New York, June 05, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Furniture Stores Global Market Report 2023” – https://www.reportlinker.com/p06464163/?utm_source=GNW
(RH), Williams-Sonoma Inc., La-Z-Boy Inc., Raymour and Flanigan Furniture and Mattresses, American Signature Inc., Kimball International Inc., Okamura Corporation, Durham Furniture Inc., Urban Office Interiors, Furniture Services Inc., and Renaissance Furniture Manufacturing.
The global furniture stores market is expected to grow from $250.71 billion in 2022 to $272.54 billion in 2023 at a compound annual growth rate (CAGR) of 8.71%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The furniture stores market is expected to reach $366.10 billion in 2027 at a CAGR of 7.7%.
The furniture stores market includes revenues earned by entities by providing bedroom furniture, bathroom furniture, kitchen furniture, and decorative furniture.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
A furniture store is a type of store that offers a vast selection of furniture goods, carpeting, and is often big and equipped with storage areas. Customers can test out the furnishings in these stores and look through all of their alternatives.
Asia-Pacific was the largest region in the furniture stores market in 2022.It is expected to be fastest region in the forecast period.
The regions covered in furniture stores report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the furniture stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The main types of materials used in furniture stores are wood, metal, plastic, and others.Wood refers to a hard substance that constructs the branches and trunks of trees and can be utilized as a construction material or an energy source.
They come in various price ranges such as high-end price furniture, medium-priced range furniture, and low-priced range furniture. These are distributed through several distribution channels including home centers, flagship stores, specialty stores, online, and others, and are used by various end-users including residential, office, hotel, and others.
The increasing demand for furniture is expected to propel the growth of the furniture stores market going forward.Furniture refers to movable objects intended to support various human activities such as seating, eating, and storing items such as tables, chairs, desks, and cabinets.
Due to rowing home decoration and renovation trends among the global population, the demand for furniture is rising which will propel the growth of the furniture stores.. For instance, in February 2023, according to a report shared by Hollywood Mirror, a UK-based interior design company, the manufacturing of furniture generated about $3.22 billion in 2020. Additionally, in 2021, 5.58 million pieces of wooden bedroom furnishings were sold by UK manufacturers. Therefore, the increasing demand for furniture is driving the growth of the furniture stores market going forward.
Technological advancement is a key trend gaining popularity in the furniture stores market.Major market players are concentrating their efforts on creating innovative technologies to strengthen their position in the market.
For instance, in June 2022, IKEA, a Sweden-based home furnishings company, launched IKEA Kreativ, an AI-powered experience empowering customers to create lifelike room designs.IKEA Kreativ is software with spatial computing, machine learning, and 3D mixed reality technology that helps in room design.
This advancement provides customers with the first lifelike, completely integrated way to design and visualize their living areas on smartphones and desktops.
In November 2021, Franchise Group Inc., a US-based publicly traded holding company, acquired W.S. Badcock Corporation for $580 million. With this acquisition, Franchise Group Inc. aims to enhance and expand its business operations in the United States. W.S. Badcock Corporation is a US-based home furniture company that provides sofas, chairs, chaises, cabinets, and more.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The furniture stores market research report is one of a series of new reports that provides furniture stores market statistics, including furniture stores industry global market size, regional shares, competitors with a furniture stores market share, detailed furniture stores market segments, market trends and opportunities, and any further data you may need to thrive in the furniture stores industry. This furniture stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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