Household expenditure on home furnishings in Spain has seen significant fluctuations over the past years. From 2013 to 2020, the market experienced both sharp declines and robust growth. Notably, 2020 marked the steepest year-on-year decline due to the impact of the pandemic. The expenditure rebounded impressively in 2021, reflecting a recovery trend. As of 2023, spending reached 9.4 billion Euros.
The most recent two years show a steady increase, 12.8% in 2022 and 1.45% in 2023, indicating a relative stabilization post-pandemic. The five-year compound annual growth rate (CAGR) from 2019 to 2023 stands at 2.91%.
Forecasts suggest continued growth from 2024 onwards, with an annual average increment (CAGR) of 1.26% projected for the next five years. By 2028, the market is expected to reach 10.17 billion Euros, marking a cumulative increase of 6.46% over the five-year forecast period.
Future trends to watch for:
- Digital transformation in retail, impacting consumer purchasing patterns.
- Increased demand for eco-friendly and sustainable furnishings.
- Accelerated urbanization influencing furniture design and functionality.
