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This market is divided into seven segments: Living Room and Dining
Room Furniture, Bedroom Furniture, Kitchen Furniture, Plastic and
Other Furniture, Office Furniture, Lamps and Lighting, and Floor
Covering. Due to rising living standards and a higher income, consumers
are replacing their furniture more frequently. In 2019, the Furniture's
market realized a total worldwide revenue of US$1,417 billion,
representing an annual growth of 3.9% compared to 2018.
This market is mostly driven by consumer spending in general. Consumer spending takes various factors into account; such as per-capita income, household debt levels, and consumer expectations. The steady increase in disposable income and the consequent rise in living standards are responsible for the continuous growth of the market, as is the constant demand for furniture. The growing number of internet and smartphone users has not only changed consumer behavior, but has also fundamentally changed the sales channels and retail landscape. The adoption of online shopping by consumers has made it one of the fastest growing markets in that regard.
The market's largest segment is the Living Room and Dining Room one
segment. It includes furniture found in living rooms, parlors, lounges,
lobbies and dining rooms. The segment is especially propelled by
consumer’s need for comfort in their homes. In 2019, the segment’s
worldwide revenue amounted to US$452 billion.
The Bedroom Furniture segment includes everyday bedroom items
such as beds, mattresses as well as closets, nightstands and dressers.
So, In the rather conservative Bedroom one market, innovation comes from retailers focusing on offering comfort and convenience directly to consumers. The Bedroom one segment accounted for 21% of the market’s revenue in 2019.
Growth
Moreover, Improvements have made the growth of the Kitchen one segment in materials and designs to provide consumers a wider range of products. In addition, Revenues accruing from this segment reached US$156 billion in 2019; an increase of 3.2% in comparison to 2018.