges

People are more into renting furniture and homes poses a major challenge to market expansion

These days, people become tired of things quickly. It's the same story with furniture. People can purchase the most beautiful furniture for a very affordable price by renting. All they have to do is enjoy the new furniture and pay the yearly or monthly rent. Not only that but purchasing a home is challenging. For this reason, the majority of individuals reside in rental homes. They adore purchasing lightweight, multifunctional furniture that is portable. This is the reason for the decline in the home furnishings sector.

Home Furnishings Market: Segmentation

The global home furnishings industry is segmented based on product, price, sales channel, and region.

Based on the product, the global home furnishings market is bifurcated into home textiles, home furniture, wall decor, and others. The home furniture segment is expected to dominate the market during the forecast period. A growing number of residential development projects and increasing urbanization have led to a high demand for home furnishings. Renovating and building new homes raises the demand for textiles, furniture, and other home items. For instance, in November 2021 the Indian government approved the Pradhan Mantri Awas Yojana, which called for the construction of 3.61 lakh homes. With the approval of the new housing units, 1.14 crore homes have also been approved for the program. The Indian government's affordable housing strategy is anticipated to bolster the country's residential construction industry's growth in the short- to medium-term. It is anticipated that the national government will approve more housing units under the PMAY program during the next four to eight quarters. Thus, the aforementioned facts are expected to drive the expansion of the home furniture industry.

Based on the price, the global home furnishings industry is bifurcated into premium and mass. The premium segment is expected to hold a prominent market share over the projected period. Increasing levels of affluence and disposable income around the world, especially among the upper middle and affluent classes, have stimulated demand for high-end furniture. Additionally, bespoke and customizable furniture is becoming more and more popular, allowing customers to design one-of-a-kind items that are customized to fit their tastes and locations.

Based on the sales channel, the global home furnishings market is bifurcated into specialty stores, supermarkets and hypermarkets, online stores, and others. The supermarkets and hypermarkets segment is expected to capture a major market share over the projected period. With a large selection of goods, including furniture for the home, all under one roof, supermarkets and hypermarkets offer a convenient shopping experience. Time-pressed customers find it convenient to buy household goods and groceries every day in addition to furniture. Furthermore, a wider range of customers may afford home goods thanks to these big stores' frequent sales and competitive pricing. Supermarkets and hypermarkets can provide household goods at competitive costs because of economies of scale and bulk purchasing.

Home Furnishings Market: Report Scope

Home Furnishing Market: Regional Analysis

Europe is expected to dominate the market during the forecast period

Europe is expected to dominate the global home furnishing market during the forecast period. The strong demand for luxurious goods with a premium aesthetic that is crafted from premium raw materials is responsible for the rise of the regional market. The three biggest markets in Europe are Germany, Italy, and France. Among the biggest importers in Europe is France. In addition, a contributing element to the expansion of the European market is the growing number of residential construction projects. The World Bank Group, for instance, reports that the proportion of the EU's population living in cities grew from 74.30% in 2018 to 75% in 2021. The requirement for housing construction projects is anticipated to rise during the forecast period due to urban population expansion, driving up demand in Europe.

Home Furnishings Market: Competitive Analysis

The global home furnishings market is dominated by players like:

• Future Group
• Ashley Global Retail LLC
• Ethan Allen Interiors Inc.
• Duresta Upholstery Ltd.
• Bassett Furniture Industries Inc.
• Godrej and Boyce Manufacturing Co. Ltd.
• Bed Bath and Beyond Inc.
• Inter IKEA Holding BV
• Shaw Industries Group Inc.
• Mannington Mills Inc.
• Mohawk Industries Inc.
• MillerKnoll Inc.
• Pepperfry Pvt. Ltd.
• Otto GmbH and Co. KG
• Kroger Co.
• Penney OpCo LLC
• Wayfair Inc.
• Steinhoff International Holdings NV
• Tvilum 

The global home furnishings market is segmented as follows:

By Product

• Home Textile
• Home Furniture
• Wall Décor
• Others

By Price

• Premium
• Mass

By Sales Channel

• Specialty Stores
• Supermarkets and Hypermarkets
• Online Stores
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa