The Business Research Company’s Furniture And Home Furnishings Stores Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON , UK, April 12, 2022 /EINPresswire.com/ — The furniture and home furnishings stores market outlook is being shaped by adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers, and build loyalty, data has become critical for most retail operations. For instance, the global retail analytics market raised to $5.1 billion in 2020. According to the furniture and home furnishings stores market growth analysis, with the rapid growth in retail data and the availability of technologies to analyze data, it will become easier for furniture and home furnishings stores to identify and meet the needs and expectations of their customers, thus it is expected to drive the market going forward.
The global furniture and home furnishings stores market size is expected to grow from $397.36 billion in 2021 to $439.16 billion in 2022 at a compound annual growth rate (CAGR) of 10.5%. The global furniture and home furnishing stores market size is expected to grow to $626.20 billion in 2026 at a CAGR of 9.3%.
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Furniture and home furnishings stores market trends include augmented reality (AR) and virtual reality (VR) that empower the customer experience by letting them connect to the product with interactive and personalized options. While AR is a real-time integration of digital information with the user’s environment, VR is a three-dimensional, computer-generated environment that can be explored and interacted with. This allows the customers to understand the experience of owning a product. Furniture and home furnishings companies should consider using virtual reality technology to enhance customer experience. IKEA, a Swedish multinational company, has launched an AR catalog application that allows customers to see how certain items of furniture would look in your home. Consumers can virtually visualize how these pieces will look and fit in their homes according to the product’s dimensions. Indian players such as Pepper fry have also started using AR technology to show users how certain products will look in their home through their mobile application.
Major players covered in the global furniture and home furnishings stores industry are Inter Ikea Holding B.V., The Home Depot, Bed Bath & Beyond, Nitori Holdings Co. Ltd., Williams-Sonoma Inc., Steinhoff International Holdings N.V., Berkshire Hathaway Inc., Rooms To Go Incorporated, Office Depot, and RH.
North America was the largest region in the furniture and home furnishings stores market in 2021. Asia Pacific was the second largest region in the global furniture and home furnishings stores market. The regions covered in the global furniture stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
TBRC’s global furniture and home furnishings stores market report is segmented by type into furniture stores, home furnishings stores, by ownership into retail chains, independent retailers, by type of store into exclusive retailers/showrooms, inclusive retailers/dealer stores.
Furniture And Home Furnishings Stores Global Market Report 2022 – By Type (Furniture Stores, Home Furnishings Stores), By Ownership (Retail Chain, Independent Retailer), By Type of Store (Exclusive Retailers/Showroom, Inclusive Retailers/Dealer Store) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a furniture and home furnishings stores market overview, forecast furniture and home furnishings stores market size and growth for the whole market, furniture and home furnishings stores market segments, geographies, furniture and home furnishings stores market trends, furniture and home furnishings stores market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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